Accounting Standards Essay Example for Free

Accounting Standards Essay INTRODUCTION Accounting Standards are employed to build the application of accounting practice. The actual financial position of the company can not be presented accurately and precisely with adhering to the principles and standards. Due the evolution of time, the concept has changed to suit the needs of the industry and is also continuously to changing to needs. With rapid change and development of wealth, trade and technology, there was a need to account the business transaction due to intricacy involved. Due to the mode of writing and numbers which facilitated the accounting process. It is accountants who helped in the development of economic and commerce by providing valuable services to the community. See more: Satirical essay about drugs HISTORY AND EVOLUTION OF ACCOUNTING STANDARD: Pacioli is being considered the father of the Accounting. The first double entry book-keeping was developed around 1200 B.C   in Italy followed by first book on double entry was written by Luca Pacioli in 1494. Due to the advent of Industrial Revolution around 1750, business expanded rapidly which catapulted mass transportation, invention of new products and new markets, development of capital markets and as the result, the role of accountant become inevitable to any industry. As development of trade grows, the need for professional accountants also nurtured in a fast pace. Society of Accountants was established in 1854 in Edinburg which was accorded a royal charter which recognized the profession’s role in the trade and commerce. In U.S, the first such professional society was the American Association of Public Accountants, chartered by the state of New York in 1887. Cost accounting was developed to augment the efficiency in the manufacturing Units. Management Accounting was developed to advise the business to make strategic business decisions. During 20th Century, United States has overtaken the British and become the leading industrial power in the world. The growth of industries like U.S. steel and Standard Oil demanded more classy accounting systems to keep track record of expanding business divisions within these huge business corporations.   As insiders of the industry took advantages by stock manipulations, price fixing and other questionable business practices mainly to derive benefits thereby depriving the interest of gullible investors. All the states of the U.S.A and Puerto Rico and the District of Columbia stipulates through law that an accountant should have specific educational and experience requirements and should passes an qualifying examination and will be granted a title known as Certified Public Accountants. [CPA]. Now, CPA’s have structured in to State and national societies. In United States, American Institute of Certified is the prime body representing accounting profession, which is the contemporary successor organization of the American Association of Public Accountants and the American Accounting Association organized in 1916. In United States , the Financial Accounting Standards Boards [ FASB] , an independent non-governmental organization supported by financial-reporting industry groups , is the nodal institution accountable for establishing accounting standards and rules whereas the International Accounting Standards Boards [ IASB] formulates rules and standards that are recognized and used by many nations. With fast growth of corporate activity, the need for sophisticated accounting methods has increased and accounting has witnessed many improvements in theory and techniques. The ever changing tax laws and regulations is causing change in accounting methods frequently as it is necessary to maintain homogeneous accounts for governmental statutory requirements or public scrutiny. A series of exposures pertaining to accounting firm’s failure to detect or openly challenge irregularities or fraud as in the case of World.com and Enron, when auditing finances of a number of corporations compelled Congress to establish the Public Company Accounting Oversight Board in 2002. Securities and Exchange Commission has been allocated power to appoint the above board to register and regulate accountants and firms to act as auditors. It sets standards for auditing and is responsible for reviewing audits and disciplining accountants and accounting firms.   [1] SIGNIFICANCE OF ACCOUNTING STANDARDS: Accounting standards are significant as they guarantee improved public accountability and offer effective and efficient functioning of the trade and commerce of a nation. They play a vital role for complete understanding of political, economical and social consequences of allocation and proper utilization of government resources both at the federal and at the State levels. Improper and bad accounting may lead to serious long term consequences .Accounting standards can be misused to offer misleading information of a business. FREE MARKET APPROACH OF ACCOUNTING STANDARDS: It refers to a method applied by private sector wherein creation of an economic market in which business is ruled by the laws of supply and demand and not by the unwanted government interference, subsidy or regulation. Under this accounting standard, voluntary disclosure of activity -based cost data which offers a new approach of functional process and provides more alternatives for decision makers. In a real free market, accounting standards would enhance as corporations and accountants vie to offer the best information to shareholders. In a free market, the aspiration for profit is satisfied by long-range, honest, rational behavior thereby innovating, by employing best employees, by offering quality products and by providing accurate information to investors. Business is required to provide accurate information to investors else it would loose its reputation and credibility in the market. The current FASB is so cumbersome and complex that an ordinary lay man finds it difficult to interpret the same. Most companies in U.S.A now started to follow dual reporting. For instance, AMD and Intel release two sets of accounting reports: one as per FASB guidelines which is mandated by the regulation and other based on simple accounting standards that they deem that it being more informative to shareholders. There are certain existing statues which refuse the shareholders to overthrow existing corrupt or incompetent management. For instance, Anti-hostile takeover legislation which was passed in 1968 has made it complex to replace incompetent management .Arcane regulations passed in 1930 limit the capacity of the financial entities such as insurance companies, pension funds and mutual funds that own major shareholding in corporations to participate in the board for decision taking and for joint deliberations. Hence, the opportunity to safeguard the interest is being denied by arcane regulations. If the U.S government is really interested in the healthy stock market, it should exhibit it by deleting, not adding, regulations and building the market truly free. PRIVATE SECTOR REGULATION OF ACCOUNTING STANDARDS Stock Exchange Commission [SEC] supports on an independent, private sector standards –setting process mainly through open and deliberate. Though the commission has the statutory authority to frame accounting principles , it has not do so for the last 60 years .Instead it has assigned the onus to the private sector for leadership in establishing and enhancing the accounting standards. It is the private sector standards-setting process, as supervised by the SEC has resulted in existence of a quality accounting standards and strong capital markets in USA as of today. EVOLUTION OF REGULATORY APPROACH: After the end of the First World War in 1919, there was spurt in investment in securities by investors. Around 1920, more than .02 billion large and small shareholders availed the benefits of post-war affluence and ready to avail sudden wealth from stock market and due to boom, more than $ 50 billion worth in new stock was floated during this time. The famous stock market crash in 1929 which was notoriously known as â€Å"Black Friday† resulted in loss of faith by investors on the capital markets. Many investors were turned as pauper over a night. It was observed that if at all economy was to recover, the public’s confidence on capital market required to be refurbished. Congress was forced to find out a solution for this problem and it held many deliberations on the subject and finally passed the â€Å"Securities Act of 1933 â€Å"and the â€Å"Securities Exchange Act† of 1934. The prime goal for the establishment of Securities exchange commission was mainly to enforce the fresh security laws, to build confidence, to provide stability to the market and last but not the least to offer protection to investors. Stock Exchange Commission [SEC] was toothed with mandate to formulate accounting principles and standards. It is to be noted that even though SEC was accorded the power to supervise the accounting practice, SEC is of the opinion that the private sector is having ample resources and ability to build up suitable accounting standards. The American Institute of Certified Public Accountants [AICPA] had been in the field since 1887. As a federation of state societies, American Society of Certified Public Accountants was established in 1921 and later merged with the Institute during 1936. Due to persuasion from the SEC, the AICPA appointed the committee on accounting procedure in 1939. Committee on Accounting Procedure [CAP] released about 51 accounting research bulletin between 1939 and 1959. Though, these bulletins were able to solve the problems now and then as they emerged but could not address the issues relating to accounting principles. To resolve