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Why financial statements, or why accountancy?

5 August, 2015 - 14:41

Another view of accountancy principles is existential justification. When isn't it necessary to practice accountancy ? Some people feel accountancy is mainly of benefit when a certain threshold of money is involved ,and there is use of other people's money. It is those other parties that need to be accounted to. Otherwise, accountancy becomes an exercise of not letting oneself defraud oneself unwittingly.