Principles of accounting 1 - Essay Example

Only on StudentShare

Extract of sample
Principles of accounting 1

Recently, the standards and principles of GAAP have been transited to IFRS with the aim of having a single set of accounting principles with universal applicability. It provides the rules along with regulations in compliance with which, financial statements and reports should be prepared. The accounting standards and principles that are included in the IFRS are universally identified, which implies that every entity, on a global context, must evaluate and represent their accounting information in accordance with the determined rules and regulations of IFRS (Needles, Powers and Crosson 24-25). The essay thus intends to discuss the advantages that can be acquired from a single set of accounting principle. Moreover, the discussion henceforth reveals the disadvantages attached with multiple accounting principles on a global context. The discussion also emphasizes on detailing the accounting standards adopted by IFRS for universal applicability, further detailing the accounting principles that business units operating in United Arab Emirates (UAE) adopts. ADVANTAGES OF IFRS 3 The accounting principles and standards adopted and implemented under the GAAP form the common set of standards and principles developed for recording financial transactions and information in an appropriate manner by publicly listed companies worldwide. ...Show more

Summary

Principles of Accounting 1 INTRODUCTION The commonly followed accounting principles and statements with detailed guidelines are stated in the ‘Generally Accepted Accounting Principles’ (GAAP) developed by ‘Financial Accounting Standards Board’ (FASB)…
Author : deckowcesar
Save Your Time for More Important Things
Let us write a custom essay on your topic
"Principles of accounting 1"
with a personal 20% discount.
Find out more

Related Essays

Finance and Accounts. Accounting Principles.
Stock markets of late are very volatile and investors need to learn through various important concepts before proceeding to invest their hard earned money to ensure satisfactory returns. Many at times there may be possibilities that investors suffer on the back drop of decreased prices after they invest.
22 pages (5500 words) Essay
Principles of Financial Investment
Moreover they are fragmented and meet only when legally required to do so. These principals of the company have created an agency in the shape of management to carry out day- to- day affairs in order to meet strategic objectives of the company. This relationship of principal and agent has its own repercussions that create agency problems.
10 pages (2500 words) Essay
The Main Accounting Principles
These are also tools which show how well a company is performing, there have been instances of declaring false information so that the share of a particular company performs well in the stock market, such fraudulent instances have also occurred in the past.
7 pages (1750 words) Essay
Ethics Challenge and Communicating in Practice
Adverse budget situations sometimes require urgent and prudent unraveling for the budget to deliver on its broad mandate of keeping the organization strategically alert. The purpose of this paper is to highlight budgetary on ethics and communication in practice, and their possible resolutions.
4 pages (1000 words) Essay
Essay on Information Asymmetry
In such a scenario, the overall transaction can go wrong and it is often considered as the market failure also where market is inefficient enough to offer opportunity to everyone to have perfect knowledge. (Xu, Wang, & Han, 2012) Corporations are incorporated as artificial persons with distinction between the ownership and the management of the firm.
9 pages (2250 words) Essay
Accounting Principles: Events After the Balance Sheet Date
Accounting Principles: Events After the Balance Sheet Table of Contents Introduction Events after the balance sheet date, formerly known as post balance sheet events, are an important part of accounting. They are handled under IAS 10 Events after Balance Sheet Date (Ramachandran & Kakani, 2009).
7 pages (1750 words) Essay
Principles of managerial accounting. Answers to Questions. (Cash Flows Information, Apple's Cash Flow, Stock Features, Role of Management Accounting etc.)
What information does the cash flow statement provide that you cannot see in the other financial statements (income statement, balance sheet, owner’s equity)? What elements of the cash flow statement do you think are most important for company management to monitor and why? Is this different for investors?
8 pages (2000 words) Essay
Personal Statement
I know that I have that instinct and enthusiasm that is needed for building a career in accounting and finance. This becomes one of the major reasons why I am applying for master degree in accounting and finance. To introduce myself, my name is Chen, and I belong to China.
3 pages (750 words) Personal Statement
Lesson 11 - Course Project 1
The purpose of this paper is to highlight budgetary on ethics and communication in practice, and their possible resolutions. A budgetary slack is a premeditated allowance for excess spending as
4 pages (1000 words) Essay
Find out how much would it cost
to get a custom paper written by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT