What would financial statements look like if there were no
accounting standards?
In
the
late
15th
century,
Italian
mathematician
Luca
Pacioli,
known
as
the
father
of
accounting,
documented
the
procedure
for
double-‐entry
bookkeeping,
which
records
each
transaction
in
the
two
accounts
affected
by
the
exchange
(Beattie,
2009).
Since
this
innovation…
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