Accounting Essay Examples for Free

Accounting is the process of tracking a business’s financial transactions. These records help to manage the company’s assets.

Accounting essays and research papers often focus on many related topics such as:

  • Industry specific software and the way it can improve workflow.
  • The best and the worst accounting practices.
  • The importance of ethical values for an accountant.
  • Business taxation analysis and its common issues.

Below you will find a collection of high-quality accounting essay examples focusing on the topics listed above, and many more. Take a look at them to get inspired and motivated.

Accounting

Accounting Fraud in Satyam Computer Services

Introduction The following is a research paper detailing fraud cases in Satyam Computer Services in India and it is one of the worst accounting scandals that happened in the year 2009. The research paper will analyze the fraud case, how it happened as well as the factors that facilitated it....

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Accounting Records of Tallahassee Bean Counters

Introduction The internal controls of Tallahassee Bean Counters were very weak. Therefore, they created opportunities that employees could use to commit fraud in TBC. In addition to this, TBC financial records had never been audited before. As a result, the chances of employees committing fraud were high. Some employees committed...

Analysis of a Real Fraud: The Case of Lehman Brothers

Introduction Fraud, creative accounting and accounting fraud, are all perennial. Fraud or accounting fraud comprises both the use of deception to obtain an unjust or illegal financial advantage or intentional misrepresentation of financial statements (Jones, 2010). On the other hand, creative accounting is a form of accounting which complies with...

Financial Fraud to Achieve a Desired Company Image

Introduction Rising completion in the corporate world in the 21st century has compelled corporations to come up with different ways to keep up with the pressure. With lax regulation and gaping loopholes in the existing financial regulation laws, some companies have resorted to fraud in order to maintain their market...

Billabong International Limited Financial Analysis

Financial Ratios The financial ratios are valuable to the different stakeholders of the company especially the shareholders as they reveal the financial health of the company in terms of liquidity, efficiency, profitability and leverage. The management of the company is also able to analyze the cash and debt management practices...

Just-in-Time Inventory system

Introduction The modern day organizational management has been characterized by the presence of numerous factors both internal and external which make the running of the organizations a more complicated act than ever before. There are many factors that influence the nature of decision making in the organization (Alnoor, 2003). The...

The Business Plc.: Financial Statements

Worksheet The following is the work sheet of The Business Plc. for at the end of Year 5. This work sheet includes the trial balance, statement of comprehensive income, statement of financial position, and statement of changes in equity. The work sheet also accompanies journal entries, which have been made...

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Accounting Policies of Companies Reporting in Accordance with IFRS

Introduction New institutions are often faced with the problem of selecting the accounting standard to use. If an institution decides to use the International Financial Reporting Standards (IFRS), it faces a challenge of deciding on a suitable accounting policy to adopt. Apart the challenges faced by a new company, existing...

Consolidation Involving a US Parent and a Foreign Subsidiary

Overview of the Accounting treatment of Consolidation under US GAAP With accelerated globalization as evidenced in recent history, as well as, the number of multinationals and conglomerates on the rise, accurate means of financial reporting for business combinations is direly needed. Subsidiaries operating in foreign countries face entirely different market...

Changes in Management Accounting

Introduction Management accounting is simply the easy presentation of accounting data to managers so that they can make informed choices regarding the companies they are running. What management accounting is today is different from what was in the past. However, there has been a major debate on the extent in...

Ethical Accounting: Case Studies

Case Study 1: A Student Dilemma Helen’s responsibilities As a prospective accountant set to achieve the highest academic honor in accounting, Helen Kanell has a great ethical responsibility to the accounting department and the university. The accounting and university departments expect students to adhere to professional ethics to enhance not...

Business Failure and Unethical Accounting Practices

Introduction One of the current trends in business management within most corporate organizations is the implementation of extrinsic methods of motivation in order to encourage better performance among employees. Extrinsic motivators take the form of external rewards provided by the company for meeting and exceeding the set metrics that were...

Accounting as a Tool for Management Performance Evaluation

Introduction There is a need to have some accounting knowledge as long as one is a manager of a given organization since the knowledge helps in management and performance evaluation. Knowledge in accounting is important for managers, regardless of whether one is an accountant or not. Accounting deals with the...

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Government Reporting: Comprehensive Annual Financial Report Briefing

Introduction Government reporting is done through a Comprehensive Annual Financial Report (CAFR). According to Ruppel (2011), “the CAFR is built by three main sections which include: an introductory section, a financial section, and a statistical section.”On the same note, Delaney (2009) explains that, “the introductory section should have a transmittal...

