Despite the fact that many people think that accounting practice is characterised by the mechanic application of a set of rules, Marco Trombetta believes that the only way to account properly for a transaction is to first understand the economics of it and then apply the accounting mechanics. It was this intuition that made Marco, a fully trained theoretical economist, see accounting as a way for companies to transform raw data into information useful for internal and external decision makers.
The way how companies are created, organised and managed is changing so rapidly that only a set of accounting standards and procedures that gives preference to the substance of transactions over their form, will be able to keep track with the dynamic of the business environment and will manage to get accepted internationally. This is the spirit embedded into the set of International Financial Reporting Standards and that underlines the on going process of harmonizing accounting standards around the world. And this is also the fundamental background of Professor Trombetta’s accounting teaching.
