Ethics in Accounting Profession
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...Accounting Profession College Lecturer Ethics in Accounting Profession Introduction Professional conduct and ethics have an important role to play in the accounting profession as they ensure that there is public trust in the financial reports as well as the business practices. Therefore, ethics is seen as a cornerstone in the accounting profession and failure to be ethical in their transactions, decisions and any activity accountants are involved in might result into the ultimate collapse of a company. Ethics in the accounting profession requires that there is integrity, honesty, truthfulness. The accountants should also be willing to uphold policies that have been set by the local... ...
Ethics in Accounting Profession
3 pages (750 words) , Download 0 , Essay
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...Accounting Profession College Lecturer Ethics in Accounting Profession Introduction Professional conduct and ethics have an important role to play in the accounting profession as they ensure that there is public trust in the financial reports as well as the business practices. Therefore, ethics is seen as a cornerstone in the accounting profession and failure to be ethical in their transactions, decisions and any activity accountants are involved in might result into the ultimate collapse of a company. Ethics in the accounting profession requires that there is integrity, honesty, truthfulness. The accountants should also be willing to uphold policies that have been set by the local... ? Ethics in...
The accounting Profession
2 pages (500 words) , Download 1 , Assignment
...Accounting Profession of your company PENTAIR, INC. 2. of your company’s auditor Deloitte & Touche LLP. 3. Size of the accounting firm a. Where is the home of your auditor? Minneapolis, Minnesota. b. How many employees does the accounting firm have? 182,000 as at September 2011. c. Indicate whether this is the number of U.S. employees, employees worldwide, or whether this cannot be determined. Worldwide employees. d. What is the annual revenue for the accounting firm that audited your corporation? $28.8 billion USD for the 2011 financial year. e. What services does your accounting firm...
The Egyptian accounting profession
2 pages (500 words) , Essay
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...Accounting Profession Shahid (2001) and Rahman et al. (2002) both focus on prevention of fraud and irregularities within Egyptian companies. However, whereas the former focuses on the overall system of accountability and code of corporate governance, the latter focus on auditors and accountants. According to Rahman et al., Egypt has gone a long way since the 1990’s in compliance with the International Accounting Standards (IAS). However, application of the rules, including compliance by companies, remains a major problem in Egypt. Egypt has gone a long way in complying with IAS. Its reforms are a part of a larger economic reform, as Egypt underwent a planned economy system in the 1960... The Egyptian...
Professionalism and the Accounting Profession
6 pages (1500 words) , Download 1 , Essay
...Accounting Profession Clever accountancy has gained ground in recentyears to become a major business model for many accounting firms. This paper will seek to define clever accountancy; how it came about, how it serves the public interest and how it is cursed by the tax collector. It will also point out how it has massively affected the public image of the accounting profession. In this regard, different academic theories will be cited to explain how clever accountancy has led to professionals being painted in bad light. Historical as well as contemporary evidence will be documented to support some claims. The paper, among all other things, will discuss how accounting could... ? Professionalism and the...
Leadership in the accounting profession
5 pages (1250 words) , Research Paper
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...ACCOUNTING PROFESSION 0- INTRODUCTION Leadership has always been an incentive for the employees. Every employee wants to become a leader but rare has the inbuilt capacity or are trained for the desired position. Owing to the realization of the importance of leadership in everyday practice, every professional study focuses on leadership qualities of individuals along with the core context of that specific field. It has been determined that in the field of accountancy (Bloch, Brewer, and Stout, 2012), the trainers are less focused on the development of leadership skills during professional studies. The focus of this report will revolve around the role, need and importance... of leadership in...
Professionalism and the accounting profession
5 pages (1250 words) , Download 1 , Essay
...Accounting Profession Introduction The history of accountancy has revealed how this field evolved from a mere occupation into a widely recognised profession. Four theoretical paradigms are particularly relevant in understanding the professionalisation of accountancy: trait-based model, functionalism, Weberian tradition, and Marxist perspective. This essay analyses how each of these models view accountancy as a profession. The first section discusses the trait-based model and functionalist perspective, as well as their weaknesses as models of profession. The second section discusses how the Weberian tradition and Marxist paradigm fill the gap left by the trait-based model... ?Professionalism and the...
