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Ethical Standards in Accounting Term Paper

… Ethics has become a major component of professional orientation for accountants in light of the increased globalization of business.

Development of a Common Set of Ethical Standards:

Given the need to establish a global set of ethical standards in accounting, several countries and regulatory systems have undertaken measures to address the issue. The United States and the international community have played a crucial role in addressing this issue mainly because of the need to prevent incidences of unethical accounting scandals. The international community has developed a framework for global ethics through the International Federation of Accountants (IFAC), which was instituted to serve public interest and foster global accountancy profession. The International Ethics Standards Board for Accountants (IESBA) was also established and publicized ethical standards based…. [read more]


Accounting Profession in 2014 Essay

… Accounting Profession in 2014

In the midst of scandal, the accounting profession finds itself under scrutiny; perhaps more than it ever has in the past. Accounting and auditing scandals have become les frequent since WorldCom and Enron, but that still does not mean that we are now immune. High profile cases continue to haunt the media. As Bernard Madoff is whisked off to jail, the American people are still dumbfounded at how he could fraudulently convert $50 billion in customer assets to personal use. We also have to ask how $1 billion in cash could have escaped the watchful eye of Satyam Computer Services.

Since the Enron scandal, the processes of accounting and auditing are converging, all while trying to absorb the economic shocks in…. [read more]


Accounting in Australia Case Study

… Some of the arguments that demonstrate the over-regulation of accounting profession in Australia include:

Free Market Approach:

The free market approach in regulation of accounting standards include the dependence on market forces to determine the information to supply and the quality of information to be supplied. The accounting information through this approach is subject to both demand from users or investors and supply by companies and managers. In most cases, market-based disciplinary actions in the free market approach discourage non-supply and confusing information ("Lecture 3 -- Regulation of Financial Reporting," 2002).

The free-market approach to regulation of accounting standards is the main normative theory or perspective that has been used for regulation of this profession. The use of the approach incorporates the combination of the…. [read more]


Accounting Approaches: Deductive vs. Inductive Essay

… In response to these criticisms, Mueller created another classification system, based upon ten country types. Nobes updated Mueller's classification of countries in 1983 and used the "importance of tax rules, the use of prudent/conservative valuation procedures, and the making of replacement cost adjustments" (all reflected in the original Mueller model) in a more refined way to understand international differences in approaching accounting (International accounting patterns, culture, and development, 2012, Wiley: 37).

Both Mueller and Nobes proceeded from certain specific categories that they believed characterized accounting, such as valuation procedures and tax rules, and then used such schema to classify specific policies. In contrast, the inductive model of Nair and Frank (1980) took the opposite approach. These two accounting theorists "carried out a statistical analysis of…. [read more]


Accounting Standards? Over Time Essay

… In the absence of accounting standards, each business would present its financial statements in a different format, thus making such comparisons impossible.

Next, it should also be noted that accounting standards enhance not only the credibility but also the reliability of financial statements. In a way, when there is inexactness and ambiguity in the interpretation of financial statements, scandals and inappropriate accounting practices are likely to crop up. Accounting procedures that could bring about the said ambiguity include depreciation methods, stock valuation, etc. As Arner (2007) points out, the credibility of an entity's accounting systems is critical when it comes to the provision of financial information to be relied upon by stakeholders as they seek to evaluate not only such an entity's financial strength and…. [read more]


Accounting for That Quite Likely M Ay Research Paper

… ¶ … Accounting for that quite likely m ay be my profession, an impression that was reinforced by the interview that I had with the person (described in this essay). Accounting will give me a solid employment with a lucrative wage and this is what is important to me. I have also learned that it can be fun in the investigative way if I se it as such. The work conditions are fine -- not too tedious and best of all I can structure them at my convenience. I can work either for an institution or be self-employed. I might like to work for the White House. Chances for advancement also depend on myself. Let me first graduate college; then I will see. Bookkeeping and…. [read more]


Accounting Policy Setting Using Ex-Ante Term Paper

… The team likes this form of efficiency, especially if they are from a small market, because it gives them some cost control with players who may cost too much to retain if they wait too long to sign a contract.