the accounting principles issues, AICPA established a new standard setting body in 1959 namely the â€Å"Accounting Principles Board† [APB].The main goal of the APB is to establish appropriate practices, formulate accounting principles and to minimize the discrepancies in practices. Though the APB released about 31 opinions between 1959 and 1973, it was dissolved for absence of productivity. Generally Accepted Accounting Principles [GAAP] are an anthology of conventions, procedures and rules that describe accepted accounting practices. Though it is not accorded as mandatory by any statute, SEC advises that it should be followed in all financial reporting of publicly traded companies. GAAP can thus be explained as a cluster of conventions and objectives that have been developed over time to oversee how financial statements are being prepared and presented. The three nodal authorities’ viz. the American Institute of Certified Public Accountants, The Financial Accounting Standards Boards and Exchange Commission offer regulation concerning acceptable accounting practices. The GAAP is founded on four basic assumptions as per the details below: Economic Entity concept- It stresses the business as a separate entity and to segregate income and expenses of business from that of personal. Going concern assumption which assumes that business will carry on for a longer period to validate the methods of capitalization of assets, provision for depreciation and amortization. Monetary unit assumption which fixes US dollar as the monetary unit for accounting purpose Periodicity assumption facilitates recording of business operations and separating into different periods. This is mainly to facilitate for comparison between past and present performance of the business.   FASB’s basic principles are detailed below: Historical Cost Principle- This requires business to account and report on cost of acquisition basis rather than present market value of the assets and liabilities. Financial reports and statements are prepared in accordance with set of rules , procedure and standards for reporting financial information known as the â€Å" Generally Accepted Accounting principles† (GAAP) , as established by the Financial Accounting Standard Board ( FASB). This standard stipulates that a company â€Å"account for all of their assets or economic resources according to their historical cost.† (Horngreen, Stratton Sundem, p.6) Revenue Recognition principle or accrual basis of accounting requires business to record when the revenue is realized or earned and not when the cash is earned. Matching principle – Expenses has to be matched with the revenues where it is possible Full disclosure principle- Business should offer all the significant information relating to the company though it may not affect company’s financial statements. For instance, Tax disputes, lawsuits, takeover information and possible contingent liabilities of the business are to be disclosed by way of footnotes to the financial reporting. INHERENT DISADVANTAGES OF THE FASB Cost –benefit relation ship: It emphasizes that benefit of offering financial information should also be weighted against cost of providing it. Materiality- It refers to the significance of the item reported and it is to be weighed amount reported will have impact on third party’s decision based on the information provided. The Industry Practice Constraint – Conservative approach stresses that it is better to understate the financial statements rather than overstating it. The after effects of Enron, WorldCom, Inc have forced the Congress to enact Sarbanes Oxley Act in 2002.   The other accounting reforms announced is the creation of Public Company Accounting Oversight Board [PCAOB] to supervise the audits of the Public companies. PACOB has been entrusted with wide authority to regulate the auditing profession. PACOB has been toothed with powers like imposing civil penalty and to impose permanent revocation of an auditing firm’s ability to audit public companies. 8, SWITCHING TO PRINCIPLES BASED ACCOUNTING SYSTEM: There is strong suggestion from various quarters that U.S should abandon the current â€Å"rules-based† system in favor of a â€Å"principles-based accounting†. If that happens, the critics are of the view that all the current difficulties being faced by U.S financial reporting would be alleviated or eliminated. Further section 108 of the Sarbanes –Oxley Act of 202 stipulates that SEC to conduct a study on the adoption of a principle based accounting system. [2] CONCLUSION: Globalization offers both impetus and opportunity and it is time to streamline the FASB guidelines in tune with changing scenario.