Individual Paper on Accounting Profession
4 pages (1000 words) , Essay
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...accounting system and information of the company is safeguarded and free of material error and of any fraudulent activity. The accounting profession has changed a lot during the past few decades since there has been clear movement from manual accounting systems to computerized accounting systems. Accountants and accounting managers have to be computer savvy in today’s job marketplace. There are lots of information assets that have to be protected within the information system of an enterprise... ? Week 6 Individual Paper Connie Johnson January 9, ACC 544 In the new information age of the 21st century controllers of corporations are responsible for implementing internal control mechanisms to ensure the...
The issues plaguing the accounting profession.
2 pages (500 words) , Download 0 , Essay
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...profession What conflicts-of-interest-are identified Many issues plague the accounting profession as would be outlined in the article "Getting the Accounting "Right": Accounting and the Savings and Loan Crisis" as Ms. Joni M. Young would state. Some of those problems include fraud, abuse, incompetence, and laxity and those have been discussed many times over the years. The focus of this paper would have been to find methods to prevent such problems in place of explaining them or focusing on the criminal aspects. Understanding the problems that plague the profession and expressing the number and seriousness of the conflicts of interest is important to manage... What are some to the issues plaguing the...
The CPAs in the Accounting Profession
3 pages (750 words) , Research Proposal
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...Accounting Profession Professional accountants perform their work in many different roles and environments. To meet its various reporting needs, a business enterprise may employ financial accountants who are primarily concerned with external financial reporting; management accountants who are primarily concerned with internal financial reporting; and tax accountants, who prepare the necessary federal, state, and local tax returns and advise management in matters relating to taxation (Dyckman et al p.5). In smaller organizations, there is less specialization and more combining of responsibility for the various accounting functions. Larger business enterprise typically employs internal... The CPAs in the...
Business Law and the Accounting Profession
5 pages (1250 words) , Research Paper
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...Accounting Profession Introduction Business is used as an instrument to accomplish one's vision. Its huge impact on the societymay bring a positive or negative effect depending on how the individual practices it. Law is generally described as the rule that every individual is obliged to follow regardless of their rank in the society. It governs all transactions in the land including business. Law is often associated with ethics. Ethics is the field of study that aims to encourage all people to act in accordance with the law. It focuses more on one's morality, the ability to decide in a rightful manner taking into consideration any possible consequences of the decision... made possible the...
Keywords: Ethical education, Accounting-Curriculum, Accounting profession, students
40 pages (10000 words) , Dissertation
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...Accounting-Curriculum, Accounting profession, Chapter Introduction The accounting professional requires skill and sound ethical knowledge to a great extent. So, presently, ethics plays a crucial role in the professional of accounting fields. The ethics for the accounting professional indicates the decision making capability about right and wrong. So, ethics helps to build personal fortitude for the accounting professional. The ethics of the accounting professional never stresses on short term pressure of hiking revenue growth for the purpose of satisfying the investors. Moreover, the accounting professional designs their strategy at long term basis because the growth... ? Keywords: Ethical education,...
The Effects of Technology On The Accounting Profession
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...Accounting Profession Edgar Sosa ACC/210 4/27/15 of Phoenix Ralph Pertillo The Effects of Technology on the Accounting Profession The accounting profession is changing at a great deal as a result of the advancement in technology. Previously, financial accounting was carried out manually that involved a huge some of paperwork and was tiresome. Thanks to technological improvements, computers have been introduced to record most of the accounting data which is more easy and effective (Smith, 1994). Since accounting profession is a field that deals with business information, innovations accrued to this area will impact the accounting department of the organization... The Effects of Technology on the...
The Effects of Technology on the Accounting Profession
3 pages (750 words) , Essay
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...Accounting Profession Introduction Accounting profession provides variety of services to business community but broadly their common chores constitute services under three categories, namely, core accounting, auditing, and taxation. Technology has affected accountancy profession so intensely that style of its functioning has changed altogether. In this write up, these effects of technology have been discussed from the point of view of core accounting, auditing, and taxation functions of the accounting profession. Core Accounting The method of collecting, manipulating, and transmitting data has gone a sea change due to technologies such as fiber optics, satellite... , IT has also created...
The human resource system in the accounting profession
1 pages (250 words) , Term Paper
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...accounting profession Human resources play a great role in ensuring that procedures set by an organization are strictly followed. In large organization, it is hard for the top management to follow up all accounting procedures that the organization might be undertaking therefore, human resource plays a role of following up in order to ensure that no money is lost from the organization (Secord, 2003). Accounting the organization helps the organization in recording, classifying, analyzing and interpreting organization’s information. This plays a great role in helping decision makers to make refined decision to spearhead the organization growth (Rothwell, 2009). Working... Human resource system in the...
