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.
Nobody downloaded yet

Are standards really necessary - Essay Example

Comments (0)
Summary
It normally includes a balance sheet, an income statement, statement of cash flows and statement of changes in equity, and notes as explanation to the…
Download full paper
GRAB THE BEST PAPER
Are standards really necessary
Read TextPreview

Extract of sample
Are standards really necessary

Download file to see previous pages... The tasks in making the financial statement are becoming more and more complicated because of the changes in the disclosure and regulatory requirements. According to the Association of Chartered Certified Accountants (ACCA) (2009), the interest on such regulation has given much attention because of the impact of the financial crisis, issues of accuracy and the increasing number of business and stakeholders today. If the increase of regulatory requirement is a meaningful improvement, then understanding on some of its aspects should be enumerated to see if the regulations have contributed to the problems, and whether companies and financial institutions could have acted more responsibly.
        Thus this paper will give focus on whether standards are really necessary in the preparation of financial statements. It will also consider the question if the governing regulations are too much to be implemented. And lastly, whether the company is using the improved or the traditional way, the advantage and disadvantages will be tackled.
The International Accounting Standards Board (IASB) has drawn up and published a new set of accounting standards called the International Financial Reporting Standards (IFRS) which are now applied globally (Weets, n.d., p. 1). According to the International Accounting Standards Board (2007, p. 28), IFRS is developed by an open public observation that involves accountants and different financial statement users around the world. IFRS development and interpretations are all through an international due process. Authorities are establishing this heavy-handed and more complex approach because of the recent failures of regulation. Many countries including the 9,000 public companies in European Union, Middle East, Russia, China, Japan and Australia believe that this new regulation is the appropriate solution ...Download file to see next pagesRead More
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Dietary Supplements: Are They Necessary
The authors also give a detailed account of the limitations in FDA regulations which govern these supplements. In this context, reading about the functions of the United States Pharmacopeial Convention (USP), is particularly relevant, as the USP sets accepted standards for dietary supplements.
3 Pages(750 words)Essay
Ethical standards in business
The replies solicited turned out to be utterly vague and subjective, which included: Ethics constitute an integral yet an ever evolving and ever changing aspect of society. However, ethics never evolve in a vacuum and as such represent the well established and sacrosanct standards of propriety that have or should have a guiding influence on what individuals and organizations should do in the sphere of their, rights, obligations, responsibilities and prerogatives (Velasquez et al.
12 Pages(3000 words)Essay
Common Accreditation Standards in Hotels
The benefits of tourism not only end here, tourism also helps in spreading of culture and increasing export activities. Hence, it is an easy evaluation that tourism is an essential feature of a country therefore to increase tourism government of a country creates policies.
9 Pages(2250 words)Essay
Supply Chain Management: Gulfstream Really Flies
The purpose of this paper is to discuss the details of the case study in terms of the three questions posed as well as how Gulfstream itself has managed to create such an efficient system. From a logistical standpoint, what are all of the ways in which Gulfstream uses location to maximize the effectiveness of its supply chain Gulfstream has taken supply chain efficiency and raised it to an art form.
5 Pages(1250 words)Essay
Victims Rights Amendment: Is It Really Necessary
The arguments of the latter group are more persuasive and a constitutional amendment regarding the rights of victims of violent crimes is a bad idea. It will create more problems than it will solve. In response to the general perception that criminals have more constitutional protection than their victims, there is a current controversy regarding the need for a Victims' Rights Amendment to the Constitution.
3 Pages(750 words)Essay
Is there is any differences between UK Accounting Ethics Standards and US Accounting Ethics Standards
The chief standard-setter is the Accounting Standards Board (ASB), which issues standards called Financial Reporting Standards (FRSs). The ASB is part of the Financial Reporting Council, an independent regulator funded by a levy on listed companies[1], and
10 Pages(2500 words)Essay
Are national service frameworks and quality standards necessary for improving services, and is there any evidence that they are working
te outreach services are already established in other clinical areas such as critical care, palliative care, acute pain management and cancer care, and there has been ongoing debate about the most appropriate ways to measure their clinical and organisational effectiveness (Hess
10 Pages(2500 words)Essay
Is regulation really necessary, or can all the benefits claimed for it be achieved through the promotion of competition alone
Different governments regulate for different reasons. It is due to this difference that the regulations vary from one government to the other. However, there is a
7 Pages(1750 words)Essay
Meat Eating - a Necessary Evil
Vegetarians have for a long time claimed that meat eating is “murder” since animals are slaughtered in a huge number to feed the world population with meat. Animal rights activists are not necessarily against meat eating but cruelty towards animals.
5 Pages(1250 words)Essay
Does Class Really Matter
I feel the importance of the class system is defining who we are and how important we are regarding the manner in which we can access the various social and economic opportunities
5 Pages(1250 words)Essay
Let us find you another Essay on topic Are standards really necessary for FREE!
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us