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

Required: critically evaluate the following statement: Accounting regulation is at a crossroads : many believe that we need a - Essay Example

Only on StudentShare
Masters
Essay
Finance & Accounting
Pages 5 (1255 words)

Summary

Name: Tutor: Course: Date: University: Accounting Regulation is at Crossroads Introduction In the recent past, there have been alterations in accounting regulations, as a result, of development of International Financial Reporting Standards. In September 2002, FASB and IASB agreed to work collectively, in consultation with other regional and national agencies, to remove the disparities between U.S…

Extract of sample
Required: critically evaluate the following statement: Accounting regulation is at a crossroads : many believe that we need a

109). Also, companies operating in a certain country experienced difficulties while comparing their financial performance with foreign companies in the same industry. Consequently, users, preparers and regulators of financial reports recognized the need to develop a universal accounting regulation, which will ensure a universal disclosure framework (McEwen 2009, p. 110). This paper seeks to examine whether we require a universal recognized disclosure framework, which will offer guidance to preparers and regulators towards superior material disclosure. Disclosure Framework Full revelation principle is relevant to the concept of materiality. This principle necessitates that the entire material information has to be revealed in financial declarations either on the face of monetary reports or in the notes of monetary declarations (Bellandi 2012, p. 4). On January 2013, IASB (International Accounting Standards Board) released some of the outcomes of an investigation carried out lately on monetary information disclosures. Respondents to the survey recognized various aspects, which contribute to the problem of disclosure. The IASB received responses from 225 respondents across North America, Asia and Africa. ...
Download paper
Not exactly what you need?

Related Essays

Finance and accounting assignment: Advanced financial reporting & regulation
11 PSA Peugeot and Vodafone cases……………………………………………… 14 References……………………………………………………………………… 17 Question 1: A common technique to manage earnings is to ‘stuff the channels’, that is, to ship prematurely to dealers and customers, thereby inflating sales for the period. A case in point is Bristol-Myers Squibb co. (BMS), a multinational pharmaceutical company head-quartered in New York. In August 2004, the Securities Exchange Commission (SEC) announced a USD 150 million’s penalty levied against BMS.…
10 pages (2510 words)
Financial and Accounting Regulation: Turner Review
Financial regulation is a tool used by financial institutions like the banks, investment institutions and agents as well as brokers so that they can meet the obligations, guidelines and restrictions set upon them by government and international agencies concerned with the financial sector. Financial regulations have been formulated with the purpose of protecting investors and clients to financial institutions from manipulation and exploitation from the management and the dealers of the institutions. The regulations also ensure that financial institutions will be in a position to refund their…
8 pages (2008 words)
Britvic plc's 2011 annual report,1) Critically evaluate the information contained in the Chairman's Statement
The statement explains the company’s progress in terms of its profits and that it has grown by about 80% for the past six years. According to his statement and the financial report, the company has made a record of both revenue and volume growth in 2011 in the international market (Gibson 201). This growth is evident in the French and an international territory which contributes to the company’s overall growth of about 4.3%. This growth brings the company to the current 138.1 million Euros. This is quite true as the growth in profits and revenue can be used to evaluate the progress of the…
4 pages (1004 words)
Based on the above statement. discuss and critically evaluate the conceptual Business Model framework with reference to structur
Success in this case is not only valued in the amount of money that a business is able to make but is based on whether the organization is able to achieve all the objectives it had set out for itself at the beginning of the business. For example, a Non Profit organization does not focus on increasing their profit margin but have other objectives on hand (mainly to do with helping others) and it is by achieving these objectives that they consider themselves successful. A business model will determine the structure and purpose of an organization as well as how that organization will evaluate…
5 pages (1255 words)
Approaches to banking regulation
As the search for the best supervision and regulation approaches continues, it is essential for the involved countries to conduct thorough assignments on the fundamental principles to employ in order to attain financial system stability and growth (Barth et. al. 2004, p.208). This paper looks into two banking regulation approaches, which are the ring-fencing and total separation strategies. …
5 pages (1255 words)
"European Monetary Union without a Banking or Fiscal Union cannot succeed." Please critically evaluate this statement with s
Before going into detail as to why and how fiscal and banking union can facilitate success of monetary union, it will be prudent to delve deeper into the aspects that are responsible in creating a state of financial instability in the European Union. It is worth noting that unlike the United States, fiscal measures are not exercised by the EMU and that is where the major crux of the issue lies. Genesis of Crisis EU witnessed a sovereign debt crisis and an unprecedented banking crisis in the recent years. It is important to note that both did not surface in isolation but they were interrelated.…
6 pages (1506 words)
Investment Appraisal tools and techniques are used by many organizations in the private and public sectors . Critically evaluate
The decision rule based on this method is that, if the payback period of an investment lies within investors required range of duration, the investment is considered. The method is simple to use. However, it ignores the concept of time value of money (Damodaran 2008, pp. 277). Net present value- in this method, both the cash inflows and outflows are discounted. The discounted outflow is subtracted from the sum of discounted cash inflows to obtain the net present value. The discounting rate is selected based on the cost of finance. According to this method, an investment should be accepted if…
3 pages (753 words)