“A constant problem of the accounting profession lies in the development of procedures to keep pace with changing economic conditions.” Charles Couchman, President, American Institute of Accountants, 1932.1
“New and extremely difficult problems are constantly arising in the wake of innovative business techniques.” The Wheat Committee, 1972.2
“The Board recognizes that financial reporting must adapt to a world in which change is a continuing, even accelerating process.” Dennis Beresford, Chairman, Financial Accounting Standards Board, 1991.3
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