The development of financial reporting and accounting papers may be linked to the establishment of accounting as a discipline and the demand for standardized financial reporting. Accounting principles and procedures transformed over time, and the necessity for uniform and stable financial reporting became clear. In the 20th century, the creation of standardized accounting frameworks and concepts such as Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) was designed to offer a uniform set of norms for financial reporting across jurisdictions. Accounting standards and regulations developed and put impact after the declaration of International Accounting Standards (IAS) and Financial Accounting Standards Board (FASB).

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The financial reporting and accounting papers trace their origins back to the 15th century, when the Italian merchants used single entry bookkeeping to keep track of their transactions (Bartram, Doidge, & Spatt,2017) Over the centuries, accounting principles and practices evolved, with double entry bookkeeping becoming the norm and the development of financial statements, such as the balance sheet and income statement.

In the early 20th century, the American Institute of Certified Public Accountants (AICPA) established standardized accounting principles, known as Generally Accepted Accounting Principles (GAAP) (GAAP,n.d).

In the mid 20th century, accounting scandals highlighted the need for more transparency and accuracy in financial reporting.

The securities and exchange commission were started to regulate the financial reporting and the Financial Accounting Standards Board (FASB) was established in 1973 to develop consistent accounting standards as reported by Bartram et al, 2017).

Today, the financial reporting and accounting papers continue to play a critical role in informing investors, regulators, and other stakeholders about a firm's financial performance and health.

Accounting, tallying numbers goes back to Egyptian pharaonic periods before BC. Based on the changes in the regime of the Nile the harvest would change accordingly. Accountants of the time would calculate the total harvest and its distribution. In the medieval periods it was the stewards of the landlords who calculate the annual harvest and explain the distribution of the value between the serfs and the landlord. They would explain the landlord the account verbally while the landlord would hear it, this is when the origin of the term of "auditing" was first used. Double entry reporting was first used by Italians during the medieval periods (13th, 14th centuries). Auditing emerged as a profession in England in the 19th century. First audit reports dates back in that period. Over the years by the emerging of stock markets, auditing and accounting became a prominent profession and it continues to be so in the modern ages. Multinationals operating in different jurisdictions were not able to compare their results let alone to consolidate them. Stock exchanges had to find a solution to that. That`s how the uniform accounting came in to the picture in 1970s. It led the establishment IAS Foundation, IFAC, Monitoring Board, Trustees and then the IASB. IFRS Constitution issued in 2021 defines all these bodies and the responsibilities. There are other committees helping the IASB. In 2001 it was the time when IAS became IFRS. IFAC is not only responsible for IFRS but also for International Auditing Standards, ethical standards, etc. Lately International Sustainability Standards issued by IFAC. It`s requirement may be mandated in each jurisdiction. It has been developing fast in many countries as our natural environment is under a continued threat. US had its own GAAP since 1930s (based on Securities Acts). Today the uniform accounting is mostly achieved by the spread and acceptance of IFRS in more that 160 countries including US. Today, stock exchanges across the world and multinationals are able to better reporting through the development of IFRS. Financials are comparable from country to country, and consolidations are more accurate. Another big development occurred as a result of using IT and database systems. No more paper reporting is necessary. Companies can keep their paperwork electronically and auditors can audit these paperwork through the tailored audit programs. IT and accounting have been walking hand in hand for last 20 years or so. Auditors can even test the whole population in a short period of time. The world of accounting has evolved so fast as technology enhanced the growth of the profession in recent years. Having said that we still need the accounting education more than ever. Principle based accounting is becoming the rule and we need more qualified accountants to prepare and interpret the financials and help the investors and management alike to take the best decisions.

Yes My background accounting and financial reporting

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Nowadays companies have to report about financial and nonfinancial topics. Have a look at the iirc publication about the multiple value