Abstract
THE FINANCIAL REPORTING SYSTEM is not a peephole! Its purpose is to produce simple, understandable pictures of what is going on in your company. It should provide for business executives an instrument panel that offers reliable indicators of business position-not a haphazard collection of reports based on the limited view of a man at a peephole! All of us are interested in the problem of financial reporting because it involves the foundations of our responsibilities. To design and operate for companies, effective financial instrument panels is an important part of the job. During recent years we have been literally flooded by books and articles telling us what management needs. Much less has been said about the ways of effecting the transition from what we now have. It is this problem of transition that has given us most difficulty on the C&O. Out of this experience there have developed some indications of how to proceed. I would like to pass these along to you.
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