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Importance of conceptual framework for accounting
History and development of accounting
History and development of accounting
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Ruth Dianne Hines, born 1951 is an Australian Accounting academic based in the School of Economic and financial studies at Macquarie University from 1978-1994. The Conceptual Frameworks are ‘a strategic maneuver for providing legitimacy to standard-setting boards during periods of competition or threatened government intervention,’ Hines raised this argument in her 1989 journal ‘Financial Accounting Knowledge, Conceptual Framework Project and the Social Construction of the Accounting Profession’. In order to identify the basis of Hines’ argument, one must first take a look at what the Conceptual Framework (CF) is, as well as its purpose. Throughout this discussion, I will be examining – the need for a CF, the benefits and how it provides a legitimacy to the accounting profession. I will also be exploring both the local and international history of the CF projects that were undertaken, why they were undertaken and if these purposes relate to Hine’s argument. It is also possible to support Hine’s argument when we review the developmental history of the conceptual framework. The CF projects in the United Kingdom, the United States and Canada which are mentioned by Peasnell (1982) will demonstrate what tasks were undertaken and why they were undertaken. Basis Hines arguments The Conceptual Framework (CF) is not a standard or interpretation and does not override any specific standard or interpretation (CF discussion paper). A CF is a coherent system of inter-related objectives and fundamentals that should lead to consistent standards that prescribe the nature, function and limits of financial accounting and financial statements. The CF was formed with the intention of providing the backbone for principle-based accounting standards (... ... middle of paper ... ...ial nw projects to main the their proffesinalism and reduce the threat of government intervention Conclusion Hines also bases her argument on the basis that despite the apparent technical failures in the development of CFs, projects are still undertaken. What reason is there to continue with a time consuming project unless there is a proper agenda for this. The tasks was neither technical nor functional but a way to provide integrity to the accounting profession and provide a appearance of a strong, firm, professional financial body. The idea of the CF itself is… Through the number of projects undertaken, we can see that there was a push for the development of a proper financial body. From 1966, the first set of CFs were developed from the joint actions of the Australian Accounting Research Foundation (AARF) and the Public Sector Accounting Standards Board (PSASB)
DISCUSSION/ANALYSIS Introduction: Throughout this discussion, I will debate and analyse the ideas I have collected from my research. My discussion is separated under sub headings which will allow me to form a better understanding of how capital punishment is viewed, which will help me in reaching a possible answer to my question. Firstly, I am going to be discussing two very well known case studies. Case studies: The two case studies I have picked to focus my research on are: Derek Bentley who was the last man executed in Britain along with Ruth Ellis who was the last woman executed in Britain.
Australia’s first indigenous track and field athlete to compete in the Olympics, Cathy Freeman most defiantly fits into many of Wilderness’s core values. Cathy grew up in a time where racism against indigenous citizens was a common normality. Her grandma was part of the stolen generations and through her career, Cathy has been a victim of racial harassment and abuse. How she acted during these periods of time in her life truly defined her as, nothing other than a responsible citizen. She was able to put the racism and discrimination behind her and compete at an Olympic level for the country she loved. In addition, she was an advocate of Aboriginal rights and like many aborigines at the time, she strongly supported the idea of the Australian government apologising for the abuses
Sebold portrays the 1970’s by developing the character of Ruth Connors who represents the rise of the feminist movement. From the beginning of the novel, Ruth is described as a closed-off and intelligent girl whose love of art and literature makes her stand out from all the other student. It becomes apparent to readers that she holds unconventional views over the gender roles of men and women when Susie observes how one day, Ruth was carrying “feminist texts and...held them with their spines resting against her stomach so that no one could see what they were” (Sebold 39). This suggests that Ruth did not want anyone to notice what she was reading as feminist books were not popular since they questioned the traditional gender hierarchy that
Financial Accounting Standards Board (FASB). Accounting Standards Codification TM. Financial Accounting Standards Board (FASB), 2010. Web. 16 May 2014.
It is known that many important and influential people held slaves during the time in which our country allowed to do so. It’s less known, or strategically forgotten in our history that it was incredibly common for slave owners to have sexual relationships with their slaves, consensual or otherwise. On the website, American Heritage, Annette Gordon-Reed wrote an article in which she makes a good point, “Speaking of love in the context of a master-slave relationship is even more difficult, given the moral and political implications…” Elaborating on her point, how consensual can it be for a person that “owns” someone’s life, to have a sexual relationship with an individual that is there against their own free will? When does
The conceptual framework identifies the primary users of accounting information as investors, creditors, and those who advise them. It also assumes a “prudent” investor; that is, an investor who takes the time to become reasonably well informed with respect to accounting theory and practice. Discuss this concept with respect to the current economic environment. Are different groups of investors “prudent”? According to the conceptual framework, the potential users of financial statements are investors, creditors, suppliers, employees, customers, governments and agencies, and the general public (Financial Accounting Standards Board, 2006).
Unions were created to help the working man and woman achieve better wages and working conditions. Historically, unions were met with high scrutiny and resistance from management and self-organizing was a struggle. The movie Norma Rae perfectly depicts one woman 's struggle to organize a union within the textile mill she works at.