Biovail Corporation’s Accounting and Reporting

Introduction Canada witnessed a fast growth in pharmaceutical industry in the early 21st century. By 2005 the sector was already contributing about $6 billion in growth domestic product (GDP) that boosted its annual growth by 7.7% in this year. The industry was based on research and development (R&D) and in...

Tassal Group’s Working Capital Management

Working Capital Management Working capital management is a strategy implemented by businesses, which ensures that the company has enough cash to cover its short-term operation costs (Tuovila, 2020). Working capital management is associated with close monitoring of current assets and current liabilities to ensure the efficiency of operations (Tuovila, 2020)....

Corporate Accounting: Fair Value & Historical Costing

Introduction The field of accounting has developed over a long period from a simple bookkeeping to a much more complex accounting and financial reporting. Therefore, the development of accounting and financial reporting has led to the need to have a standardised way of handling accounting that is acceptable all over...

Managing Finance: Barney Bakes Ltd Assessment

Abstract Barney Bakes profitability is at risk and must therefore improve its profitability through increasing sales, as a result, this will increase the earnings attributable to equity shareholders and more earnings will be available to pay the investors as dividends. This also puts the company’s liquidity at stake; the management...

Auditors in Enron Corporation

Introduction Enron Corporation was one of the biggest American Energy Company. For many years company was named as America’s Most Innovative Company. Company formed in 1985 when Houston Natural Gas Company merged with InterNorth. At the beginning, the company focused on the natural gas industry market. Later, it extended the...

Saudi and International Accounting Standards Compatibility

Abstract The Kingdom of Saudi Arabia is opening up to international trade. Globalization has proven to be an important development that cannot be ignored by countries irrespective of their governance structure or foreign policies. Business units are forced to operate beyond borders as a way of increasing their market share...

Accounting and Society in Australia

Introduction In Australia, just like in any other country in the world, the issue of environmental regulation is causing growing concern among business practitioners because there is a lot of pressure both from the public and from special interest groups that are pressing for industries and other business areas to...

Arthur Andersen Firm’s Strategic Management Accounting

How the changes Arthur Andersen made to its organisational architecture in the 1990s and early 2000s led to its ultimate demise Change is inevitable. Any organization that wishes to succeed in today’s business environment has to keep on changing as the environment changes. Changes could be in the form of...

Balance Sheet. Components Analysis

A balance sheet is a statement of finance that the accounting department prepares to show the financial position of an organization in a given time (Abrams, 2003). The department prepares this statement every financial year. It is also called a fiscal year. A financial year (fiscal year) is any period...

Dell’s Company Financial Analysis

Introduction Dell is among the largest computer manufacturers around the globe. The corporation has been recording tremendous growth since its initiation in 1984. It has a direct model, which plays a significant role in its success. The model offers fast, affordable, and customer-friendly methods of both production and distribution. Additionally,...

Accounting: Enron Case Analysis

Introduction Governments and regulators are persistently enhancing the aspect of auditor independence regimes with the main objective of regaining trust and strengthening the independence of outside auditors. The establishment of the standards policies and practices for accounting has for a long time based on a self-regulative system and a principle-based...

Normative and Positive Approaches in Accounting

Introduction Financial accounting theory attempts to specify which events to record, how the recorded data should be manipulated, and how the data should be presented (Schroeder, Clark & Cathey 2011). According to Whittington (2007, p. 367), the literature of financial accounting theory contains several different approaches which co-exist, in some...

Analyzing Proforma Statements

Introduction The current market environment has presented dynamics that any company that’s seeks to succeed ought to adjust to. The consumer tastes and preferences are changing in an increasingly fact pace (Bender & Ward, 2009). As such, it is important to understand the market and execute decisions which will ensure...

The Board of Directors of The Business Plc.

Financial Statements for the Year Ended 31 December Y5 I am pleased to present the Financial Statements for the year ended on 31 December Y5 to the Directors of Business Plc. The enclosed statements are the ones that follow: Statement of Comprehensive Income for the year ended 31 December Y5;...

Accounting Fraud can’t make Your Business Booms but Busts

Introduction Accounting Fraud is defined as the act of falsifying accounting and other financial statements of an organization in an attempt to get financial gains. An example of accounting fraud is the act of a company informing its stakeholders that the company in question has made financial commitments instead of...

International Harmonization of Accounting Standards

Introduction Considering the numerous financial transactions that occur daily across the globe, it is crucial to adopt accounting as a tool for evaluating these transactions. Therefore, global financial transactions must adopt international accounting standards that will create a common platform for conducting business. The main function of accounting as a...

