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Essay / Research Paper Abstract
This 14 page report discusses international accounting standards and the complexity of financial accounting in terms of multi-national corporations, the global market place. Modern accounting practice can be looked at as a multi-layered system of assumptions, doctrines, formulas, formalities, and much more. Accounting and auditing standards have historically been set by national bodies such as FASB and specialized regulatory agencies in countries all over the world. Each country virtually has its own set of standards. Now, the developing global economy and growth in cross-border financing are creating an environment that would benefit from greater harmonization of accounting standards at both the international and the national levels. Paper includes a one-page executive summary. Bibliography lists 10 sources.
Page Count:
14 pages (~225 words per page)
File: D0_BWintacc.rtf
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Unformatted sample text from the term paper:
exists because of the need to respond to the challenges of acceptable accounting standards and in the measurement of the often-convoluted transactions inherent in the globalized market. The greatest challenge
is generally created by the measurement of the multi-layered transactions and provisions that do not readily lend themselves to the traditional standards of accounting.
In 1494, a mathematically minded Venetian monk named Luca Pacioli published his Summa de arithmetica, geometrica, proportioni et proportionalita, the first accounting textbook. It is famous for showing
how to use double-entry bookkeeping, which for centuries has made the concepts related to of a corporation practicality possible. Without the principles it advocates and teaches, the people who allocate
resources, evaluate risk, and measure returns would have no way to get a coherent view of the many streams of goods and money that flow through an individual business.
Five hundred years later, modern corporations are finding they must rethink the most standard fundamentals of accounting. According to Stewart (1994), the high-tech critics of "old-fashioned" accounting theories and
procedures have begun to claim that in the "knowledge-based business world, accounting really doesnt capture any information" (pp. 68). Certainly, broad aspects of
basic cost accounting theories and techniques have evolved, especially in the past century. Because of that, certain general interpretation and conclusions are permitted. For example, Meyer (1994) points out that
accounting, at its most fundamental level, is always and always will be the process of identifying, measuring, recording, and communicating economic information about an organization or other entity, in order
to permit informed judgments by users of the information. Accounting principles are applied in the preparation of financial statements and other financial information gathered from the record-keeping aspects of accounting
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