The role of accounting profession in development and regulation of modern capital markets since 1970s
4 pages (1000 words) , Essay
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...accounting profession in the development and regulation of modern capital markets from 1970 to the present. Critically evaluate the role of the accounting profession in the development and regulation of modern capital markets from 1970 to the present. The requirements of each profession are usually clearly defined in the laws regulating the relevant sector. In accounting, a similar practice has been used. Accounting profession, like all professions, is based on a series of ethical rules and standards set both by the law and the national organization related to the specific field (Solita and Fajardo 2008, p.2). It should be noted that the accounting profession can... ? Critically evaluate the role of the...
Financial Accounting Standards Board (FASB). Accounting Standards In The USA. Ethics And Accounting Profession.
5 pages (1250 words) , Essay
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...profession. The generally accepted accounting principles (GAAP) represent the bible for accountants. Ethics is taken into consideration in accounting in many circumstances. For instance the principle of conservatism states that when in doubt an accountant should always underestimate revenues. Sales forecasting techniques such as the Delphi method should be implemented taking into consideration the principle of conservatism. During the past nine years the accounting profession has increased its credibility with the inception of the Sarbanes Oxley Act of 2002. The CEOs and...
The Nature of the Accounting Profession in Mexico, and Mexicos Accounting Principles
4 pages (1000 words) , Term Paper
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...Accounting Profession in Mexico, and Mexico’s Accounting Principles Mexico’s business accounting culture encompasses a variety of reports, professional associations and rules. Since the country experienced financial crisis in the 1990s (termed the Tequila crisis), its accounting standards now include strict information management, as well as disclosure mechanisms. A vast majority of features in Mexico’s business environment are customary in most developing nations. It is only until recently that a significant portion of Mexico’s business shifted from government control. This paper will examine Mexico’s accounting principles and the nature of the accounting profession in Mexico... The Nature of the...
The effects of Sarbanes-Oxley Act 2002 on the accounting profession
3 pages (750 words) , Research Paper
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...accounting profession Introduction Poor governance, insufficient disclosure practices, and a lack of satisfactory internal controls were the major problems of the corporate sector in the beginning of the twenty first century (Bergen, 2005). The 2001-2002 Enron and WorldCom scandals have proved beyond doubt that the corporate laws and regulations of that period were not sufficient enough to protect the interests of the investors or general public. The investors and the public have started to question many of the existing corporate laws at that time which forced the government to enforce some regulatory measures... Running head: Sarbanes-Oxley Act 2002 The effects of Sarbanes-Oxley Act 2002 on the...
Reflect on the alignment between your skills and attributes and those required in commonwealth bank of the accounting profession.
2 pages (500 words) , Essay
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...Accounting Profession. Instructor] [University] The main focus of the Commonwealth Bank is to financially help individuals and businesses to move forward. It is because of the diverse and learning culture of the Commonwealth Bank that it is considered to be the workplace of future. There are 52,000 employees working with the Bank at present that have successfully added their new perspective to the Bank’s collaborative environment. The bank encourages its employees to share their initiatives, ideas, talents and energy with the other colleagues in order to maintain a dynamic and learning environment (Anon... The Alignment Between My Skills And Attributes And Those Required In Commonwealth Bank Of The...
The Auditing Profession - Accounting vs.Auditing & the Auditing within the IRS
10 pages (2500 words) , Essay
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...Profession - Accounting vs. Auditing & the Auditing within the IRS The dynamic of international exchanges and complex accounting projects requiring extensive knowledge of evaluation and analysis brought to the light the need of a profession and of a comprehensive and credible information work, which would assure the employees that financial and economic indicators reflect with accuracy patrimonial realities. That’ how audit profession appeared. Accounting information users often confuse the notions of accounting, financial audit and financial control. The rich existing literature highlights the common source of these three concepts and the fine line between them. We mention the opinion... ? The Auditing...
