Quintessence of financial statement: A bibliographical review

This paper focuses on the financial statement ethics. The present corporate world has witnessed aberrations in terms of corporate mis- reporting, finally resulting in scams and frauds and debacle of many companies. Hence, an effort is made to cater to the need of the time to study the values of ethics in corporate financial reporting as embedded roots of corporate governance. The paper is based on secondary research. It opted method of bibliographical reviews to study the trends in corporate financial reporting. The study of literature which was only available is made. There may be chances of some concepts and ideas remaining unstudied that are hidden in the unavailable literature. It is observed that the journey of financial statement making since its inception has paralleled the emerged contingencies, to achieve a level, which fulfils the aspiration of the founders of governing bodies by making corporate reporting a best fit to catering to the interests of various stakeholders. The paper may help in bringing in new insights for research scholars, the governing bodies and its fellow members on their endeavours, whatsoever, to make corporate financial reporting as a true fit to the broader aspirations.