financial statements. In addition‚ principles-based accounting standards allow accountants to apply professional judgment in assessing the substance of a transaction. This approach is substantially different from the underlying “box-ticking” approach common in rules-based accounting standards. FASB Chair Robert Herz has stated that he believes the professionalism of financial statements would be enhanced if accountants are required to utilize their judgment instead of relying on detailed rules. Another
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Justin Valsecchi 201306421 Accounting Studies Tut Group #3 Tutorial Assignment 2: How people getting richer impacted the accounting proffession and accountants. Over the last few hundred years the world saw the rise and evolution of the accounting profession‚ a profession that was greatly impacted by the increase in personal wealth of people‚ particularly during the industrial revolution. In the begining (i.e. the rennaissance era) merchants and explorers would have made use of
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Accounting Fraud at WorldCom LDDS began operations in 1984 offering services to local retail and commercial customers in the southern states. It was initially a loss making enterprise‚ and thus hired Bernie J. (Bernie) Ebbers to run things. It took him less than a year to make the company profitable. By the end of 1993‚ LDDS was the fourth largest long distance carrier in the United States. After a shareholder vote in May 1995‚ the company officially came to be known as WorldCom. WorldCom culture
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Inkwell is a company‚ mainly owned by shareholders. The managing director own the most numbers of share‚ while both the sale director and the finance director own equal shares. 4.4 The three directors and the company accountant are the main decision makers in the company with the help of managers and supervisors. 4.5 The shop managers are responsible for their own staff by preparing rotas and ensuring adequate staff coverage for all of the opening
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more turnovers occur‚ which increases the chance of accounting errors and amplifies the desire to manipulate numbers to display a positive public image. Cutoff and classification errors also increase in an individualistic culture as this type of accountant wants to satisfy user demands” (14). VERSUS Collectivist Society – “stress in-group goals and desire to achieve those goals before their own. Therefore‚ because greater trust is
Free Individualism Collectivism Geert Hofstede
5 4 7 5 894 6 6 47 57 ERP XBRL Negotiation 82 1+ Communication 67 2 Ethics 4 2 IFRS GAAP Tax Budget 8 7 6 + 3 Management Relationships Growth # 1 7 2 2 6 9 2 43 Leadership Adviser 9 8 3 9 Integrity 4 # + 2 3 8 + 8= 6 5 9 8 4 5 5 7 42 2 6 9 8 Adapt 6 # Negotiation Well-rounded 6 3 Man 7 age me 1 8 2013 Salary Guide Accounting and Finance Sprea 1 3 dsh eet s 8 7
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profession • Service ideal • Market control view The service ideal vs. the market control view Accountants work in: • private companies and government organizations as accountants‚ internal auditors‚ budget offers‚ financial controller • consulting organizations as advisors to the public • public accounting firms as auditors Accountants work in different capacities Accountants’ work affects people both within and outside the organization • Employees of the entity • Shareholders
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with more knowledge; in business‚ this would be the equivalent of engaging an accountant or accounting firm. While it is critical to trust such an individual or company‚ it would be important to have a core understanding of this language by seeking other‚ external education as well. Even just a rudimentary grasp of the concepts will suffice so long as a business owner engages a more highly qualified team or accountant to handle the fine tuning and details of the necessary financial reports and statements
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joined in a Private company as an accounts assistant where I had to deal with Chief Financial officer and I have gain a lot from Him which really help me to know how the accounting world run. My main ambition for the future is to become a Chartered Accountant. I am hoping university will provide me with an understanding of the business world as well as offering me a wide range of choices and connections after my course. However‚ I have taken part in a project at school where we taught younger pupils
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discuss the accounting development in Malaysia responded to the stages of economic development and the functions of the bodies that involve in standard development of accounting. Such as Malaysian Association of Certified Public Accountant (MACPA)‚ Malaysia Institute of Accountant (MIA)‚ Financial Reporting Foundation (FRF)‚ and Malaysian Accounting Standard Board (MASB). Definition of Accounting Theory Development In accounting perspective‚ there are many definitions about the accounting theory.
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