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Couse work

From this point, the accounting institutions embarked on seeking an alternative to different accounting principles they had already developed, by generating alternative procedures, which were superior to the others. This move was sparked by the desire for good accounts for the companies that were growing during this period, and the higher desire for uniformity in accounting procedures (Baxter, 1979 n.p.). This move was emulated by the Institute of Chartered Accountants in England and Wales immediately after the end of World War II, and eventually many other countries followed. Although it did not initially start as a mandatory move, there was a high recommendation for companies to apply the generated standardized accounting procedures, without seeking the consent of such companies. The accounting bodies majorly depended on the loyalty of the members, to comply with the standards, since there was little they could do to enforce these standards to the companies and other bodies that were not willing to adhere to them (Baxter, 1979 n.p.). ...
Thus, in Baxter’s view, accounting standards entail; accountants showing what they are doing, enhancing the uniformity of accounts presentation layout, providing the basis of accounting for some economic phenomena and making essential disclosures (Baxter, 1979 n.p.). Task B: The extent to which Baxter’s views have influenced the development of a conceptual framework for accounting In Baxter’s view, there are four major factors that form the subject matter of accounting standards. First, the accountant must be able to inform others what he/she is doing, to the stakeholders who may not possess the accounting knowledge, through the published reports, which clearly indicates the policies and procedures followed to arrive at the final financial statements (Baxter, 1979 n.p.). Secondly, the accounting standards enhances the standardization and creation of a uniformity in the layout and presentation of accounts, making it possible to compare the account information of one institution to that of the other, while also enabling the evaluation of the accounts for the basis of taxation. With a uniform layout of institutional accounts, it is possible to determine the revenues and the expenditures incurred by the institutions, while understanding the accounting and taxation policies applicable. Thirdly, Baxter presents a view that another subject matter of accounting standards is disclosure (Baxter, 1979 n.p.). This, according to him, entails the revelation into particular details of certain accounting aspects, where the reader of the final results is expected to make their own judgments. One such component that calls for disclosure is depreciation, which is an element that seeks the percentage change in value of an asset over time, in terms of the diminishing asset ...Show more

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Name: Course: Date: Accounting Standards – Boon or Curse? Task A: Summary of Baxter’s views on accounting standards. Initially, accounting was without any aspect of commonality or standardization. Nevertheless, starting 1938, the desire to have a standardized way of accounting for the costs and revenues incurred by institutions arose, promoting the provision of the Statement of Accounting Principles, which were published by the American Institute (Baxter, 1979 n.p.)…
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Couse work essay example
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