StudentShare solutions
Triangle menu

Accounting Theory and Practice - Essay Example

Nobody downloaded yet

Extract of sample
Accounting Theory and Practice

e paper focuses on the difficulties and huddles facing the harmonization of accounting standards and practices and provides a possible solution to the problems it is facing.
The paper also discusses the various economical issues that deal with intangible assets in an organization. It states the ways in which intangible assets are valued and how they positively and negatively affect the financial statement and status of the organization. The paper further discusses the implementation of the code of corporate governance by using Omantel Company as a case study. It also evaluates how the company has implemented a code of corporate governance.
The harmonization of the standards and practices of accounts all over the world is the process of bringing together concepts of accounting to a common position. In the world, every country and organization has its own practices and standards of accounting. The harmonization of accounting standards all over the world has been a major concern especially among professionals in accounting. This process involves the convergence of different international accounting standards with the aim of coming up with a similar financial statement all over the world. The harmonization of accounting standards has been a major concern among countries that are involved in trading activities with countries with different accounting standards. Because of the difficulties that come along with varying accounting standards, professionals see the need of harmonizing the accounting standards so as to make trading processes easier Ashley, Leatherbury, Machuca and Philips, 2012).
If the accounting standards in the world are converged together, the economy of the world will be in a good position in several ways. The coming up with financial statements would be much easier because only a common standard would be used in making the report. As for now, coming up with one financial report statement is difficult because of the use of different accounting ...Show more

Summary

The process has been slowly developing with no progress because of various issues among the international standards. This paper discusses the convergence and harmonization of…
Author : alaynawest
Accounting Theory and Practice essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Accounting Theory and Practice"
with a personal 20% discount.
Grab the best paper

Check these samples - they also fit your topic

Advanced Accounting Theory & Practice
Advanced Accounting Theory & Practice Introduction International Accounting Standard (IAS) 1 provides a framework for the Preparation and Presentation of Financial Statements. This accounting standard is comprised of information necessary for preparing and presenting the financial statements.The basic purpose of this standard is to enable different users to make effective economic decisions with the use of financial and non-financial information.
10 pages (2500 words) Essay
Advanced Accounting Theory & Practice
Year 2001, was marked as the year of establishment of International Accounting Standards Board (IASB). It was established with the idea to develop and implement International Financial Reporting Standards (IFRS). First of the IFRS was issued in the year 2003.
8 pages (2000 words) Essay
Adv. Accounting Theory & Practice
The firms in different industries have a conflicting nature in terms of their responsibilities towards society.Their scope of responsibilities clearly depends upon the area in which they are doing business, for example the extracting businesses are crucial to the focus of environment regulatory authorities.
4 pages (1000 words) Essay
Financial Reporting Theory and Practice
However, countries in various parts of the globe use the International Accounting Standards (IAS) implemented by the International Accounting Standards Board. Differences in the accounting standards adopted have important implications for business entities.
2 pages (500 words) Essay
Accounting theory practice
As per Ernst & Young (September 2007)1, ‘The main revision to IAS 1 arises from the IASB’s consideration of the US Standard SFAS 130 Reporting Comprehensive Income. The IASB has also taken
8 pages (2000 words) Essay
THE PROPRIETARY VS THE ENTITY THEORY How has your selected accounting theory contributed to the development of existing accounting practice
The discussion also places these theories within the current accounting frameworks which exist in practice in the UK. Two of the concepts that are widely held and considered
8 pages (2000 words) Essay
Advanced Accounting Theory & Practice
By providing the basic structure for each type of financial statements, the standard has become highly essential for lenders, investors, shareholders and
8 pages (2000 words) Essay
Advanced Accounting Theory and Practice
air value accounting prompted the Financial Accounting Standards Board (FASB) to issue a new standard, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (FAS157). This standard provides comprehensive guidance to help firms in estimating their fair
3 pages (750 words) Essay
Adv.Accounting Theory and Pract
As a result, Adams deduces that all corporate reporting has a core motive that propagates in nearly all industries. The following paper discusses and analyzes Adams’
6 pages (1500 words) Essay
FINANCIAL ACCOUNTING POLICY AND PRACTICE
The Accounting Policy and Practice provide financial accounting system and keep on top of ongoing and emerging financial accounting issues and also assists them in analysing pronouncements. The 2008 financial crisis led to all the markets to be regenerated (Weygandt,
7 pages (1750 words) Essay
Hire a pro to write
a paper 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
Comments (0)
Click to create a comment
Contact Us