Essay: Accounting Standards and Regulations

Essay: Accounting Standards and Regulations
07/06/2011 Comments Off on Essay: Accounting Standards and Regulations Academic Papers on Business Studies,Sample Academic Papers admin

Sample Essay

The financial crisis which started in 2008 gave rise to several debates regarding causes and effects of accounting standards and implementation of appropriate accounting procedures in companies. Several individuals and institutions have highlighted the importance of appropriate accounting procedures and implementation of accounting standards to reduce discrepancies in financial statements and avoid a financial meltdown.

Although the articles identify unique ideas such as discrepancies in payroll accounting, improvement of accounting standards in United States, implementation of fair value accounting disclosure of restatements and adoption of International Financial Reporting Standards instead of American standards, all of these articles share a common underlying idea which is the appropriate implementation of accounting standards and procedures in companies and the impact of these standards and procedures on financial statements. This paper presents a theoretical and practical framework of accounting issues presented in these articles with reference to current accounting practices. The articles analyzed have a close link to accounting theories discussed in class lectures such as positive accounting, regulatory theory, economic behavior, measurement approaches and moral hazards.

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