Nobody downloaded yet

Business Law and the Accounting Profession - Research Paper Example

Comments (0) Cite this document
Summary
Business is used as an instrument to accomplish one's vision. Its huge impact on the society may bring a positive or negative effect depending on how the individual practices it…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER93.2% of users find it useful
Business Law and the Accounting Profession
Read TextPreview

Extract of sample "Business Law and the Accounting Profession"

Download file to see previous pages It governs all transactions in the land including business. Law is often associated with ethics. Ethics is the field of study that aims to encourage all people to act in accordance with the law. It focuses more on one's morality, the ability to decide in a rightful manner taking into consideration any possible consequences of the decision. It is crucial for law and ethics to unite, but unfortunately at times it is not the case. Sometimes an individual must consider doing an unlawful act to do something that is ethical, it sounds complicated, but it happens in reality especially in handling business transactions (Beatty and Samuelson 16). The day to day dilemmas in business led to the formulation of business laws that seek to promote the value of law and ethics in the globally progressing business environment. Sources of Business Law In spite of the existence of business laws there are still some professionals who opt to perform their duties through unethical means. Perhaps this wrongful act has contributed to the growing disbelief of people towards the information that is being shown in financial statements. The violation could either be intentional, that is when the accountant voluntarily made the violation or unintentional, if there is no willingness to do the wrongful act (e.g., when the employer threatens an employee to do something unethical for the sake of the company). Accounting regulations were established to govern professional accountants into practicing ethical behavior. The Securities and Exchange Commission (SEC) is the government agency tasked to promulgate regulations that are set to be followed by organizations particularly the accountants who are most of the time susceptible to trouble. The Securities Exchange Act of 1934 made possible the creation of SEC to formulate and impose securities law. In 2002 former U.S. President George W. Bush passed the Sarbanes-Oxley Act or the Public Accounting Reform and Investor Protection Act. The law was established to ensure the credibility of financial statements. Due to the increasing number of fraud related issues in companies, the government finally realized the need to reform the laws that govern organizations and protect the right of investors (Peck 11). Issues in the Accounting Profession There have been recent scandals that involved accounting professionals. This type of profession is never easy to handle and sometimes it places an accountant's reputation at stake. In most cases, the cause of complications in the accounting profession is in the making of financial statements. Financial statement misrepresentation is strictly prohibited. Although that rule is clearly emphasized, many seem to disregard it. The violation is avoidable if companies will consciously make an effort to adhere to the said policy. If unluckily an accountant is caught doing this wrongful act, then there is no possible way to get out of this mess. Whatever the case may be, an accountant will still be held liable because an offense has been committed and the harm has already been done. As in the case of a criminal act a suspect is convicted if the commission of a crime is proven beyond reasonable doubt, so a suspect is not yet considered a criminal unless there is enough evidence. Say for example a company that is struggling financially. The only way to solve the problem is to manipulate the figures in the financial report so that investors will remain faithful to the company. The accountant is left with no other choice, but to do what the employer says. There are two possible consequences to this act. The first consequence is that if the manipulation will push through there are chances of reviving the company and so ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Business Law and the Accounting Profession Research Paper”, n.d.)
Retrieved from https://studentshare.org/law/1427199-explore-a-business-law-related-to-human-resource
(Business Law and the Accounting Profession Research Paper)
https://studentshare.org/law/1427199-explore-a-business-law-related-to-human-resource.
“Business Law and the Accounting Profession Research Paper”, n.d. https://studentshare.org/law/1427199-explore-a-business-law-related-to-human-resource.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document

CHECK THESE SAMPLES OF Business Law and the Accounting Profession

Accounting Law

..., which according to s. 307.120 of the Income Tax Assessment Act 1997 (ITAA 97 hereafter), may be a taxable or tax-free component. Superannuation income streams paid on or after 1 July 2007 have tax free components that are usually the “crystallised segment and the contributions” while the taxable component is the amount of the income stream benefit minus its tax free component. A superannuation income stream as a “regular series of payments: made directly from accumulated superannuation contributions or purchased with a lump sum” (Guide to Social Security Law 2011) while the ITAA Regulations define it as: “an annuity for the purposes of the SIS Act in accordance with the subregulation 1.05 (1) of the SIS Regulations; or a pension... terms,...
8 Pages(2000 words)Assignment

Individual Paper on Accounting Profession

...? Week 6 Individual Paper Connie Johnson January 9, ACC 544 In the new information age of the 21st century controllers of corporations are responsible for implementing internal control mechanisms to ensure the accounting system and information of the company is safeguarded and free of material error and of any fraudulent activity. The accounting profession has changed a lot during the past few decades since there has been clear movement from manual accounting systems to computerized accounting systems. Accountants and accounting managers have to be computer savvy in today’s job marketplace. There are lots of information...
4 Pages(1000 words)Essay