[3] It is to be noted that FASB has recently issued special report on Leases thereby implementing a new approach, is recognition of the need to review existing standards. Hence it is necessary not only to review its leases guidelines but for all current standards. The current FASB is high technical and complex in nature and may not help the investing public to understand the same without the guidance of professionals on the subject. When most of the countries around the globe have switched from complex to simpler guidelines, U.S can also follow them. In setting standards on national or global basis, technical correctness is regarded as less important than the comparability among reporting entities. Globalization in commerce here has become the order of the day and U.S accounting standards must reflect true global interests. Sticking to technically sound accounting standards would not help to develop acceptable, meaningful international standards. FASB should take avail this opportunity to update and even change the standards. The accounting profession and accounting standard setters should unite together in their effort to assure simpler, more beneficial and easy to understand U.S and worldwide accounting standard. BIBILIOGRAPHY Van Riper, R. 1994, Setting Standards for Financial Reporting: FASB and the Struggle for Control of a Critical Process. CT: Quorum Books. Westport. Hartgraves, A. L., Benston, G. J. 2002, â€Å"The Evolving Accounting Standards for Special Purpose Entities and Consolidations†. Accounting Horizons, 16(3), 245+. Barker, Richard, 2004, Reporting Financial Performance. Accounting Horizons 18, no. 2 157+. Bekesford, Dennis R. 1999,Its Time to Simplify Accounting Standards. Journal of Accountancy 187, no. 3: 65. Beresford, Dennis R. 2001,Congress Looks at Accounting for Business Combinations. Accounting Horizons 15, no. 1: 73. Derieux, Samuel A. 2000,Lets Reassess Accounting Standards. Journal of Accountancy 189, no. 5: 82. Dye, Ronald A., and Shyam Sunder. 2001,Why Not Allow FASB and IASB Standards to Compete in the U.S.? Accounting Horizons 15, no. 3: 257. 1992,The Financial Accounting Standards Board. Journal of Accountancy 173, no. 6: 4. Fleming, Peter D. 1991,The Growing Importance of International Accounting Standards; Arthur R. Wyatt, Chairman of the International Accounting Standards Committee Heralds International Harmonization. Journal of Accountancy 172, no. 3 100+. Gornik-Tomaszewski, Sylwia, and Irene N. McCarthy. 2003,Cooperation between FASB and IASB to Achieve Convergence of Accounting Standards. Review of Business 24, no. 2: 52+. Hartgraves, Ai L., and George J. Benston. 2002, The Evolving Accounting Standards for Special Purpose Entities and Consolidations. Accounting Horizons 16, no. 3: 245+. Herrmann, Don, and Ian P.N. Hague. 2006, Convergence: In Search of the Best CPAs Should Understand How U.S. and Foreign Accounting Standards Influence Each Other. Journal of Accountancy 201, no. 1: 69+. Houston, Melvin, and Alan Reinstein. 2001, International Accounting Standards and Their Implications for Accountants and U.S. Financial Statement Users. Review of Business 22, no. 1: 75. Monson, Dennis W. 2001, The Conceptual Framework and Accounting for Leases. Accounting Horizons 15, no. 3: 275. Nobes, Christopher W. 2005,Rules-Based Standards and the Lack of Principles in Accounting. Accounting Horizons 19, no. 1: 25+. Radig, William J., and Brian Louder milk. 1998,Leading the Way to Uniform Accounting Principles. Review of Business 19, no. 3: 22+. Schipper, Katherine. 2003, Principles-Based Accounting Standards. Accounting Horizons 17, no. 1: 61+. Silliman, Benjamin Rue. 2005,Convergence of Accounting Standards: A Comparative Analysis of the U.S. Revised Standard on Share-Based Payment and the International Accounting Standards Boards IFRS 2. Review of Business 26, no. 2: 24+. Wyatt, Arthur R., and Joseph F. Yospe. 1993,Wake-Up Call to American Business: International Accounting Standards Are on the Way. Journal of Accountancy 175, no. 7: 80+. [1] Encyclopedia Article Title: Accounting. Encyclopedia Title: The Columbia Encyclopedia, Sixth Edition. Publisher: Columbia University Press. Place of Publication: New York. Publication Year: 2004. [2] Article Title: Principles-Based Accounting Standards. Contributors: Katherine Schipper author. Journal Title: Accounting Horizons. Volume: 17. Issue: 1. Publication Year: 2003. Page Number: 61+. [3] Article Title: Lets Reassess Accounting Standards. Contributors: Samuel A. Derieux author. Journal Title: Journal of Accountancy. Volume: 189. Issue: 5. Publication Year: 2000. Page Number: 82

Things Fall Apart :: essays research papers fc

