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

Regulatory, Cultural and Ethical Dimensions to the Introduction of International Accounting Standards - Essay Example

Only on StudentShare
Masters
Essay
Finance & Accounting
Pages 10 (2510 words)

Summary

Running head: Regulatory, Cultural and Ethical Dimensions to the Introduction of International Accounting Standards Regulatory, Cultural and Ethical Dimensions to the Introduction of International Accounting Standards Insert Name Insert Grade Course Insert 9 March 2012 Regulatory, Cultural, and Ethical Dimensions to the Introduction of International Accounting Standards Introduction Accounting practices have from time to time been compiled by the desire and directive from corporate influences to harmonize rules and regulations of financial reporting to international standards…

Extract of sample
Regulatory, Cultural and Ethical Dimensions to the Introduction of International Accounting Standards

However, corporations and business entities at large comply with International Accounting Standards directive and regulation as a basic legislation that not only streamlines financial reporting, but also as a specific entity’s need for auditing. Compliance with International Accounting Standards extends beyond the financial aspects of company’s regulatory dimension in reporting, and encompasses both cultural and ethical dimensions of the accounting profession. Regulatory Dimensions Companies are often placed under regulations with respect to international accounting standards to enable the accounting professionals to provide an honest and accurate financial image to company’s stakeholders. Through compliance with international accounting standards regulations, companies are bound to benefit from their investors’ confidence with regards to truthful and accurate reporting of the financial situation and performance of the company. ...
Download paper
Not exactly what you need?

Related Essays

Does the way in which accounting represents the world facilitate the control of organizations?
They way in which accounting represents the world does not always facilitate the control of organizations. Representation versus control Not every nation has adopted the International Financial Reporting Standards (IFRS) delivered in 2001 by the IASB. Because of this, there are independent and corporate investors that have identified opportunistic tax havens across the world. The ability to utilize foreign business accounting practices as a means to shelter resources continues to cause problems with how other businesses internationally perform their strategic management functions. For…
5 pages (1255 words)
Finance and Accounting Research Paper: The International Financial Reporting Standards
The International Financial Reporting Standards …
10 pages (2510 words)
Tax Avoidance OR International Accounting Standards
Thus, they maintain a liberal tax system for businesses and maintain a more stricter tax system for individuals. Due to this, most businesses have many options of manipulating tax law to their favour in order to pay less taxes. In principle, taxes are paid to promote social justice and assist the government and corporate sector to meet its objectives and needs. If an individual or business entity fails to pay taxes, they are liable to prosecution and this could result in fines or jail terms (Blankson, 2004: 3). This implies that although failure or refusal to pay taxes could have serious…
15 pages (3765 words)
International Accounting Standards
Many instances were reported by the relevant stakeholders, where the management had concealed liabilities by classifying a lease as an operating lease where it should have been classified as a Finance lease based on the economic reality. To cater these issues IASB drafted and enforced a proper standard “Accounting for leases”. As the objective indicates, the standard has been divided into two main sections, Operating Lease and Finance Lease. This particular classification has been based on the transfer of risk and rewards of the underlying asset to lessee or lessor. Further aspects…
7 pages (1757 words)
Green Accounting
It is based on the existing financial accounting standards. In United Kingdom it is a combination of a company law and company accounting standards framed by the regulatory bodies which is utilised by the accounting professionals of UK (Sigma Projects, 2003). Different countries follow different kinds of GAAP (Generally Accepted Accounting Principles) accounting principles based on their regulatory and legal frameworks. Sustainability and sustainable accounting have different meanings and applications. The concept was first coined by Brundtland Commission and published in the report Our Common…
10 pages (2510 words)
International Accounting Standards
The fair value system has all together improved the information to the individual users of the economy. International Financial Reporting Standard (IFRS): IFRS is a private sector organization which is working for the interest of public. The main objectives of IFRS foundation are: 1) It creates a single set of quality which is understandable and enforceable worldwide. The standard setting body that helps in formulating the standards for the organization is the International Accounting Standards Board (IASB) (IFRS Foundation. 2013k). 2) They are responsible for promoting the use and application…
16 pages (4016 words)
International Accounting Standards: Revenue Recognition in construction Industry
Bradley Richards is a leading firm of accountants with many clients in the construction industry. The accounting practices adopted by these companies need to be reoriented in the light of these developments. This paper seeks to discuss about the important aspects with regard to revenue recognition in accounting of the construction contracts for updating our clients with the developments in this front. We have outlined the objective of revenue recognition and current practices adopted in the construction industry, the methods used by companies for revenue recognition, the process of development…
6 pages (1506 words)