In recent times the demand for disclosure of listed companies has dramatically increased and the failures of large companies listed on the most important stock exchanges have placed extra pressure on listed companies and standard setters for the increase in the quality of corporate reporting...

Using a simplified approach it may be stated that the financial accounting theoretical framework is structured on three levels. At the first level, reference is made to the accounting objectives. These objectives are fundamental for the theoretical framework. At the second level, we find the...