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'Management-Purposes Only' Financial Statements

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In 1983, I prepared a paper called "The Case for a New Standard of Reporting -- 'Management Purposes Only' Financial Statements," which focused on the needs of small businesses. Copies of the presentation were forwarded to the then-chair of the American Institute of CPAs' Accounting and Review Committee and to the chair of the Auditing Standards Board's Levels of Assurance Task Force for their information and review. I was cautioned "that any changes in our literature or to recognize your position would not likely come quickly, inasmuch as the underlying concept would represent a fundamental change from the consistent posture that has been adhered to in prior standards."

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