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Judgement in Accounting - Essay Example
Finance & Accounting
Pages 6 (1506 words)
The purpose of this essay is to argue the fact that accounting is simply mathematics and a precise subject as compared to the belief that it involves judgment and other critical thinking tools…
Secondly, accounting follows a framework popularly known as “The Conceptual Framework for Financial Reporting”. In addition, the overall accounting structure and basic formation of reporting, assists in conceptualizing accounting better. The knowledge of accounting principles, procedures, and rules is valuable to business and its eventual success in any given financial period. Financial records are made numerically and any accounting analysis on them should be numerical (Anthony, 1993). The “International Public Sectors Accounting Standards Board” sets standards and Recommended Practice Guidelines in accounting. They are used by government agencies in the national, regional, and local governments. According to this board, the Conceptual Framework for Financial Accounting is mainly used for preparation and presentation of general purpose financial reports (Needles & Powers, 2012). ...