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Accounting and society - Research Paper Example

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Financial reporting is of great importance to the companies, investors, government and the general public .In consideration of the given required financial reporting standards, the reporting style is of great impact to the organization as it a parameter on how the company or…
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Download file to see previous pages andable to all the stakeholders .The government uses the same to determine its taxation formula and its implementation of the relevant policies .the investors uses it to determine whether to invest in the company ,increase its share invested and anticipate its future turnover. The general public is applicable in terms of provision of the corporate social responsibility that has compelled most companies to give back to the community (Benston&G.j, 2006, 55).. This necessitates thee need to use the Generally Accepted Accounting Principles (GAAP) that provides a yardstick for measuring and reporting the accounting terms.
The regulatory capture is a situation where collection of investors with high stock valuation and investment anticipates a high turnover from their investment in a particular company when the rest of the public is with a small investment expects nothing at all. Regulatory capture refers to the effort by these interested investors to capture the imbalance of the anticipated resources and is in a position that is successful and drive the policy of the preferred interest group to be in force. (Cch Editors, 2008, 17) The regulatory body is highly concerned with protecting the interest of the public .the democratic nature of this body is vested on its ability to outsource support from the government. Despite its dire effort to attain its goal there is a problem of corruption on most government bodies of Australia and its regulatory capture (Funnell et al, 2012, 47).
The Australian Generally Accepted Accounting Principles (AGAAP) and the Australian Accounting Standards Board (AASB) of Australia is bestowed with the responsibility of ensuring that the accounting financial reporting standards are reported as per the required principles, enrollment of auditors and the general compliance with the corporate financial standards in lieu with the provision of investors’ confidence in the industry. It is a mandated to check whether the license holder ...Download file to see next pagesRead More
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