The Key Issues in Accounting Standards and Islamic Standards - Essay Example

One of the key characteristics of the country's banking sector is its dependency on the principles of Islamic finance (Mena FN 2011), a fact that should be taken into consideration when evaluating the potential effects of the Balanced Scorecard Model on the financial performance of banks in the particular country.... issues addressed in the research The research developed for this study focuses on the examination of the following issues: a) the theoretical framework of the Balanced Scorecard, b) the practical aspects/ requirements of the Balanced Scorecard when is used as a strategic tool for supporting the financial performance of modern firms, c) the expected benefits and the potential drawbacks of the Balanced Scorecard both in the short and the long term; reference will be made particularly to the effects of the Balanced Scorecard on the financial performance of firms in the banking sector, d) the use of Balanced Scorecard as a strategic tool in the banking sector of Saudi Arabia – referring to the presentation of the level at which the Balanced Scorecard is used by firms in the banking industry of the particular country, e) the expected requirements of the Balanced Scorecard if its implementation is attempted in firms operating in the banking industry of Saudi Arabia, f) the effects that the implementation of the Balanced Scorecard would be expected to have on the financial performance of banks in Saudi Arabia....

accounting standards Board (ASB) believes that the statement of principles is a narrative of the fundamental approach underlining the financial statements of all profit oriented businesses.... hellip; Despite the statement of principle assisting in the preparation of the accounting standards,they are also used by preparers and auditors who are faced with new or emerging accounting issues in order to assist them to carry out initial analysis of the issue involved accounting standards Board (ASB) believes that the statement of principles is a narrative of the fundamental approach underlining the financial statements of all profit oriented businesses....

It also identifies how many of the issues are specifically centered to McDonalds, and which are towards the industry in general.... Using one specific company with which you are familiar, examine the actual and potential impacts of globalization on that company.... Explain the reasoning behind the points you make....

The paper “Business Accounting and International Standards” looks at accounting standards, which are very important in that they make it possible for standard financial reports to be produced.... standards make it easy for outside stakeholders to access this information in a form that they can understand and also have faith in such reports.... Lack of such standards can lead to disaster.... This makes it possible for the profession of accounting to be standardized....

This assignment "Convergence of accounting standards" presents problems of achieving such convergence, with the cost of not achieving convergence.... The convergence of accounting standards is a subject of critical deliberation significance to the prospects of international capital markets.... The main problems encountered in convergence are Active participation of the stakeholders in the molding of the convergence phases The board's decisive structures and their decisions to capture the true wants of the key stakeholders Lack of good protocols and strategies to give the process more positive outcomes accounting standards fail to give a correct output of the comprehensive information on the finance Relevance             The costs incurred by the convergence process are critical to the company's continuity....