ABSTRACT
The importance of full and frank disclosure in company reports presented to the external user of accounting information is now widely accepted by the various partners in business. The Corporate Report, a discussion paper published in July 1975 by the Accounting Standards Committee, is evidence of the fact that the professional accounting bodies favour accounting reports designed to ensure that, as far as possible, the financial information required by the various external users for decision taking purposes is readily available. It is true that some corporate managers would still prefer to keep the financial affairs of their business an essentially private matter. Nevertheless, there are many firms which are willing to publish accounting information which exceeds the reporting obligations imposed upon them by the Stock Exchange and Company Law.
