（1975）The Evolution of Reporting and Auditing：From Periodic to Continuous.pdfVIP

The Evolution of Reporting and Auditing: From Periodic to Continuous John C. Burton Chief Accountant Securities and Exchange Commission A speech delivered to a joint meeting of the Robert Morris Associates and the Massachusetts Society of CPA’s in Boston February 19, 1975 ______________________________________________________________________________ * The Securities and Exchange Commission, as a matter of policy, disclaims responsibility for any private publication by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the Commission or of the author’s colleagues on the staff of the Commission. An examination of the disclosure environment today indicates that a steady change is taking place. The philosophy of disclosure is moving in the direction of continuous timely reporting, rather than the emphasis on reporting the results of a single calendar inspired time period. This is reflective of the fact that business is inherently a continuum, rather than being done in a series of discrete segments. While there may be some crop-oriented businesses where one period is substantially independent from the next, this is certainly the exception in terms of companies whose shares are traded in the public market place. Obviously, by continuous reporting I do not mean to suggest that every time Macy’s rings up a sale they should call their friendly analyst. Rather, I am talking about a reporting attitude on the part of corporations that public reporting is one of the responsibilities which a management must keep in mind throughout a year and not