Faced high inflation during this period, leading to increased interest rates and eventually forcing it out of the ERM on Black Wednesday in 1992. Before the euro, successful companies in weaker currency countries faced high interest rates, whereas less efficient firms in stable currency countries enjoyed lower rates.…

Accounting Principles Board Opinions, Interpretations and Recommendations were published by the Accounting Principles Board from 1962 to 1973. The board was created by American Institute of Certified Public Accountants (AICPA) in 1959 and was replaced by Financial Accounting Standards Board (FASB) in 1973. Its mission was to develop…