To discuss:Change in perception regarding the role of accounting profession in financial reporting in England and United States due to emergence and growth of corporate form of business.
Introduction:Joint venture refer to the idea of joint ownership of a business entity, in contrast to private ownership of a business, the resources, assets, liabilities and risks are jointly shared by willing parties. Modern form of business structures has emerged from the idea of joint ownership.
This concept has allowed entrepreneurs to raise more capital, expand businesses, take better advantage of opportunities available and be more transparent in operations.
Inevitably, structural changes in business has led to change in role of accounting profession.
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Chapter 1 Solutions
Financial Accounting Theory And Analysis: Text And Cases, 12th Edition: Text And Cases
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