For any type of contract there are going to be transaction costs. With the example above, the player will possibly lose some money in the long-term and the team could pay the price of a permanently injured player. Artz and Norman (2002) say that "transaction costs' can include both the ex-ante costs of initially establishing the contract, and the ex-post costs of periodically renegotiating and adjusting existing contracts" (Artz & Norman). For the example mentioned above, the ex-post transaction costs are minimized if the team…. [read more]


Accounting Has Been Nothing Essay

… "During the past decade accounting for people has re-emerged as an increasingly well-subscribed research topic. It has done so as one aspect of the growing interest in intellectual capital or 'intangibles'. Intellectual capital is generally acknowledged to be divisible into three generic components: human capital, customer or relational capital, and structural or organizational capital" (Roslender & Stevenson 2009: 857).

The UK, in an effort to ensure greater rigor in accounting for the impact of human capital upon an organization's financial health issued a report called Accounting for People -- Report of the Task Force which recommended that HCM [Human Capital Management] reports focus on communicating a business's HCM policies and potential for growth. There has also been strident calls to ensure that organizations clearly explain…. [read more]


Lease Accounting Changes Research Paper

… This standard and the ones before it are noted to have been presented in 2011 but would probably not go into effect until 2014. PWC notes that the impact of these changes will be measurable including noticeable differences on balance sheets and income statement presentations. It is also noted that these revisions would probably require, or at least make prudent, re-negotiation or even the ending of existing leasing arrangements due to the impacts that these revised standards would have. The reason is that the amount of manpower and resources poured into these revisions would force companies to re-evaluate whether they are moving in the right direction from an investment, leasing and accounting standpoint. Despite the heavily automated nature of accounting, the assessments called for in…. [read more]


Accounting in British Petroleum Scope Essay

… The fifth and final chapter of this research project will present a detailed summary of findings, including a SWOT analysis of BP and conclusions regarding the general state of the company and its likely potential in the near-term and further ahead in the future.

Literature Review

An examination of valuation and accounting practices in the oil industry has raised some serious questions about the industry and its impact on total global trade in the past decade (Misund et al. 2008; Nandha & Faff 2008). The Deepwater Horizon spill specifically has raised questions about reporting practices and financial incentives affecting the oil industry, as well (Flournoy 2011; Post 2011). Both of these issues will be examined in the research project.

Steps and Milestones

Research has already…. [read more]


Accounting Information System for Harmonization, Siva Sankaran Term Paper

… Accounting Information System for Harmonization," Siva Sankaran and Dhia AlHashim (2006) make an argument for a harmonization of varied accounting systems into a common web-based platform. Currently, different organizations use varied accounting systems, a practice that is increasingly at odds with the growing globalized economy. To facilitate the globalized way that many organizations are conducting their businesses, Sankaran and AlHashim (2006) point to the need for an international accounting system that is able to "harmonize" or adapt to these different accounting systems. Making this program web-based would further allow for a more synergistic global economy, since an Internet-based program would be accessible throughout the globe.

The authors of this article make a strong case for the need for harmonized accounting standards and procedures. Many large…. [read more]


International Regulation, Accounting Standards Essay

… These experts find such practices to be isolating and do little to attract business, capital or investors to the country. "Even if those standards were considered to represent best practice, Australia would not necessarily be able to attract capital because foreign corporations and investors would not be able to make sensible assessments, especially on a comparative basis of the value of the Australian enterprises. The need for common accounting language to facilitate investor evaluation of domestic and foreign corporations and to avoid potentially costly accounting conventions by foreign listed companies are powerful arguments against the retention of purely domestic financial reporting regimes" (Deegan, 2009, p.110). Essentially, this sentiment makes a truly powerful argument: while a country like Australia committing to their own unique accounting standards…. [read more]


Developments in U.S. Auditing Standards and IFRS Research Paper

… While ASB led the redrafting efforts to clarify the standards, it also incorporated the standards with the ISAs, from the IAASB (Huault & Richard, 2012). Although the objective of redrafting the standards was clarity and unity and not to create extra requirements, auditors must adjust their practices as required by this project.

