Are financial statements reliable and trustworthy

Yes, the vast majority of audited financial statements are presented fairly according to established standards, which are called generally accepted accounting principles. If not, the CPA auditor calls deviations or shortcomings to your attention. So, be sure to read the auditor's report. You should realize, however, that financial accounting standards are not static. Over time these profit measurement methods and disclosure practices change and evolve.

Accounting's rule-making authorities constantly monitor financial reporting practices and problem areas. They make changes when needed, especially to keep abreast of changes in business and financial practices, as well as developments in the broader political, legal, and economic world that business operates in. (See Chapter 19 for review.)

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