The main goal of this book is to explain the way in which accounting practices that are constantly in transition generate the information that is disclosed in corporate annual reports (CARS). The book shows that CARS may be seen as a product of two main interrelated information processing systems, the first being the mandatory financial information system (MFIS) and the second the discretionary information system (DIS). The MFIS uses accounting practices such as International Financial Reporting Standards (IFRSs) in producing the information disclosed in CARS. On the other hand, the DIS, in...