It is against Tinker’s prophetic confession that accounting policies ought to be chosen for their supposedly desirable economic consequences rather than their ability to depict relevant situations faithfully. Accountants are reporters just as journalists and they are therefore endowed with the task of reporting faithfully any financial transactions that the company engages in. In the recent years, the roles of the accountants has greatly changed, these changes are in line with the changing regulations and business laws though from research there are indicators that there is a perception gap between the profession and the public and this is with regards to trust. The major contributor towards this is the ignorance hence lack of understanding of the public of the roles of the accountants in business growth, which is a crucial component of economic growth and recovery. The credibility of the accounting information assumes that the accounting information does not comprise any significant error or subjectivism, therefore it faithfully presents image of the process or phenomena (Previts, Robinson & Chandar 2007). The conceptual frameworks upon which credibility is ensured comprises of detailed elements, which ensure the elements are appropriate in terms of content. It is therefore appropriate if the accounting information is objective that is the transactions and events are faithfully mirrored (Previts, Robinson & Chandar 2007). This means that the transactions and events reflect the true meaning and consequences of economic events alongside the legal requirements. The information has to be neutral i.e. avoid influencing a decision or issuing a judgment for the accomplishment of any pre-determined objective. The display of transactions faithfully in the primary elements, which ensures the credibility of the information, provided in the statements. This ensures a balance between the information provided numerically and in a described manner concerning the information’s inductive phenomena. For the sake of the generation of faithful information, there has to exists a transaction or an event which is embodied upon the balance sheet level regarding the display of the elements concerning the corporation’s assets, debts, and own capital (Sims & Quatro 2005). For instance, if a company expects to occur a doubtful dept in its financial statements of let us say 40,000. For the sake of faithfulness of the statement, it is vital to check the- If there was a sales which resulted into the debt in the past That the due date of paying up for the debt has been exceeded without postponement Is the 40000 debt believable, are there documents to show the same Confirmation of the probability of cashing it in the future.. The description of transaction and event in the financial statements depends on the rights, obligations and available economic resources. In addition, their ascribed significance, on the assessment grounds and on the display techniques used to recognize them in the financial statements is also of fundament. If financial information is manipulated in order to achieve a given result instead of merely reporting faithfully reports on economic events and activity, it is obvious that the resulting information will be biased (Solomons 1986). This is against the principal of neutrality as neutral information is biased. Therefore, it means that the
Date “If accounting is to retain any credibility-and without credibility it is worthless” This paper is directed to give an explanation to the fact that the credibility of accounting is core for the accounting information to remain with some worth…
What is media and what does it mean to most people? The concept of media traces back to the times old as far back as Aristotle. History is abundant in treatment of the development of media as it captures the essence of life in what is to be known as civilization.
The United States’ Current Image in the International Community
I for one got interested on it because not just because I have been avid observer of how the two mainstream political parties deal with each other on contentious issues; I also knew that subjects related to the financial conditions of the government have serious repercussions on the health of the national economy.
These policies focus on creating principles of accounting for corporate use, setting rules and regulations for accountants (BERNEY, 1984, p.46). The main objective behind the study of systems of accounting in accordance to accounting policy is to identify the reasons and the process that are involved while accounting systems are created in various nations.
42). A clear basis for this is increasing argument that accounting information has a vital fiscal effect on the society. As a result, the information presented in financial reports is directly linked with the usefulness that accounting standards have for the informational requirements of users.
According to Kouzes and Posner, leadership is all about relationships, and no one can possibly do it alone. Therefore, it requires the ability to inspire others to take up the challenge of realizing a common goal that an organization or a group of people have set to achieve.
Honesty and credibility are necessary for the ability of a company to effectively compete, innovate, and provide standard-setting customer service and support and bring about corporate governance produce impeccable business ethics and retain credibility by focusing on: audit and governance and human resources and compensation.
The order of the paragraphs is quite formal and creates an interest of the reader in the writing. However, the paper lacks the logical explanations of facts about the 9/11 and corresponding situations. Considering the length of the paper, it seems that the information on the
A firm’s credibility is vital in terms of making it succeed in its branding and marketing strategies. When a company lacks credibility, consumers question the validity of the claims that it makes, making them
2 pages (500 words)Essay
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