현대적 재무보고 및 회계원칙의 기원과 발달 - 1930년대 미국의 대공황을 중심으로-

Abstract

This study examines the process of establishing reliablity of accounting information and

the development of modern financial disclosure policy, especially focused on the Great

Depression(1929) in US and finds the policy implication for securing the credibility and

transpancy of accounting information and disclosure policy in Korea. In this paper, we review

the historical background and accounting practices with other economic reasons causing the

Great Depression and then explain the procedures and efforts done by government and

accounting institutions and professions to solve the economic crisis. Economic crisis

following the Great Depression had a significant influence on the reliability of accounting

information and disclosure policy in US. A lot of efforts to procure the credibility and

transparancy of accounting information and disclosure were made through the enactment of

related laws such as the Security Law and the Security Act Law as well as the development of

accounting principles. These related laws emphasized on the penalty and punishment in case

of accounting manipulation and injustice by management misleading investors. As a results of various efforts as above, the modern accounting disclosure practice focusing

on users of accounting information came to appear. However, until now it is not certain and

assured that modern accounting practice and disclosure in the true sense for users of

information are prevalent and widespread when we face frequent problems with the

reliability and transpancy of accounting information today.