In Chinua Achebe’s novel Things Fall Apart the life of a man named Okonkwo and the tribe of Umuofia is depicted in three chapters which each represent a significant era in the tribe. In the first chapter, Achebe describes the life of the native African tribe before the coming of the white man. This chapter enables the reader to understand and respect the life of the Igbo. The second chapter describes the beginnings of colonialism and introduction of the white man. Suddenly, the Igbo way is questioned. The natives lives are turned upside down as they search for a way to understand the new religion and laws of the Europeans. The third chapter describes the effect of colonialism on the Igbo tribe. This section explores the many ways which the Igbo people try to adapt to the new society. From the suicide of Okonkwo to the abandonment by other tribe members, it becomes apparent how difficult it was for the African’s to adjust to the change. Joseph Conrad’s Heart of D arkness tells of an English man named Marlow and his journey into the Congo and interest in a colonist named Kurtz. Marlow is the narrator of the novel. He describes the natives and the Europeans from a somewhat objective view. He finds colonialism questionable, but also cannot relate to the Africans. Kurtz is the antagonist who exploits the Africans to make money by selling ivory and subsequently goes insane. Both novels depict the colonization of Africa, but each has a markedly different perspective on the African’s lives which were irreparably altered when Europeans came to conquer their land and convert them to Christianity. Conrad’s descriptions of the Africans are inherently racist. The text is full of demeaning descriptions and negative thoughts about the blacks. â€Å"The thought of your remote kinship with this wild and passionate uproar. Ugly" (Conrad 32) Conrad refers to the natives as niggers and compares their looks to animals. â€Å"He was there below me, and, upon my word, to look at him was as edifying as seeing a dog in a parody of breeches and a feather hat, walking on his hind legs.† (Conrad 33) These passages and attitudes toward the natives promote the view of the natives during colonialism of Africa in the way that Achebe’s district commissioner sees it, â€Å"He had already chosen the title of the book, after much thought: The Pacification of the Primitive Tribes of the Lower Niger.

Writing Your Wrong’s

Most moral filled people have the inner desire to make up for the mistake of their past and this desire is magnified when those mistakes have a negative effect on the lives of others. There is a painful guilt that motivates a person to right his or her wrongs and throughout the redemption process a person's perception of one's self can be completely different from reality. The human psyche may only allow you to see what you want to see and not necessarily the facts or truth. Filmmaker, M. Night Shyamalan, portrays this perfectly through the character Malcolm Crowe in the movie The Sixth Sense. Malcolm is a brilliant and successful child psychologist who struggles with his failed attempts to help a former patient and the neglect of his own marriage throughout his career. Driven by guilt, Malcolm pours all of his time and energy into a new patient, Cole Sears, whose symptoms are parallel to those of his very disturbed former patient. Cole is a scared, anxiety stricken, and haunted young boy with a supernatural ability to see and communicate with dead people or ghosts. Due to Malcolm's deep commitment and extensive time spent with Cole, he alienates his wife who seeks comfort and companionship from a male employee. Malcolm's desperate need to help Cole clouds his ability to perceive his true reality. It is through the journey of helping Cole that finally opens Malcolm's eyes to the realization and acceptance of his own death. As a result, he attains closure with his wife, redeems himself for past failures and is able to move on to the afterlife with a sense of inner peace. Malcolm and his wife appear to share a deep love for one another even though she makes a comment early on in the movie that she is runner up to his career. Nonetheless, it is evident they have love and mutual respect for one another. Unfortunately, their happiness is abruptly disrupted when Malcolm is shot by his former patient, a boy whom he could not help. He does this because he feels as though Malcolm failed him and blames him for being a freak. Following the shooting, we see Malcolm try to interact with his wife without success and her repeated failure to respond to him or acknowledge his presence in a room. She appears to ignore him and he views this lack of communication as anger and resentment that stems from marital neglect. This is shown in a scene where his wife is waiting for Malcolm at a restaurant to celebrate their anniversary and he arrives late because he is in a session with Cole- his new patient. His apology is futile and his wife leaves angry and hurt. Malcolm's perception of the situation is inaccurate because of his inability to acknowledge that he is actually dead. Until this is revealed to Malcolm, he will continue to falsely interpret his wife's behavior and actions. This point is proven when we see Malcolm find his wife's bottle of antidepressants and his assumption that her depression is due to marital problems