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Corporate Annual Reports (CARS): Accounting
Practices in Transition. Edition No. 1
VDM Publishing House, Oct 2008, Pages: 328
The main goal of this book is to explain the way in
which accounting practices that are constantly in
transition generate the information that is
disclosed in corporate annual reports (CARS). The
book shows that CARS may be seen as a product of two
main interrelated information processing systems,
the first being the mandatory financial information
system (MFIS) and the second the discretionary
information system (DIS). The MFIS uses accounting
practices such as International Financial Reporting
Standards (IFRSs) in producing the information
disclosed in CARS. On the other hand, the DIS, in
order to provide a complete picture of business
entities, uses discretionary accounting practices to
produce the contextual information contained in
CARS. These discretionary accounting practices are
also in transition. They cater for the production of
information on the business environment, and provide
an operating and financial review, overview of
strategy, risk areas, forward-looking information,
key performance indicators and information on
corporate governance and transparency. Contextual
disclosures may be used to develop mandatory
disclosures
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