Influences on accounting regulation
Influences on accounting regulation

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Influences on accounting regulation

1.2 Stewardship

The simplest form of financial reporting has been around, originally unregulated, for thousands of years. Ever since possessors of wealth appointed other people to manage their money, the agents have been reporting back on what they did with it in the form of the stewardship report. If you are familiar with the Bible, you may know a parable about a wealthy man who advances the same amount of money to three employees, and then asks them a year later to say what they did with it – verbal financial reports. The stewardship function is still a very potent force in financial reporting. In the markets, the multinational is presenting its account of past management action as an incitement to investors to continue to invest. The stewardship report establishes a track record.

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