Professionalism and the accounting profession

...intended to furnish professionals with the training or education needed to help them carry out vital functions in society. Because the title ‘profession’ was mostly confined to law, medicine, and the Church until the early 19th century, professions were eventually characterised as altruistic, functional, institutions (Brown, 2006). Nevertheless, with the rise of Britain as the earliest industrial economy, several new processes in the field of administration, management, and sciences emerged and gave birth to groups of specialists like dentists, pharmacists, engineers, and accountants. While their population expands, these specialists created associations (Brown, 2006)....
5 Pages(1250 words)Essay

Professionalism and the Accounting Profession

...? Professionalism and the Accounting Profession Clever accountancy has gained ground in recentyears to become a major business model for many accounting firms. This paper will seek to define clever accountancy; how it came about, how it serves the public interest and how it is cursed by the tax collector. It will also point out how it has massively affected the public image of the accounting profession. In this regard, different academic theories will be cited to explain how clever accountancy has led to professionals being painted in bad light. Historical as well as contemporary evidence...
6 Pages(1500 words)Essay

Ethics in Accounting Profession

...? Ethics in Accounting Profession College Lecturer Ethics in Accounting Profession Introduction Professional conduct and ethics have an important role to play in the accounting profession as they ensure that there is public trust in the financial reports as well as the business practices. Therefore, ethics is seen as a cornerstone in the accounting profession and failure to be ethical in their transactions, decisions and any activity accountants are involved in might result into the ultimate collapse of a company. Ethics in the accounting...
3 Pages(750 words)Essay

Leadership in the accounting profession

.... Appropriate training should be given to the accounting students to create skills in them from the initial stage. The involvement of accounting professionals in management decision making can create a competitive advantage in terms of cost effectiveness and efficient utilization of funds. References Bloch, J., Brewer, P., and Stout, D. (2012). Responding to the leadership needs of the accounting profession: a module for developing a leadership mindset in accounting students. Issues in Accounting Education, 27(2), 525-554 Delong, T., Gabarro, J., and Lees, R. (2007). When professionals have to lead: a new model for high performance. USA:...
5 Pages(1250 words)Research Paper

Law Enforcement as a Profession

...to undergo formal job training, which includes, but not limited to, taking up of courses in criminal investigation, administration, criminal justice system, corrections, community relations and even the study of criminal law. (Police Officer, 2004) These educational requirements should be coupled with special skills and other qualifications in order for an aspiring individual to become a law enforcement officer. Special skill requirements usually include above-average communication, judgment, decision-making and listening skills. In some areas, special driving skills, knowledge in accounting, computers, weapons, business and even foreign languages are a plus factor....
8 Pages(2000 words)Essay

The accounting Profession

...that despite an accountant gaining knowledge in internal controls, accounting and auditing, taxation, and business operations the most important thing is maturing in the profession. Maturing is achieved by a forensic accountant spending a great deal of time performing tasks related to his or her profession. A forensic accountant should also have adequate training in relevant fields to his or her profession such as business valuation. This ensures that he updates his knowledge hence developing the ability to handle emerging issues and challenges. The accountant should...
2 Pages(500 words)Assignment

The Egyptian accounting profession

...The Egyptian Accounting Profession Shahid (2001) and Rahman et al. (2002) both focus on prevention of fraud and irregularities within Egyptian companies. However, whereas the former focuses on the overall system of accountability and code of corporate governance, the latter focus on auditors and accountants. According to Rahman et al., Egypt has gone a long way since the 1990’s in compliance with the International Accounting Standards (IAS). However, application of the rules, including compliance by companies, remains a major problem in Egypt. Egypt has gone a long way in complying with IAS. Its reforms are a part of a larger economic reform, as Egypt...
2 Pages(500 words)Essay

Business Law in Finance and Accounting

...Running head: Business Law in Finance and Accounting 10th June Section Barbara, Helen and Maureen business organization Given the fact that the three partners have been working together for the fixed period, the type of the business organization that they currently operate is a joint venture. In a joint venture, parties agree to come up with a new entity by contributing their assets. Additionally, the partners are responsible for controlling their assets and they share profits equally. Being one of the forms of partnership, joint venture is for a limited period and when the partners repeat the activity they are undertaking they are treated as ongoing...
8 Pages(2000 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 Research Paper on topic Business Law and the Accounting Profession for FREE!

Contact Us