and not grief from his tragic demise. At the suggestion of Cole, Malcom expresses his love to his wife while she sleeps and in that moment his true reality is finally realized – he his dead! It is abundantly clear that Malcolm's sessions and relationship with Cole are paramount in his ability to evolve and eventually say goodbye to his wife and have closure in their marriage. Malcolm believes he is Cole's hired psychologist and desperately wants to help him. His motivation for doing so is fueled by his guilty conscience resulting from his failed attempt to help his former patient who ultimately shot him. Malcolm sees the similarities between the boys and wants the opportunity to get it right. At first, it is unclear if Malcolm can help Cole, but through a bedtime story everything changes. He narrates this to Cole as a bedtime story that revolves around a character named Malcolm, â€Å"Malcolm who works with children and. although he loves his job, he makes a mistake when he is unable to help a young boy. That mistake changed his life forever. He thinks about him all the time and cannot get the boy out of his mind. He then meets a new boy that reminds him of the other boy he was unable to help. This new boy is awesome and Malcolm wants to help him. If he helps this new little boy, it will be like helping the other one too†. From this bedtime story, Cole discerns that Malcolm is talking about himself and this makes Cole more open towards accepting Malcolm's help. This breakthrough with Cole is the turning point in their relationship. Malcolm suggests that Cole help the ghosts that haunt him. This proves to be therapeutic and we begin to see spiritual growth and improved quality of life for Cole, which directly affects Malcolm. Malcolm's guilt for failing his past patient lessens every day as he witnesses the positive changes in Cole. As a result of Malcolm's persistence and success in helping Cole, he is redeemed and closer to the eternal piece that awaits him. When a person has unresolved conflict or lack of closure in a relationship it can inhibit his or her ability to move on to the afterlife upon their death. Initially, Malcom's perception of his mortality is suppressed by the desire for redemption and marital peace. His extreme guilt over the inability to help his former patient and his decaying marriage hold him prisoner in a purgatory type state. Ultimately, through his gifted ability to help a disturbed child his eyes are opened and his soul is set free. Free from the guilt of failing a boy and his marital shortcomings, but filled with inner peace. This inner peace can be seen when he tells Cole he will see him tomorrow knowing tomorrow will never come and later that evening when he expresses his love and final goodbye to his wife allowing them both to move on. In the end, Malcolm's spirit is free of guilt, redeemed, and living in eternal life. Through his character's portrayal we learn the importance of living a moral, regret free and family filled life. An important lesson much needed by many in our world today. Work CitedThe Sixth Sense. M. Night Shyamalan, Hollywood Pictures, 1999.

Cultural Imperialism And Iranian Art - 2292 Words

Cultural Hegemony and Iranian Art (Iranian Art as Political Discourse) The following paper will be an evaluation of Iranian artist and the role they play as women living in exile. The paper will discuss how art becomes a type of political discourse against patriarchal governments. To do this I will look at the work of Parastou Forohaur an Iranian artist whose parents were killed when she was young because they were political activist fighting to defend the rights of all people women and men included. In the paper I will use various sources and terms that have been discussed throughout the semester in a short literature review. Shirin Neshat will also be discussed and the role that she plays in created fragmented narratives that help women feel empowered in their lives in Iran. As a member of the artistic community something that has always bothered me is the usage of specific pronouns during artistic compliments. What do I mean by pronouns do you ask? I am talking about gender pronouns of course, specifically â€Å"girl, female, and lady.† Something that often occurs in art is statements like the following, which I addressed earlier in the proposal for this project: â€Å"she is a good girl drummer,† or â€Å"she is a great female guitarist.† Why do these superficial compliments exist? This paper will address that the importance of pointing out these issues to thus be able to display these women’s resilience along the way. These women have a very interesting role in that they create aShow MoreRelatedPostcolonial Literature (Persepolis Things Fall Apart)1504 Words   |  7 Pagesstand completely against the colonialists and fault their own culture. 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