Introduction
At one time, there were no accounting standards that required company compliance. Companies decided which methods and processes they used to account for their activities. Many “business-type” activities would be conducted by the owner and sometimes recorded only by memory. For smaller businesses, with only a few owners, this usually caused few problems and the main concern was agreeing a figure with the tax authorities, if this was needed or regarded as necessary. As time passed, businesses grew bigger, and shareholders and lenders entered into the procedures. The approach to compiling financial information was still the responsibility of the owner, but relying on this type of financial information ...
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