ABSTRACT
The memorandum submitted by the ICAEW, and also the memorandum submitted by the Law Society, were opposed to the imposition of additional reporting obligations upon corporate management. The Law Society's memorandum is mentioned because of the remarkable similarity of its submissions in connection with disclosure and secret reserves to those incorporated in the ICAEW's memorandum. In order to stimulate an improvement in reporting standards, the Society proposed a list of headings to be regarded as a statutory minimum for balance sheets. The fact that there was a decline in reporting standards may well is a reflection of the fact that businesses were hard pressed during the early 1920s. The Report also recommended that a balance sheet and profit and loss account be presented to the members at each annual meeting, and that the former document be circulated to the members prior to the meeting.