Conclusion

A shift to the clarified auditing standards has provided to be an inevitable move for at least all organizations worldwide. As organizations embrace this significant move, more will be pushed to embrace the same move for compatibility. Therefore, auditors must be ready to contend with the far-reaching consequences of such crucial regulatory change is likely to have on organizations. Auditors need to be proactive concerning the convergence of IFRS. They must continually…. [read more]


Financial Standards Reporting Research Paper

… S. companies, so the preparers have to have some understanding of the U.S. GAAP, and make decisions based on it also. Therefore, German companies try to conform, as best they can, with the large U.S. GAAP as well as their own and the IASB standards. There is no wonder that it seems piecemeal to the rest of the world.

Impact on Deutsche Bank

Companies in Germany have gotten used to a piecemeal way of doing financial accounting. Though the accountants are exacting, there still has been no single accepted national standard that they have had to follow. With all countries likely to adopt the IASB standards by 2014, it is imperative that they learn to follow the single standard instead of using the formula that…. [read more]


Australian Accounting the Complicated World Research Paper

… The number of accountants employed at the professional level has risen strongly over the past decade, from around 100,000 in 1996-97 to just over 140,000 in 2005-06.

Current Practices of the Firm

The current practices of this firm are based on the adoptinon of the IFRS' standards. This began at the beginning of 2005 and is still in place today. This standard is in line with the European Union's directives and was applied with the 2004 IFRS stable platform (Grossinger 2007). The adoption of these rules is both beneficial to the client and the firm. The costs to preparers, auditors and users of multinational financial reports are now standardized and easier to read. As a result, Australian entities' financial reports are more readily understood world-wide…. [read more]


Career Interest Is Accounting SWOT

… I am eagerly awaiting your response and looking forward to thanking you for the opportunity of granting me a formal interview. Thank you for reviewing my material.

Yours faithfully

Enclosures: Resume, appreciation letter, and academic certificates.

(Resume / cover letter examples)

Section 3: Analysis

• Career goals and career strategy

-- What are your career goals?

Short-term -- Internship/Consulting Project/Dissertation.

Medium term -- After Graduation and up to 2 years. Seeking different job interviews, brushing up my interview skills. Looking for a job. My expectations are of initially assisting several clients and working up to positions of greater responsibility within 1 -- 2 years. If I were proficient at my job and able to gain conspicuousness, I may be able to gain a senior positon…. [read more]


Accounting the Most Effective Means of Achieving Essay

… ¶ … Accounting the Most Effective Means of Achieving Accountability in Organizations

The term "accountability" can best be defined by Roberts and Scapens (1985) in the following manner: "Accountability in its broadest sense simply refers to the giving and demanding of reasons for conduct" (Roberts, 1991, P. 4). When connecting 'accountability' to accounting, they continue to observe that "accounting institutionalizes the notion of accountability; it institutionalizes the rights of some people to hold others to account for their actions" (ibid.), and that accounting, therefore, reflects social values, norms, conventions, and expectaitions. Accounting, in this sense, is a value system that binds its own ideologies on society.

The role of accounting as manifesting a subjective and control-implementing discipline has long been realized. What this essay seeks…. [read more]


Accounting CPA. Ideas Essay

… My work experience whetted my appetite for more knowledge about the field of accounting. I have come to better understand the different ways in which modern global business demands new forms of accounting and monitoring business processes. Government regulations are constantly changing regarding how financial statements must be prepared, as are the needs of businesses in the new global economy. Accountants must meet these challenges head-on, and obtaining my MSc would better equip me to do so. Becoming a part of a formal MSc program would also connect me with a network of fellow professions, whose diverse work experiences would instruct me.

