Although the conviction was overturned on May 31‚ 2005 by the Supreme Court of the United States‚ the firm ceased performing audits and is currently unwinding its business operations. On July 9‚ 2002 George W. Bush gave a speech about recent accounting scandals that had been uncovered. In spite of its stern tone‚ the speech did not focus on establishing new policy‚ but instead focused on actually enforcing current laws‚ which include holding CEOs and directors personally responsible for accountancy
Premium Accounting scandals Arthur Andersen Enron
A. What is the difference between accrual-basis accounting and cash-basis accounting? The difference between the two types of accounting is when revenues and expenses are recorded. In cash basis accounting revenues are recorded when cash is actually received and expenses are recorded when the expenses are actually paid. B. Why would politicians prefer the cash basis over the accrual basis? The accrual basis system deals with deprecation of the value of equipment‚ land and such. Politicians would
Premium Government Federal government of the United States Generally Accepted Accounting Principles
← Abstract Faced with various issues of international accounting in cultural‚ economic‚ ethical and social level‚ after comparing US with China about the GAAP‚ analyzing the differences and difficulties in global accounting standard‚ it’s necessary to separate different accounting standards because of the diversification in different countries‚ it shows that accountancy professions play an important role in capital market‚ which can provide useful‚ relevant and reliable information to interested
Premium Generally Accepted Accounting Principles International Financial Reporting Standards Financial statements
Accounting Organizations and Socie~y‚ Vol. 13‚ No. 5‚ pp. 477---485‚ 1988. Printed in Great Britain 0361-3682/88 $3.00+.00 Pergamon Press plc TOWARDS A C C O U N T I N G AS R E A L I T Y C O N S T R U C T I O N : A NEW EPISTEMOLOGY FOR ACCOUNTING PRACTICE* GARETH MORGAN York University‚ Toronto Abstract Accountants often see themselves as objective appraisers of reality‚.representing reality "as is". This paper takes a different view‚ arguing that accountants typically construct
Premium Accountant Organization Accountancy
CHAPTER 2 21. Generally accepted accounting principles a. are fundamental truths or axioms that can be derived from laws of nature. b. derive their authority from legal court proceedings. c. derive their credibility and authority from general recognition and acceptance by the accounting profession. d. have been specified in detail in the FASB conceptual framework. 22. A soundly developed conceptual framework of concepts and objectives should a. increase financial statement users’
Premium Income statement Decision making Balance sheet
Hendriksen and Michael F. van Breda‚ Four Thousand Years of Accounting‚ Chapter 2 of Accounting Theory‚ 5th edition‚ Irwin‚ 1992 Accountancy‚ from Wikipedia‚ http://en.wikipedia.org/wiki/Accounting. Retrieved January 20‚ 2011. Contents of lecture notes: 1. Introduction 2. Why bother with the history of accounting? 3. The beginnings 4. So what is ‘accounting’ (or ‘accountancy’)? 5. Double-entry accounting 6. Why double-entry accounting? 7. The period 1500 to 1800 8. The period 1800 to 1955 9. The
Premium Management accounting Balance sheet Academic publishing
ETHICS OF CREATIVE ACCOUNTING Introduction: In the accounting world‚ the general rule is that accounts should give a true and fair view. Under local and international law‚ a professionally experienced accountant has a responsibility to meet the terms‚ a corporation has a legal responsibility to meet the terms‚ and auditors have a legal responsibility to give some species of judgment on compliance. Although the function of accounting principles and other rules‚ creative accounting has constantly played
Premium Business ethics Ethics Stock market
Environmental management accounting is a new technique to identify environmental cost flows of a company. Environmental Management Accounting (EMA) also can defined as the identification‚ collection‚ estimation‚ analysis‚ internal reporting and use of material and energy flow information‚ environmental cost information and other cost information for both conventional and environmental decision-making within an organization (Tellus Institutes). EMA simply defines as management accounting with a focus on physical
Premium Management accounting Cost accounting
OF MANAGEMENT ACCOUNTING 2.1 INTRODUCTION The previous chapter defined the research problem and stated the main hypothesis for the study‚ namely that management accountants may not be able to contribute fully to the strategic management process in the future‚ as the skills required and displayed by management accountants do not meet the needs of the changing business environment. This hypothesis also indicates a growing gap between current tertiary management accounting education and
Premium Management accounting
quality‚ reliability‚ delivery and the choice of new products; and the emergence of e-business and so on. As a result of the defects of traditional accounting have been unable to meet these changes new management themes have evolved which in turn has resulted in the development of strategic management accounting. Strategic management accounting aims to provide relevant information to an organization’s management to enable them to make strategic plans and strategic decisions. The emphasis is on
Premium Management accounting Costs Cost accounting