Controversies Behind Accounting and Audit Profession
8 pages (2000 words) , Essay
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...Accounting and Audit Profession Table of Contents I. Introduction ''''''''''''''''''''''''.. 3 II. Compare and Contrast Management's Responsibility for an Entity's Financial Statements with the Auditors' Responsibility for Detecting Fraud and Error ''''''''''''''''''.. 4 III. Evaluate Recent Suggestions made by the Audit Profession in Respect of the Auditors Responsibility in Detecting Fraud ''''' 5 IV. Audit Expectation Gap ''''''''''''''''''''. 8 V. Factors that Makes Audit Expectation Gap to Increase ''''''. 8 VI. Strategic Ways to Reduce the Gap on Audit Expectation '''''. 9 VII. Conclusion '''''''''''''''''''''''''. 10 References... ...
Impact of the Sarbanes-Oxley Act on the Accounting and Auditing Profession.
3 pages (750 words) , Essay
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...Accounting and Auditing Profession Introduction In July 2002, the Sarbanes-Oxley Act (SOX) was enacted by the U.S. legislature. The necessity of creating a law more stringently regulating the actions of audit firms was made apparent by the failures of the Enron in the latter part of 2001 and Arthur Andersen in the early part of 2002 (Ryu, Uliss & Roh, 2009). The unexpected corporate failures brought the integrity of the financial statement audit into question (Elson & Lynn, 2008). The apparent aim of the new law is to strengthen controls and strengthen compliance with disclosures, in order that the matter of corporate performance and financial condition... ?Impact of the Sarbanes-Oxley Act on the...
Discuss the value of Information Technology and Management Information Technology to you and your chosen profession (mine is Accounting)
5 pages (1250 words) , Research Paper
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...Accounting 5th, May Information Technology (IT) refers to the utilization of computers and networking in the process of data storage, processing, retrieval, protection, and transmission. Additionally, IT also employs different computer programs, including the software programming. On the other hand, closely related to IT is the Management Information Systems (MIS). These mainly include different methods, which base on technology, in people management and decision making in companies. Nonetheless, management information systems are tools, which a manager uses to collect information about different aspects... Rough Draft Value of Information Technology (IT) and Management Information System (MIS) To...
Accounting Response:
1 pages (250 words) , Assignment
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...Accounting Response al affiliation Accounting Response Ladies and gentlemen, the accounting profession is becoming demanding by the day. All accounting students are expected to acquire the necessary skills to fit in this career. An accounting student as well as an accounting professional requires various skills to survive in the industry. These skills include both hard and soft skills that will steer these individuals forward in the accountancy profession (Ramlall and Ramlall, 2014). However, high school students mostly overlook the soft...
Ddbates concerning knowledge are not relevant to accounting and its practice
6 pages (1500 words) , Essay
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...accounting operations can lead to such knowledge or truth, making knowledge not an essential consideration in accounting profession. On the other hand, Juan (2007) defines accounting as ‘the art of collecting, analyzing, recording and posting, summarizing and reporting financial results in a significant and orderly manner, aimed at providing useful concepts essential in decision making.’ Juan (2007) explains that accounting operates on clearly defined fundamental principles; those working in the profession have little discretion in influencing the output of end results from accounting... ? DEBATES CONCERNING KNOWLEDGE ARE NOT RELEVANT TO ACCOUNTING AND ITS PRACTICE BY PRESENTED Debates Concerning...
Choice of Accounting as a Career
30 pages (7500 words) , Essay
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...Accounting as a Career ID 19714 Order No. 270435 22 February 2009 Table of Contents: List of Tables: Serial Number Description and Word Hyperlink Table 1 Perception of skills needed for success in accounting profession – a research carried out by Sugahara and Boland (2006) Table 2 Questionnaire for the Survey Table 3 Responses from the Survey List of Figures: Serial Number Description and Word Hyperlink Figure 1 Introduction and Growth of Risky Products during 2003 – 2006 (Office of Federal Housing... of accounting as career by students. In fact, these dynamics are indicating extremely high expectations by the industry from the accountants...
Diminishing Numbers of Accounting Majors: Suggested Causes
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...Accounting Majors: Suggested Causes As accounting and college and admissions personnel will surely attest, the number of college students electing accounting majors has experienced a sharp decline for the last 10 to 15 years. While this reduction in the numbers of accounting majors has been well documented, the establishment of an effective rationale to explain this phenomenon is needed to curtail negative perceptions of the profession and stem the exodus of accounting majors (and would-be accounting majors) to other academic departments. As Fedoryshyn and Tyson (2003) have indicated, the factors responsible for this decline are likely to be many and varied... Literature Review Diminishing Numbers of...
