ABSTRACT

The 82 years of accounting evolution that separate the audits of 1928 and 2009 under different accounting and auditing standards are examined through a cross-disciplined case study that compares the historical 1928 and the contemporary 2009 financial statements and the accompanying audit reports of Avondale Estates, Georgia. The 1928 and 2009 reports and financial statements of this municipality, along with the municipality's current budget information accessible over the Internet, can be used in a number of ways to enhance the instruction of governmental accounting at the undergraduate, graduate, and doctoral levels. In addition to aiding in the teaching of current governmental accounting standards, the case also can be used to give the student a historical perspective on governmental accounting and the accounting profession. By comparing the accounting and reporting standards used in 1928 and 2009, the student will gain an understanding of the evolution of accounting thought. Moreover, the auditors' reports for the two periods illustrate the historical and continuing public service role of the CPA profession as detailed in ET Section 53 of the AICPA Professional Standards (AICPA 2010). Thus, this case study gives the accounting instructor a useful vehicle for teaching accounting history and thought.

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