The language of businessIn order to understand how your business is performing right now and to evaluate, assess, and devise new strategies to boost future performance, you need information. Financial statements are a critical source of the information you need.In direct and simple terms,...

Based on extant literature, we review the positive theory of GAAP. The theory predicts that GAAP's principal focus is on control (performance measurement and stewardship) and that verifiability and conservatism are critical features of a GAAP shaped by market forces. We recognize the advantage...