Choice of Accounting as a Career
28 pages (7000 words) , Assignment
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...Accounting as a Career ID 19714 Order No. 270435 22 February 2009 Table of Contents: List of Tables: Serial Number Description and Word Hyperlink Table 1 Perception of skills needed for success in accounting profession - a research carried out by Sugahara and Boland (2006) Table 2 Questionnaire for the Survey Table 3 Responses from the Survey List of Figures: Serial Number Description and Word Hyperlink Figure 1 Introduction and Growth of Risky Products during 2003 - 2006 (Office of Federal Housing... of accounting as career by students. In fact, these dynamics are indicating extremely high expectations by the industry from the...
Ddbates concerning knowledge are not relevant to accounting and its practice
6 pages (1500 words) , Essay
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...accounting operations can lead to such knowledge or truth, making knowledge not an essential consideration in accounting profession. On the other hand, Juan (2007) defines accounting as ‘the art of collecting, analyzing, recording and posting, summarizing and reporting financial results in a significant and orderly manner, aimed at providing useful concepts essential in decision making.’ Juan (2007) explains that accounting operates on clearly defined fundamental principles; those working in the profession have little discretion in influencing the output of end results from accounting... DEBATES CONCERNING KNOWLEDGE ARE NOT RELEVANT TO ACCOUNTING AND ITS PRACTICE BY PRESENTED Debates Concerning...
High School Student's Perception of Accounting
3 pages (750 words) , Essay
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...accounting as a major for the reason that students believe it will lead to a professional chance with noteworthy earnings potential. Accounting majors want to work for companies that offer viable remuneration and development opportunities. Pritchard (2004, pp154-155) conduct a student survey determining the role that perception of the accounting profession plays in the high schoolers' choice to major in accounting. The pessimistic perceptions that most pressurize business students to not major in accounting are: Nature of accounting work; Accounting work atmosphere... Sur [Supervisor's High School Perception of Accounting Why is accounting possibly less interesting andattractive to high school...
Accounting,corporate governance and ethics
7 pages (1750 words) , Essay
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...Accounting, Corporate Governance and Ethics 12 May Introduction The accounting profession has evolved over the years and today is mostly viewed as making big contributions to inspiring investor confidence in various enterprises. The tedious accounting profession is a sensitive undertaking especially when it comes to certifying to accuracy and timeliness of financial information; its distinguishing mark is to accept full responsibility to act in the best public interest (APESB 3). Because of this sensitivity, the accounting profession had adopted a professional code of...
Current Accounting Standards In The USA.
1 pages (250 words) , Download 0 , Essay
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...accounting standards in the United s of America are ethically based. Ethics and integrity are two of the values that all accountants uphold at all times when working the profession. The generally accepted accounting principles (GAAP) represent the bible for accountants. Ethics is taken into consideration in accounting in many circumstances. For instance the principle of conservatism states that when in doubt an accountant should always underestimate revenues. Sales forecasting techniques such as the Delphi method should be implemented taking into consideration the principle of conservatism. During the past nine years the accounting profession has increased its credibility... with the...
Accounting
5 pages (1250 words) , Research Paper
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...accountants to distribute overheads relatively efficiently. These systems can also differentiate between value-added and non-value added costs, offering cost accountants the chance to change them to value added costs (Jordan, 1999). In the past, accounting was done manually but now-a-days, data is entered via computers and wide area networks. No doubt, technology has changed the ways of accounting but it is still not sure whether this effect is positive or negative because it can be an asset for a business but a liability for the accounting profession. There are many advantages to the use...
Contemporary issues in accounting and finance
5 pages (1250 words) , Case Study
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...accounting and its principles. A huge number of studies (Sorkin, 2008) have indicated that there has been deficiency of ethical and professional accountants in the profession that were involved in manipulating accounting rules and metrics on short-term basis that resulted... companies to manipulate things in a tricky manner, and this possibility of manipulation indicates the intensifying capability of this accounting principle to encourage frauds and subsequently, recessionary period around the world. Experts (Sorkin, 2008) have indicated that big names like CitiGroup, Lehman Brothers, etc used this accounting principle to show their exposure at fifty...
Discussion Week 1b
1 pages (250 words) , Assignment
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...Accounting Profession al Affiliation Antecedents of the Accounting Profession According to Willard Stone article the Antecedent of the accounting profession, it is clear that just like the law industry, accounting is one of the oldest professions globally. Historically, accounting and law were mostly practiced by the scribes. The article also provides various evidences that indicate that early auditing was majorly done among governmental institutions in the earliest centuries. A number of researches also indicate that the past tribes mostly valued numbers and used various patterns in indicating numbers (Farag, 2009). Formal recording of accounting transaction systems mainly... Antecedents of the...
