Continuously Contemporary Accounting Case Study

Raymond John Chambers is widely acknowledged as one of the leading academic contributors to the art of accounting. His development, Accounting, Evaluation and Economic Behavior propounded a comprehensive theoretical foundation for a style of accounting, Continuously Contemporary Accounting (CoCoA), that would control mistaken, avoid the unnecessary and fraud in accounting practice. CoCoA was first presented at length in Accounting, Evaluation and Economic Behavior in 1966. It is consistent with a large body of economics literature on money, prices, price levels and price structures, the principal of measurement theory and the common sense rules of financial calculation. Thus, a business entity's wealth is measured as the amount of unencumbered current general purchasing power …show more content…
Therefore to direct and monitor the economic markets government’s intervention is required. The author said that the government regulates the banks to make them work in the social interest. The banks are able to serve the social interest when resources are allocated efficiently and in social interest.
Public interest theory was developed by A.C. Pigou (1932). The author believed that the regulations are prepared in the public interest when they are demanded by the public for correcting inefficient practices. Regulations are understood to do good to the whole society rather than any individual’s interest. The corporate are not only disclosing financial performance but they are also disclosing other non- financial in relevant information such as environmental and social impact of the organizations activities, initiatives of the organizations to improve the impact and protect the society of their activities on the society and