ABSTRACT
This chapter presents recommendation on accounting principles (RoAPs) 8 and 18, which dealt with the broad content of the balance sheet and profit and loss account. These changes represented a new attitude towards disclosure practices on the part of the Institute of Chartered accountants in England and Wales (ICAEW). RoAP 8, entitled 'Form of balance sheet and profit and loss account', echoed this conviction when insisting that that a standard form of accounts was 'neither practical nor desirable' given that businesses were 'so varied in their nature'. RoAP 8 was replaced by RoAP 18 entitled 'Presentation of balance sheet and profit and loss account'. This reiterated the mantra that a standard form was 'neither practical nor desirable', but guidance was again provided concerning which items should be reported in corporate financial statements and the order in which they might be expected to appear.