I have chosen to purse an MSc in Accounting at University which emphasizes team-based learning and will offer a flexible curriculum so I…. [read more]


Ethics in Accounting Issues Essay

… Standards for accounting are tighter and there are many more rules that add clarity where there was ambiguity in the past, in terms of reporting. However, the development of tighter standards did not resolve all of the ethical issues that arise in the accounting profession. There are still many areas that come down to personal judgment. These issues make the task difficult for researchers and teachers of accounting ethics (Pava, 2010).

Ethical questions continue to plague accountants as they make judgments in the course of their daily activities. There are faced with hundreds decisions that force them to interpret and apply the laws and guidelines imposed upon them by the FASB and other national governmental entities. Teaching students how to think ethically is a problem…. [read more]


Mf Global Research Paper

… Further complicating matters, the company also utilized U.S. treasuries and bets on complicated European debts. When faced with large fines, MF Global proceeded to clandestinely borrow from customer's accounts without permission in complex investments. This fraudulent, unsanctioned, leveraged borrowing was carried out under the CEO's direction, despite internal warnings from the company board, who ultimately signed off on it. According to Lee, "He pushed through a $6.3 billion bet on European debt; a wager big enough to wipe out the firm five times over if it went bad; despite concerns from other executives and board members. And it is now clear that he personally lobbied regulators and auditors about the strategy." (2012).

The instruments didn't pay off in time ultimately leading to financial failure and…. [read more]


Influence of the French Accounting System on a Former French Colony Research Paper

… ¶ … French Accounting System on Cambodia

Cambodia stands out from its Southeast Asian neighbors by virtue of its unique history as a French colony and the fact that its accounting profession was virtually destroyed during the turbulent years following its independence at the hands of Pol Pot and the bloodthirsty Khmer Rouge regime. Consequently, the modern accounting profession in Cambodia was started with a tabla rasa, and it is reasonable to suggest that any legacy of the French colonial period would manifest in the practices that emerged in the years since independence. After all, the Cambodians were required to rely on some proven accounting methods to satisfy their trade relationships with other countries. To gain some fresh insights in this area, this paper provides…. [read more]


Accounting Principles (GAAP) Are Important to Financial Essay

… ¶ … Accounting Principles (GAAP) are important to financial statements because they allow for statements that are consistent across all public companies. This allows all external stakeholders, including regulators, shareholders and potential investors to be able to analyze the statements easily, and compare them to the statements of other companies.

Whereas the GAAP are country-specific (fore example, American GAAP and Canadian GAAP), International Accounting Standards (ISFR) cover countries around the world. These standards serve the same function in the development of liquid and transparent capital markets as the GAAP, but on an international basis.

Liquidity is an important concept for financial statements, because it reflects the ability of a company to pay its debt obligations. A liquid company can pay its debt; an illiquid company…. [read more]


Accounting Profession One Thing That Took Me Thesis

… ¶ … Accounting Profession

One thing that took me off guard in this week's reading was the transactional analysis process, which seems at once like a no-brainer and yet has been laid out with a great deal of seeming complexity. That is, the fact that transactions affect at least two accounts, one with a debit and another with a credit, seems like basic spending arithmetic (is, in fact, basic arithmetic -- if I give someone a quarter for an apple, my account has been diminished by a quarter and increased by an apple; the apple seller would record the exact opposite transaction -- the loss or debit of an apple and the gaining or credit of twenty-five cents). The fact that huge systems and computer…. [read more]


Global Accounting Standards Essay

… International Accounting Standards: Adoption And Transition

Traditionally, the accounting profession has been seen as a functionary occupation, the practitioners of which are concerned with the presentation of economic figures relating to individual and organizational financial performance. Accountancy has been seen largely as a field reserved for mathematical grunt-work, with its output serving as indicative of performance rather than incursive upon it. Today, that perspective has been altered significantly, for better and for worse. The role of accounting professionals has both diversified and expanded considerably over the past few years, with practitioners in this field coming to serve as primary decision-makers and organizational visionaries in their own right. This serves as a testament to the crucial contribution of accountancy-derived economic insight in the determination of sensible…. [read more]


Global Business Community Thesis

… International Accounting Standards

Why the Global Business Community Should Formally Recognize the International Accounting Standards Board as the Primary Rule Making Body

Today's business world is increasingly globalized. With this in mind, the International Accounting Standards Board was created. However, not all organizations have adopted the standards set forth. This paper will explore the reasons why the global business community should formally recognize the International Accounting Standards Board as the primary rule making body.

