Academic journal article Journal of Accountancy

Model Company Goes Online

Academic journal article Journal of Accountancy

Model Company Goes Online

Article excerpt

FauxCom, Inc., established in 1994, has proved itself a remarkably long-lived company considering it never existed. The AICPA special committee on financial reporting (the Jenkins committee) "founded" it to illustrate some of the issues in its comprehensive report, Improving Business Reporting A Customer Focus. The committee created FauxCom's annual report and an auditor's report to cover all of it.

Since the publication of the Jenkins committee's report, Internet use has exploded. Many public companies have posted financial data on Web sites and have added special features--such as financials that can be downloaded into spreadsheets--that go beyond what mere paper statements can offer. This prompted the FASB--now under Jenkins' leadership--to post the FauxCom information online, and visitors to the site now have access to all the information that was in the comprehensive report, with the addition of hypertext and download features.

The FASB's goal in creating a Web site for FauxCom, as if it were a real company, is to invite comments on the Internet's role in business information reporting. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.