1929 Stock Market Cr

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In fact, in 1926, 90 % of the industrial companies listed on the Exchange were audited. However, there was great variation in financial reporting even for basic disclosures such as revenue and expenses. Further, financial reports were more for the benefit of management than for stockholders...
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Further, financial reports were more for the benefit of management than for stockholders. Actually, audited financial statements were criticized by many prominent people of the day, including accounting professionals and academics. With no regulations, management could choose which valuation and accounting methods to use without disclosure...
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