Ethics in the accounting field
10 pages (2500 words) , Research Paper
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...Accounting Profession of This paper critically examines the issue of disregard for ethics in the accounting profession. The paper assesses the critical role of ethics in accounting and goes further to identify the causes of ethical problems in the field of accounting. It finally makes recommendations on how accountants can be made more responsive to ethical standards and methods. Keywords: Accounting, Ethics, Sarbanes-Oxley, Stakeholders Table of Content Executive Summary………………………………………..4 Introduction………………………………………………...4 Ethics in Accounting……………………………………….4 The Scope of Ethics in Accounting………………………...5 Issues with Accounting & Ethics…………………………...6 How... ?An Enquiry in the Ethical Challenges in the...
Why do we need so many different theories in accounting?
6 pages (1500 words) , Essay
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...accounting profession is a fascinating academic discipline whose roots back over 5000 years (Giroux, 1999). The early civilizations such as the Greek Empire kept sophisticated financial logs of the economic activity within their society. In essence they were performing accounting. The profession as we know it today was introduced in 1494 when the Italian mathematician Luca Paciolli wrote a book which included a discussion of the famous double entry system in which a credit must be balanced out by a debit. The accounting profession evolved a lot in the second half of the 20th century due to the globalization movement and increased complexity of the business world. The purpose of this paper... The...
Accounting
3 pages (750 words) , Research Paper
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...accounting within the world of business. It is significant to understand that accounting has changed people’s perspectives over the years through its cutting edge and incisive inputs. The paper also delved deep into an interview of an accounting profession who is now earning handsomely through this career. References Author Unknown. (n.a). Career interview – Accountant. Found Online at: http://plus.maths.org/issue2/career/index.html Cookingham, V. (1989). Accounting: The Language of Business. Security Management, Vol. 33, November Haslam, J. (2003). Accounting and...
Literature review on profession
40 pages (10000 words) , Download 1 , Essay
...profession dynamics and collective social mobility within a set of power relations. In regard to this professions create professional monopoly by closure and exclusion to defend the interests of their members practice (Sian, 2006; Uche, 2002; Walker, 2004; Willmott, 1986; Yapa, 1999). …. 3. Accountancy and Professionalism ………… 4. Institutional Structures of Accountancy …… 4.1 Inclusion, Exclusion and Marginalization ….. 4.2 Segregation …. 4.3 Desegregation …. 4.3.1. Modified career desegregation Many accounting firms segregate women from partnership... ?Chapter 2 Literature Review Introduction ……. 2. Definition of Profession Profession has a number of definitions based on various sociological...
The Contribution of Academic Research to Accounting and Financial Regulation
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...accounting journals except one which is a journal in management. I believe that the definitions of “accounting” and “financial regulation” in the journals have the same standard and the definitions are basically common in the profession. There can significant variations, however, in the area of financial regulation as the definitions can reflect theories on how financial regulation can best be implemented. In any case, the specific definition of accounting and financial regulation follows what the author or authors have used in their works. Some of the authors do not even have a definition of “accounting” and “financial regulation”, perhaps as a tacit assumption that there is a usual... ?The Contribution ...
Accounting
4 pages (1000 words) , Research Paper
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...accounting profession After the IFRS for small and medium enterprises comes out, it will have affects on the accounting profession in general. This is because the IFRS... International Financial Reporting Standards application A summary and impact on accounting world International Financial Reporting Standards application On Private companies Summary Due to the diversification and the development of the financial markets across the globe, some of the major countries adopted a common set of rules to meet their reporting requirements known as the International Financial Reporting Standards. These reporting standards, since then, have been adopted by over 100 countries across the globe and now even the U...
Accounting Ethics Can Make the Difference Reasons why Morals are Key Components
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...ACCOUNTING ETHICS CAN MAKE THE DIFFERENCE: REASONS WHY MORALS ARE KEY COMPONENTS In the article of the New York Times, Claudia Parsons(2009) cites Steve Priest, president of Ethical Leadership Group, who eloquently sums up what can be justly called as modern crisis of accounting ethics: "Investors don't trust the companies they're investing in. They don't trust the financial statements, they don't trust the audits, they don't trust the bond rating agencies." Indeed, contemporary profession of accountancy has been continuously wrestling with how to improve ethics in the profession. In the wake of...
