In the year 2000, accounting practices and information experienced some notable changes

compared to 1990. Here are key aspects of accounting information in the year 2000:

1. Adoption of International Financial Reporting Standards (IFRS): Many countries began

transitioning from their own national accounting standards to IFRS, which aimed to
harmonize accounting practices globally. IFRS provided a consistent framework for financial
reporting across different jurisdictions.
2. Increased Use of Computerized Accounting Systems: By 2000, computerized accounting
systems were more prevalent, and the use of spreadsheets and accounting software became
more common. This enabled faster processing, automation of routine tasks, and improved
accuracy in financial record-keeping.
3. Emphasis on Fair Value Measurement: The concept of fair value gained more prominence in
financial reporting. Companies were encouraged to measure certain financial assets and
liabilities at fair value, reflecting their estimated market values rather than historical costs.
4. Enhanced Disclosures: Financial statements began including more extensive disclosures and
footnotes to provide additional information about the company's financial position, risks, and
significant accounting policies. This allowed users of financial statements to make more
informed decisions.
5. Growth of E-commerce and Internet-based Businesses: With the rapid growth of the internet
and e-commerce, accounting practices adapted to account for online transactions, revenue
recognition for digital products, and the valuation of intangible assets such as domain names
and software.
6. Advancements in Auditing Practices: Auditing techniques evolved to address emerging risks
and challenges. Auditors began using computer-assisted audit techniques (CAATs) to analyze
large volumes of data, and risk-based auditing approaches became more prevalent.
7. Improved Corporate Governance and Financial Reporting Regulations: In response to
corporate scandals and failures, regulations and corporate governance guidelines were
strengthened. The Sarbanes-Oxley Act (SOX) was enacted in the United States to enhance
financial reporting transparency, internal controls, and corporate accountability.
8. Transition to Real-Time Financial Reporting: Companies started exploring real-time financial
reporting, leveraging advancements in technology to provide more timely and up-to-date
information to investors, stakeholders, and regulators.

These changes reflect the ongoing evolution of accounting practices, driven by technological
advancements, globalization, and the need for greater transparency and consistency in financial
reporting.