RG

IN CONTEXT

FOCUS

Governance and ethics

KEY DATES

1978 US scholars Ross Watts and Jerold Zimmerman write Towards a Positive Theory of the Determination of Accounting Standards.

1995 French professor Bernard Colasse claims that “there isn’t any true result, but a result arranged using creative accounting techniques.”

2001–02 Telecoms giant WorldCom overstates earnings by more than $3.8 billion.

2009 UK professor David Myddelton publishes Margins of Error in Accounting.

2012 Directors of US discount website Groupon identify a “weakness” in financial reporting, five months after becoming a public company.

Business accountants have two roles: to record profits ...

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