The literature suggested that “Rapid changes in the external environment of organisations have been accompanied by calls for accountants to change the nature of information they provide, the skills they possess and the role they play in the organisation. The proposed changes, which are encapsulated under the phrase accounting for strategic positioning or strategic management accounting are two pronged. On one hand accountants are required to reposition themselves in the organisation hierarchy where they will be involved in the formulation, implementation and choice of strategies. Accountants are also being urged to adopt a range of techniques whose emphasis is futuristic and external to the firm especially emphasizing the importance of monitoring customers and competitors.” (Nyarnori, 2000). Based on my studies on the industry of stock brokerage, I agree with the statement that “The tools and techniques that were covered in the Strategic Cost Management and Strategic Business Analysis courses are very useful in providing decision oriented information to senior management in my organisation and such information will ultimately enhance its corporate value.” The essay (How Porter’s Five Forces Model shapes strategy for a new and small-size stockbroker) may be one of applications of those techniques learnt from the Strategic Cost Management and Strategic Business Analysis .
The NZ Framework is an accounting conceptual framework based on the International Accounting Standards Board (IASB) Conceptual Framework. The key objective of the framework is to provide a complete and updated set of accounting concepts to use ...
Lucas Pacioli was the first to describe a system of debts and credits in accord with journals and ledgers in 1494. These basics came together to be the concoction for what is known as accounting. Since the formal establishment of accounting in 1494, the field has expanded as the demands of the ever-changing economy became greater. The industrial revolution created the first jump in the field forcing the creation of sectors within. Since this first creation of sectors, accounting as a field has been creating more specific sects to accommodate a large variety of areas. The most common and large sects created this far include public and private accounting. Although both sects carry the same basis for their work, the variation between the two lies in their demographic, demands, and decoration.
Private and public accounting has long been discussed and disputed in regards to financial reporting. Since the Financial Accounting Standards Board (FASB) was created in 1973, accountants have called for different accounting regulations for private and public accounting sectors, as private companies do not have the resources to meet the complex requirements of public companies. Private companies currently are not required by law to issue annual or quarterly financial statements (James, 2012). Private companies do, however, have the option to apply the U.S. Generally Accepted Accounting Principles (GAAP), cash basis, or accrual accounting to their financial statements (James, 2012).
The International Accounting Standards Board, (IASB), began life as the International Accounting Standards Committee (IASC) in the 1973. The IASC was created in June 1973 as a result of an agreement by the accountancy bodies of Australia, Canada, France, Germany, Japan, Mexico, the Netherlands, the United Kingdom and Ireland and the United States. These countries constituted the Board of IASC at that time.
In 1887, the American Association of Public Accountants was formed with the first standardized tests coming out about a decade later (Zeff, 2003, pg. 2). In 1896, New York State passed the first law for Certified Public Accountants (CPA), which Zeff (2003) “marked the beginning of an accredited profession of accounting in the United States” (pg 2). In Canada, the first association began in 1902 with the Dominion Association of Chartered Accountants (Buckstein, part 1 pg 2). Buckstein quoted John L. Carey, the author of a paper outlining the history of the accounting profession worldwide stated “the reason for creating a full-fledged professional organization was to distinguish skilled accountants of integrity from self-styled accountants whose competence had not been demonstrated” (pg. 2) As Zeff (2003) stated with the passage of the Securities Act of 1933 and the Securities Exchange Act of 1934 all publicly traded companies were now required to have their financials audited by independent CPA’s (pg. 4). This showcased the importance of having skilled and knowledgeable individuals produce verifiable and accurate information that the public (in all its forms) could rely upon. The combination of having professional accounting bodies and government legislations have attempted to establish
What does the accountant of the future need to be successful? A sturdy education that while is based on traditional accounting practices, also prepares future accountants for the plethora of changes happening in the accounting universe. Frequently, most of the institutions responsible for educating professionals fail to evolve as rapidly as the professional practice itself (Bedford et al. 4). In every way, accounting is expanding and in order for the future to have competent accountants, accounting education must expand as well. Major changes occurring in the world of accounting include the expansion of services and products, changes in competition, an increase in specialization, and an increase in and an advancement of technology. It is up to academic institutions to find proactive ways in which to prepare students for such changes. Accounting education of the future will require more breadth to cover the inevitable expansion of services and products, increased knowledge of economics, marketing, management and information systems to increase competitive advantage, a balanced course load that provides a general accounting knowledge as well as increased knowledge of a specialization, and also a greater, proactive focus on the use of continuously advancing accounting technologies (Bedford et al. 8). Also in play is the chance of change in accounting standards, the move from US GAAP to IFRS. While there are no certainties surrounding the threat of such change, students in the U.S. should acquire at least a general, basic feel for the practices used in regards to IFRS. The future health of the accounting profession depends, to a great extent, on the health of our students (Gormon and Hargadon 4). Reorganization of curriculums would surely be difficult and assumedly time-consuming, but nevertheless, completely
(end off of this paragraph) These factors all strengthen the motivation of individuals in the profession as they feel that they are in a role of importance and are aiding in the continuation of the accounting profession and enhancing its positive and growing reputation. A common history, binds individuals to create an elite community with a unique characteristic. Without a history or story around the profession, individuals may not have to same drive or sense of satisfaction in continuing their work to the benefit of