In the article Accountants Save the World by Peter Bakker, one of his casual claims is that “to address current economic crises in a systematic way, we must begin to demand a return on social and natural capital as well. ”1 As a result, Bakker felt that shareholders would not recognize a company's' social accomplishments if it is not captured in financial reports. However, it could be that shareholders do not put social capital into financial statements because they believe that the only social responsibility of business is profits, like Milton Friedman. Therefore, demanding a return on social and natural capital would be ineffective if the majority of shareholders agree with Friedman's view.
The chief accountant (CA) of an organization is charged with understanding both financial and managerial accounting, due to the opportunities for fraud within a corporation, when focusing on one or the other. Gaining a clear understanding of both will allow the CA to make precise and informative decisions because their knowledge is versed in both concepts. First, the Sarbanes-Oxley Act of 2002, holds the chief executive officer (CEO) and chief financial officer (CFO) responsible for the establishment and enforcement of a strong set of internal controls, in which are to be followed by all members of the company (Edmonds, Tsay, & Olds, 2011, p. 22 ). In doing so, these controls hold the CFO accountable for data being reported on financial statements,
Brian Agala BA3350 (T/Th 11:30) 9/30/2014 Career Field Analysis: Accounting Accountants are some of the most important people in any business. Every business (service or merchandising) needs to keep financial records to measure how well the company is doing, gain trust from investors, and demonstrate that the company is able to stay in business for its intended purpose. To grasp an in depth understanding of the accounting field, I will explore the tasks accountants perform, how to become an account, the typical salary information, and the job outlook for accountants. To become an account, you have to acquire at least a bachelor’s degree in accounting or a similar field. Some people are promoted from bookkeeping jobs once they meet the educational
The job of an accountant is to prepare, analyze and present financial reports to his/her leaders. In addition, all of the data entered into the records must be accurate and up to date. As the director of accounting, I'm will be able to finalize the work of my subordinates, to make sure that everything is accurate, to find ways to reduce cost, and to improve profit of the company by 10%. Furthermore, I’m good with numbers. I
A chief accountant is a vital member of the cross-functional team. The chief accountant should have a clear understanding of both financial and managerial accounting because each system of accounting deals with very different aspects of the organization. The chief accountant provides data across all aspects of the organization’s internal operations and external environment. Both systems interact with each other, and use the information from each other, in order for management to make the wisest choices for the business. A chief accountant must be able to meet the demands of an ever-changing business environment.
For every freshman in accounting major, getting new job it is starting point of career it is also can be the biggest accomplishment. Nowadays with the progress of technology and developing technological skills can help to get fast on the track with others professionals. Back to the history when the first calculator improved the proficiency in the job of accounter's improved, but still involved a lot of manual entry. The process of recording financial information was by columns of numbers, handwritten statements and also different forms of paper records. An accountant had to have a skills like a very focused, very methodical and detail oriented individual.
Fair value accounting (FVA) has pros and cons itself. It depends on how the fair value applied by the companies. Supporters of FVA argue that FVA can increase transparency for presenting financial statement to the third parties (Ian E. Scott, 2010). Increased transparency allows users to better understand financial performance and true picture of the company and gain additional insights in making decisions. According Zijl and Whittington (2006), fair values are useful for investors and increase transparency.
Recently, accounting standard-setting body such as the IASB have focused on the issue of how assets and liabilities should be measured (Penman, 2007, p.33). This issue is related to the fair market value accounting as an alternative method against historical cost accounting. The fair market value of an asset (liability) is the amount at which that asset (liability) could be bought or sold (incurred or settled) in a current transaction between willing parties. Historical cost accounting is based on actual transactions, the recorded amounts are reliable and verifiable. This paper describes this measurement concepts and compares them.
The United Kingdom was the center stage where the process of professionalization started in the mid to late 1800s. The commonwealth nations at large were responsible for the professionalization of the accounting profession. The establishment of the meaning of profession is important before assessing the question addressed by this essay. Profession is an occupation requiring mastery of a complex set of knowledge and skills through formal education that is governed by a body.
The accounting profession has been and will continue to be on the front lines of the challenge to provide investors, managers, directors, regulators, and others with up-to-date, reliable, and comparable financial reporting information, while the demands placed on the profession are. We expect financial statement preparers to apply judgment in the preparation and auditors to apply judgment in the audit of financial statements in a professional manner. This involves applying relevant training, knowledge, and experience within the context provided by relevant professional and technical standards, as applicable, in making informed decisions about courses of action that are appropriate in the circumstances. Confidence in the profession and in both rules- based and principles-based standards require demonstrating collectively that, as professionals, auditors must be capable of making sound judgments, because it is vital for the future of the
According to Averkamp (2016), “accounting is the recording of financial transactions plus storing, sorting, retrieving, summarizing, and presenting information in various reports and analyses”. Therefore knowing how to carry out these tasks
My interest in Accounting stemmed from my optimistic expectation about career development in this field. Accounting is so important in the business world that only on the basis of accounting information, management is able to make investment decisions, and optimize internal operation. Thus, it is widely applied to every business sector. However, due to a strange combination of circumstances, I was matriculated by Biology and Medical Engineering College, instead of the Economic and Management College, in which I could accumulate the knowledge that would allow me to realize my career ambition. Changing major was not easy to operate in our university.
Part A: The concept of reporting entity: The reporting entity concept was established in Australia because of publication of Statement of Accounting Concept SAC 1 [ Definition of the reporting entity (August 1990)]. According to SAC1, a reporting entity is an entity in respect of which it is reasonable to expect the existence of users dependent on general purpose financial reports for information which would be useful to them in making and evaluating decisions about the allocation of scarce resources. (SAC1) General purpose financial reports: Financial reports which meet the criteria of general purpose financial reporting are called general purpose financial reports.
The main important purpose of the accounting information system is to promote the activity of the enterprise and to form a reliable and real picture of it. In addition, the accounting information system promotes the activity of the enterprise effectively by preparing up-to-date information statements, providing as much information as possible so that the data should be understandable all users not only for the experts(bookkeepers) and tracking liquidity. Nowadays accounting software is a programme which makes accounting work processes easier and faster and which makes it possible to meet the information demand of the management. It also can support the accountants’ work, helping to compile reports by in helping to compile reports by recording and processing the events concerning the
It is this that justifies accounting history as a crucially important academic discipline. “History, in itself is instinctive and indigenous to all of us” (Carnegie. et al, 2011), whether individuals know it or not, everyone’s decision making process is strongly based on past experiences, and the past is the key source resorted to whenever a decision is needed to be made. The same is applicable to accounting, the decisions made today in all practices and approaches are drawn from the historical developments in the accounting process, that have led the practice
