The role of accounting in financial disclosure

This paper examines the various demands facing accounting in attempting to supply diverse groups with differing needs the data they desire. Beginning with the notions that, first, accounting is trying to describe a complex stewardship relation and, second, that what we call accounting is in reality many accountings, it examines several current issues in financial disclosure. Essentially, it concludes that a complex set of economic relations must simultaneously rely on several distinct accountings to properly perform the task of disclosure. In general, this conclusion is viewed as desirable.