quora
Nobody downloaded yet

FINANCIAL ACCOUNTING POLICY AND PRACTICE - Essay Example

Comments (0) Cite this document
Summary
Lately, there has been evident concern with regard to the quality and intelligibility of financial reporting worldwide, but most precisely in the United States. A firms accounting practice refers to the implementation of accounting policies and procedures and following them to…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER97.2% of users find it useful
FINANCIAL ACCOUNTING POLICY AND PRACTICE
Read TextPreview

Extract of sample
"FINANCIAL ACCOUNTING POLICY AND PRACTICE"

Download file to see previous pages The economic sector is keen on financial institutions and government; accounting is seen as an economic asset.
Theoretically speaking, financial accounting and reporting is objective, neutral and political through the standard setting process is influenced by external factors with different interests. The activities in the economic sector affect directly the accounting practice of corporations. The standard setter regulator in accounting is either a government-controlled institutions or independent agencies. These two bring up the regulated and non-regulated theories (Marchetti, 2012). The unregulated approach states that the market and its mechanism determine the production and regulation according to its needs. The Agency Theory is introduced here, which is the relationship between principals and agents and helps with resolving problems that exist in the agency, these problems arise from inefficiencies and incomplete information. The unregulated approach, also known as free market approach contributes to positive accounting as it requires lower or higher standards to recognize losses or gains in contract markets. A regulated market, also known as the controlled market, is where the government controls the forces of supply and demand, which includes who is allowed to enter the market and what prices are charged (Mclaney, 2009 p. 56).
According to Mclaney, E. (2009), free market economies have a freedom to innovate which allows the business owners to bring new ideas, new products, and new services. In the unregulated market, the customers make decisions on which products succeed or fail because they decide on which product to use and on what.
The primary objective of a free market economy is to make a profit. The companies sacrifice worker safety, when a free market economy gets out of control, the consequences can be damaging. This includes; lost income, unemployment, and homelessness. Many of these failures come from those with short-term ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“FINANCIAL ACCOUNTING POLICY AND PRACTICE Essay Example | Topics and Well Written Essays - 1750 words”, n.d.)
Retrieved from https://studentshare.org/finance-accounting/1689660-financial-accounting-policy-and-practice
(FINANCIAL ACCOUNTING POLICY AND PRACTICE Essay Example | Topics and Well Written Essays - 1750 Words)
https://studentshare.org/finance-accounting/1689660-financial-accounting-policy-and-practice.
“FINANCIAL ACCOUNTING POLICY AND PRACTICE Essay Example | Topics and Well Written Essays - 1750 Words”, n.d. https://studentshare.org/finance-accounting/1689660-financial-accounting-policy-and-practice.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Financial Accounting principles
It is a common experience for all of us that money must be spent carefully. If a person is careless in spending money, a day will come when he will be left with no money. Same holds true for a business firm or for a country as a whole. So as students we must try to understand the importance of maintaining accounts keeping international standards in mind.
7 Pages(1750 words)Essay
Advanced Accounting Theory & Practice
Year 2001, was marked as the year of establishment of International Accounting Standards Board (IASB). It was established with the idea to develop and implement International Financial Reporting Standards (IFRS). First of the IFRS was issued in the year 2003.
8 Pages(2000 words)Essay
Adv. Accounting Theory & Practice
The firms in different industries have a conflicting nature in terms of their responsibilities towards society.Their scope of responsibilities clearly depends upon the area in which they are doing business, for example the extracting businesses are crucial to the focus of environment regulatory authorities.
4 Pages(1000 words)Essay
Financial n accounting
6 Information needed by Management Accountant (MA) 6 B. 7 Information needed by Financial Accountant (FA) 7 C. 8 Satisfying the needs of each accountant 8 References 9 9 9 Introduction Accounting Information System is a set of process and individual activities which a company uses to collect and transfer financial information between various departments.
6 Pages(1500 words)Essay
Financial Accounting Theory
One of the most overarching perspectives is that financial accounting theory allows for deliberations and insights to be developed regarding more effective and efficient accounting practices. Within this context of understanding there are a number of theoretical elements, oftentimes competing, as to the proper nature of accounting progress.
12 Pages(3000 words)Essay
Financial accounting
It is important to note that the time revenue is recognized has an effect on the financial statement of the period. According to the International Accounting Standard 18, revenue should be recognized when earned or when it becomes realisable (ACCA, Para. 9).
5 Pages(1250 words)Assignment
Advanced financial Accounting
In the absence of accounting standards an analyst would be hard put to compare the financial statements of two different companies and arrive at meaningful conclusions. Hence the question whether accounting
8 Pages(2000 words)Essay
Current Issues in Management and Financial Accounting
The current dilemma in the business world is that financial accounting becoming more harmonized whereas the management accounting varies with firms and regions. This assignment doesn't aim to show that how this harmonized financial accounting occurs or what are the differences between the two.
12 Pages(3000 words)Essay
Financial & Management Accounting
This aspect of accounting concerns itself with learning about the effect an organisation has on society and about its relationships with an entire range of stakeholders to whom it is accountable. These would include all those groups who affect and/or are affected by the organisation and its activities.
19 Pages(4750 words)Essay
Management accounting and financial accounting
The expert accounting conception and scientific accounting dexterity regarding measurement of performance, analysis, auditing and final reporting are as well pertinent to the supervision of healthy and sustainable ecological performance. With the increased international community's recognition of the ecological concerns, so has there been a simultaneously increased demand on accountants to provide comprehensive ecological costs and information on performance.
12 Pages(3000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.
Let us find you another Essay on topic FINANCIAL ACCOUNTING POLICY AND PRACTICE for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us