Got a tricky question? Receive an answer from students like you! Try us!

Financial Reporting and Accounting - Essay Example

Only on StudentShare
Masters
Essay
Business
Pages 12 (3012 words)

Summary

In accordance with the Encyclopaedia Britannica (2007) accounting is the systematic development and analysis of information about the economic affairs of an organization. This information may be used in a number of ways: by a firm's managers to help them plan and control ongoing operations; by owners and legislative or regulatory bodies to help them appraise the organization's performance and make decisions as to its future; by owners, lenders, suppliers, employees, and others to help them decide how much time or money to devote to the company; by governmental bodies to determine what taxes a business must pay; and occasionally by customers to determine the price to be paid when contracts cal…

Extract of sample
Financial Reporting and Accounting

To begin we will talk briefly about the evolution of Accounting in both countries.
According to Baylin et al (1996), Accounting standard setting in Canada has undergone a number of significant structural adjustments since the late 19th century. Following Canada's emergence from its colonial status and due to the establishment of new trading partners, there was a change in the demand for accounting and the accounting standard setting process in Canada (Baylin et al, 1996).
There have also been changes in the source of authority for standard setting, the range of interests were formally included in the standard setting process and changes in relative influence of technical versus political concerns. Canada continues to have one of the few private standard-setting processes in the world. (Baylin et al, 1996).
No central source of accounting standards existed in Canada before 18646. Accounting standards were governed by common law. ...
Download paper
Not exactly what you need?

Related Essays

Financial Reporting. Company assigned - Informa
International accounting standards are the principles and the legislations and regulations implied by the local governments are the rules that needs to be followed and thus the symmetry of reporting around the world depends upon the adoption of the accounting standards in the regulations. Financial reporting are the highest regulated activity of business but due to the regulatory differences as to the extent of adoption of accounting standards the laxities provided in the reporting standards high profile corporates collapse, although the regulations in the financial reporting but there is much…
16 pages (4016 words)
Financial Reporting
Each major purpose of accounting often requires a different way of presenting or reporting the information in the accounting system. In this scenario, it may be emphasized that it is a vicious circle in that there are managers in organizations who affect accounting and such accounting in turn affects people's behaviour. The impact of accounting reports on the decision making behaviour of business, government and creditors is termed as the 'economic consequences' and the world has seen the worst of such consequences because of the bad reporting as in the case of 'Enron Corporation'. It may also…
6 pages (1506 words)
Issues In Financial Reporting
IASC has seven members which "have formal liaison responsibilities with the national standard-setters in their respective countries" (Carrol and Dixon, 2003). These countries are the United States, Canada, the United Kingdom, France, Germany, Japan, Australia and New Zealand (the last two being represented by the same liaison member).…
8 pages (2008 words)