Principles of Financial Accounting
Since 1973, FASB has been the private sector organization designated to establish standards of financial accounting and reporting. Lending authority to its designation is the recognition of the SEC and the American Institute of Certified Publi...
... middle of paper ...
...e accountancy profession, and ethical training for accounting students would go far in creating ethical auditors.
Bean, D. F., & Bernardi, R. A. (2005). Accounting ethics courses: a professional necessity, CPA Journal, 75(12), 64-65. Retrieved Jan 15, 2006, from Business Source Premier database.
Financial Accounting Standards Board, (2005). FactsaboutFasb. Retrieved Jan. 16, 2006, from Facts about FASB Web site: http://www.fasb.org/facts/.
Marshall, D., McManus, W., & Viele, D. (2004). Accounting, what the numbers mean. 6th ed. New York: McGraw Hill Irwin.
Ng, M. (2004, January). The future of standards setting. CPA Journal, 74(1), 18.
Weinberg, J. A. (2003, Summer). Accounting for corporate behavior, Economic Quarterly--Federal Reserve Bank of Richmond, 89(3), 1. Retrieved Jan 15, 2006, from Proquest database.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- The FASB, SEC, and PCAOB Ethical financial reporting is critical to ensure consumer confidence within an economy. Accounting entries record cash transactions in the form of financial reports. Financial reporting is used to interpret and analyze business activities for the purpose of investing and efficient management. Misrepresentations, whether intentional or accidental, can send the wrong signal to interested parties resulting in wrong decisions being made. Companies have an ethical and legal obligation to financial reporting.... [tags: Accounting Finance Record Keeping Business Ethics]
1134 words (3.2 pages)
- Ethical and Legal Obligations Ethical and legal obligations apply to all members of society. As one in society, the obligation to act in an ethical, law abiding manner on a daily basis is vital to the integrity of daily life. Many professions have their own code of ethics. Financial reporting is not exempt from such ethical and legal standards. One’s lively hood depends on decisions made in the business world. Business transactions are done daily and can impact one’s economic stability. Trust is placed in the hands of corporate America and an obligation of financial reporting to reveal a complete honest and legal picture of an entity’s accounting practices is important in attaining tr... [tags: Business Ethics Morals]
1148 words (3.3 pages)
THE LEGAL, ETHICAL, AND TECHNOLOGICAL CONCERNS OF THE ACCOUNTING AND FINANCIAL REPORTING OF BUSINESSES
- New advancement in technology has made it easy for many CEOs to have the opportunity to loot their companies, and to engage in accounting irregularities. Technology has made improvements to the way a company does business with others, and also it has opened up ethical concerns for the way a company conducts their business. “Recently, accounting professionals have been placed under immense pressure by changes in the size and scope of financial markets” (Love, 2007 para. 1). Companies use the financial reporting system to communicate the financial effects of the company to outsiders (Love, 2007).... [tags: Business Finance ]
862 words (2.5 pages)
- Personal Code of Ethical Values 1. Embody Integrity 2. Be honest and Respectful 3. Maintain Trust and Loyalty 4. Demonstrate Responsibility and Reliability 5. Exemplify Determination and Perseverance 6. Epitomize Independence and Confidence Part II As an individual and ambitious accounting student with plans to pursue a career in public accounting, I recognize the importance of understanding my core personal values and behaviors that guide the ethical principles of my everyday actions.... [tags: honest, trust and loyalty, accounting student]
1271 words (3.6 pages)
- Charlie Munger once stated, “You have to know accounting. It’s the language of practical business life.” This statement emphasizes that accounting has become the center of the business world. With the world now being focused around businesses and the idea of how to make the next dollar it’s obvious that the accounting field is rapidly becoming the most influential field in the world today. With these occurrences comes regulation, and when I say regulation I mean stiff government regulations on how financial reporting is done.... [tags: Government]
1664 words (4.8 pages)
- Audit Committee The Audit Committee is comprised of the following five members from the Board; F. Duane Ackerman, Ari Bousbib, J. Frank Brown, Karen L. Katen, and Mark Vadon. This group is tasked with assisting the Board with the oversight of The Home Depot’s financial statements, ensuring that they are in compliance with legal and regulatory requirements. They also review and monitor the Company’s Compliance program, making changes when appropriate to ensure that the Company remains compliant.... [tags: audit, finance principles, accounting]
894 words (2.6 pages)
- This essay will discuss the following main statement; the adoption of a proposed new look Code of Ethics, based on the international Federation Accountants’ code, will ensure that New Zealand Charted Accountants meet their ethical responsibilities. Within this essay an adverse position will be taken towards the previous statement. The international Federation of Accountants (IFAC) states that, professional standards and the code of ethics form important benchmarks that should be met by practicing accountants.... [tags: Ethical Issues, Good Ethics]
1463 words (4.2 pages)
- Preparation of financial information is a critical role of the management of all public companies. For instance, access to accurate and timely information enhances the ability to manage the business of the company effectively. Moreover, it makes investors to put confidence in financial reports of the company if the company needs to increase its capital in the public securities market. The ability of the management to fulfill financial reporting roles depends on the design and effectiveness of the process as well as the security that is put in place over financial and accounting reporting.... [tags: Accounting Quality, Management, Public Companies]
1154 words (3.3 pages)
A Myriad of Information and Objectives that Managers and Investors in Finance and Accounting Need to Know
- The financial markets exist to provide the efficient allocation of capital between suppliers and consumers, facilitated by the exchange of information Bodie et al(2011). This means that the system as a whole acts to drive and preserve the integrity of a greater economy by providing the financial means to access the resources necessary to support the needs of society as a whole. This role becomes particularly complex in light of how it is that the influence of globalization, politicization, and greed all impact that effectiveness of the financial system’s ability to provide such a service.... [tags: Financial Markets, Crisis, Economy]
913 words (2.6 pages)
- Ethical standards have had vast changes over the years. Michael Josephson, in Chapter 1 of Ethical Issues in the Practice of Accounting, 1992, described the "Ten Universal Values." They were as follows: honesty, integrity, promise-keeping, fidelity, fairness, caring, respect for others, responsible citizenship, pursuit of excellence, and accountability. Good ethics does not always mean good business practices. The purpose of ethics in business is to direct business men and women to abide by a code of conduct that facilitates, if not encourages, public confidence in their products and services (Smith & Smith, 2003, 3).... [tags: Business Ethics]
1243 words (3.6 pages)