ABSTRACT
This chapter describes that the phrase 'continuity with change' is used to capture the idea that accounting's history is both adaptive and persistent. It discusses reflections on some of the themes which have framed and moulded the history of corporate financial statements (CFS) in Britain. The chapter reviews the role of regulations—government and professional—in fashioning the content of CFS and the role of the accounting profession as regulator of CFS. The chapter argues that recognition of the economic consequences of accounting practices, on the part of various factions of the business community, dates from the birth of the registered company. The chapter presents two examples which serve to demonstrate the fact that, given the conflicting priorities of managers and users of CFS, it is unrealistic to believe that manipulation of CFS can ever be eradicated. The chapter concludes with some comments on the roles of stewardship and decision-usefulness in the history of CFS.