International Accounting Standards Board Overview:

The International Accounting Standards Board (IASB) was created in 2001. Their mission "is to develop, in the public interest, a single set of high quality, understandable and international financial reporting standards (IFRSs) for general purpose financial statements" ("About Us"). Their goal is "to provide the world's…. [read more]


Role Modern Accountant Corporate Essay

… Other accounting ethics include conventional ethical principles such as Immanuel Kant's categorical imperative (Guthrie, no date) and utilitarianism, as they specifically apply to situations with national and international corporations. Additionally, accountants have an obligation to report their methods and principles used in accounting to regulatory agencies such as the SEC and others. Most of all, perhaps, they have an ethical responsibility to turn over their books to these regulatory agencies upon demand, to ensure that ethical accounting standards are fully being met.

Accounting principles are certainly complicated by global business practices, in which it is quite frequent that international companies will have a headquarters office and several subsidiaries around the world. There are a number of cultural differences one must take into consideration when working…. [read more]


Adaptive Practices: Global Economy Research Paper

… That can help companies decide if they want to merge with one another, or if one company wants to acquire another. It can also help companies determine where they stand when it comes to other companies of the same or similar size and in the same or similar industry. Good financial health is very important for any company, but there is more to that financial health than just the balance sheet. It is also important to determine how the company is doing in relationship to other companies, because that can also be a good indicator of whether the business is moving in the right direction or whether there are changes that can and should be made in order to improve the company's future.

One global…. [read more]


Accounting International Accounting and Auditing Research Paper

… Global financial reporting is quickly becoming an actuality. As home to the biggest capital market in the world, the U.S. has a vital role to play in international economic reporting. Due to the U.S.'s position in global capital markets, U.S. firms and academics can no longer worry about the expansion, application, and implications of U.S. Generally Accepted Accounting Principles (GAAP). The point has come to center on the expansion, appliance, and propositions of International Financial Reporting Standards (IFRS) (Barth, 20085). There is no arguing that global standards are the wave of the future. It is very imperative that the U.S. play a considerable role in the expansion and achievement of international accounting and auditing standards so that these are developed with their best interests in…. [read more]


Information System Holds in Accounting Term Paper

… Digital technology has made it easier to collect the data and move it all over the world, but at the same time, this has led to the production of an enormous amount of data which is difficult to handle. The challenge is now in filtering, sorting out, analyzing and compiling this data in a manner that will ultimately add value to the organization whose data it is. In Microsoft there were 54 financial groups charged with the responsibility of organizing the financial data of 85 of their subsidiaries which provided the services of Microsoft all over the world. To solve the problem, they built up a system which they called the financial 'digital nervous system'. (Accounting -- The Digital Way)

This was responsible for sending…. [read more]


Value of Accounting Standards Term Paper

… The balance sheet is the primary financial statement that helps determine an enterprise's financial position, and provides crucial information for potential lenders. Information about financial structure, relative amounts of capital provided by investors and lenders, is useful in predicting future borrowing needs and how future profits and cash flows will be distributed among those interested in the enterprise. "Global consistency is needed for financial, as well as non-financial, information disseminated to investors in our markets. Moreover, there is a growing consensus around the world that financial reporting in any marketplace should be of high quality in order to serve the needs of investors."

Financial structure information also helps predict how successful the enterprise is likely to be in future financing transactions. Information about liquidity and…. [read more]

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