ABSTRACT
Decentralization of responsibility and authority for corporate financial accounting and reporting must continue, but those who are decision-makers in this subject area should have the guidance of consensuses. The corporation is neither simple nor static. Therefore, full and fair disclosure as to important facts and judgments remains the principal safeguard of both stockholders and managements—indeed, of society. At the same time, it provides the latitude for the innovations that are imperative under conditions of continual change.