Accountancy is not a profession
4 pages (1000 words) , Essay
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...Accountancy is not a profession Although the status of accountancy as a profession was started to be challenged around the start of the 20th century, yet for the most part, accountants in the 20th century were organized into a kind of profession that was self-governing. In the period between 1933 and 1934, there occurred tremendous growth in the financial markets and their structure and level of organization improved considerably. That growth can be attributed to the audited financial data’s reliability to a considerable extent (Antle and Suner, 2007). However, over the last decade, a wave...
Accounting
2 pages (500 words) , Coursework
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...accounting profession. Strategic Direction, 19(6), pp. 18-20.... Incentives to Earnings Management & Manipulation: The Manager’s Perspective Incentives to Earnings Management & Manipulation Introduction The inclination toward both legitimate and illegitimate means of creative accounting in the past years has led us to question the accounting and reporting ethics practiced by managers around the globe. Capitalization of expenses, hidden asset impairments, using off-balance sheet liabilities, inflating recognized revenues and ‘cookie jar’ accounting are few of many ways to over-state profitability by the management. So, what was the root cause of corporate fiascos such as Enron/Arthur Anderson and WorldCom ...
Role of Strategic Management Accounting
3 pages (750 words) , Essay
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...Accounting Management accounting should be an effective and efficient tool used by managers and accountants at all levels in assisting them make decisions in their area of management. However, management accounting has for a long time since its introduction in accounting faced various shortcomings hence making it unable to perform this function effectively. Management accounting has failed in the application of qualitative features of management as well as the strategic thinking in management. As a result of the failure of management accounting, strategic management has been introduced in the profession of accounting hoping it will be effective and save the profession... Role of Strategic Management...
The World of Management: Accounting
5 pages (1250 words) , Research Paper
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...accounting profession. In America, the American Institute of Certified Public Accountants (AIPCA) was established (Whye 166). The ethical structures that would manage the accounting field were established in 1907. This became the guideline of the associations of the accountant to the employer and fellow workmates. This effort led to the formation of Association of Chartered Certified Accountants (ACCA), which would formulate accounting principles, and ethical architecture of accounting. Future job prospects Accounting is evolving everyday and the accounting principles are subject to various alterations... . Therefore, forensic accounting is revolutionizing the essence of...
Ethics and the Conceptual Framework Paper
4 pages (1000 words) , Essay
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...accounting profession as we know it today had its roots seeded in the Middle Ages by Italian Luca Pacioli who was a colleague of Leonardo da Vinci (Weygandt & Kieso & Kimmel, 2002, p.5). The concept of keeping track of economic transaction which accountants today referred to as bookkeeping has been around for thousands of years. The accounting profession has become a sophisticated field and in the 1970’s the field which has always been self-regulated was enriched by the creation of a new regulatory body called the Financial Accounting Standards Board (FASB). This paper describes, analyzes and compares three areas which are: FASB conceptual framework, judgment & decision making in accounting... The...
The Code of Ethics for Professional Accountants issued by the International Ethics Standards Board for Accountants states that A distinguishing mark of the accountancy profession is its acceptance of the responsibility to act in the public interest.
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...Accountants Issued By The International Ethics Standards Board For Accountants States That “A Distinguishing Mark Of The Accountancy Profession Is Its Acceptance Of The Responsibility To Act In The Public Interest” Word Count (1751) A Distinguishing Mark of the Accountancy Profession is its Acceptance of the Responsibility to Act in the Public Interest Introduction The idea of public interest must be considered by all the professional organizations that seek to enhance the professions’ interests they offer services to. International Federation of Accountants (IFAC) defines public interest as “the common benefit that all citizens... Number of the Module The Module Number The Of Ethics For Professional...
International Accounting in Colombia (South America)
3 pages (750 words) , Research Paper
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...accounting system, having incorporated the accrual basis of accounting in its Public Sector Accounting Standards. Accounting profession entails the process of communicating financial information of an organization, a corporation, or a business entity to the stakeholders and other interested parties. This communication serves to ensure that those stakeholders who do not have any accounting or financial knowledge gets to understand the financial position of the entity and can thus participate in decision making... ?International Accounting in Colombia (South America) International Accounting Standard Board, offers the International Financial Reporting Standardsthat guides how accounting occurs the world...
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