In 1973 Professor Ray Chambers ("Where company reports fail- Prof Chambers", 1973)* said that the 'financial reports of companies failed to give a fair idea of financial positions and profits' What did Chambers mean by this statement? Critically evaluate whether Chambers preferred alternative system, Continuously Contemporary Accounting (CoCoA), provides a realistic solution to the problems he identified.

*"Where company reports fail- Prof Chambers" (1973). Australian Financial Review,p. 30. (See Deegan, 2014, p. 192 for the full articule)