Audit Risks: CSR Limited Company

Introduction Audit risks are errors and frauds that may arise due to miscalculations during the time of preparing a financial statement of a company. An audit risk may be intentional or unintentional by the employee or the management. It can also come up as a result of the internal or...

Identifying Unreported Income

Introduction Individuals and businesses should give a full disclosure of income in the financial statements. Unreported revenue comprises of certain income on the tax return of taxpayers that they fail to report with an aim of avoiding tax. There are a number of ways that can be used to discover...

Accounting: Role in the Organizations

Introduction According to Ladhe (2012), accounting is concerned with the recording, reporting and analysis of the financial statements of a business entity. The preparation of the financial statements is normally guided by some rules and regulations. For example, there are generally accepted accounting principles which are mostly used in the...

Audit Plan of Keystone Computers and Network, Inc.

Outline In the audit plan of Keystone Computers and Network, Inc., the audit strategy adopted and the risk involved in the company are analyzed. For this purpose, auditors have conducted an audit of the financial statement for the past three years and issued letters based on clients’ letters of credit....

Accounting: Crazy Computers case Study

Introduction Crazy Computers intends to create a Captive Insurance Company. This company will be part of the CC group, engaging primarily in reinsurance of warranty contracts. Third-Party Insurance Companies for whom CC sells the contracts in question will have the option to reinsure with the new CIC.CC sells the warranty...

Global Accounting Rules: An Unfeasible Aim by Fearnley and Sunder

The article “Global Accounting Rules-An Unfeasible Aim” by Fearnley and Sunder (2012) argues that International Financial Reporting Standards (IFRS) became introduced and recommended for adoption in the EU as well as other states for uniformity purposes. However, the article recognizes that using uniform rules in different societies hardly gives uniform...

Financial Reporting Case: JB Hi-Fi Ltd

Introduction JB Hi-Fi Ltd is the largest retail outlet in Australia specializing in the provision of home entertainment products at a relatively cheaper cost. In addition, it has several brands rated highly by potential clients. Some of the brands include Led LCD TVs, iPods, computers, home theatres, and laptops among...

Accounting for Intangibles and Goodwill

Introduction Regulating intangible assets reporting for major firms is debatably the greatest challenge for accounting standards-setters globally. Presently, more businesses are shifting to service-based companies. This has continued to present additional challenges for many firms. This is because serviced-based companies handle more intangible assets including technological copyrights and human capital....

Financial Reporting Disclosures in Australian Corporate Sector

The Australian group of companies to be used for this financial reporting disclosures exercise, include the Virgin Blue Holdings Company, and the Westfield Insurance. The Virgin Blue Holdings Company is the umbrella company, which owns and runs the Virgin Australia Company. The Pacific Blue Airlines and the Virgin Blue Holdings...

Carphone Warehouse Group Plc. Accounting Report

Company Synopsis Carphone Warehouse Group plc (CWG) was founded as a Mobile Phone retailer in the United Kingdom in the year 1989 (Carphone Warehouse Group Plc 2011). The business showed a significant organic growth and started to expand by opening different branches in the Western Europe. After Stabilization, the company...

Australian Financial Accounting

Introduction In every nation, there are standards that apply in regulating accounting and reporting procedures. These standards may be specific to that country or region or as is the case with many countries, they can be the generally accepted accounting principles (GAAPs). The case with Australia is quite different as...

Enron and WorldCom: Ethical Accounting Practices

Introduction Companies need to engage in ethical accounting practices. Engaging in ethical accounting practices ensures that the financial reports reflect the true financial position of the company. However, several companies usually engage in accounting malpractices. These companies may conceal or exaggerate certain information to portray a false image of their...

Sony Corporation: Company Valuation Report

Introduction Below is a financial analysis for Sony Corporation. The evaluation shows Sony Corporation shares to perform slightly below projected values. Here, the picture is a well-established company that is struggling to edge out competitors. Required data for analysis of Sony Corporation, including stock returns, treasury rates, and market returns...

The Use of Accounting Skills: Forensic Accounting

Errors and Frauds There is a difference between an error and a fraudulent action even though both have the same impact on the company’s financial statements. They cause the financial statements to show a false picture of the company’s financial position. They lead to material misstatements causing the company to...

Conceptual Framework in Financial Accounting

Introduction Financial accounting refers to a field of accounting that treats money as an entity of measuring economic performance of an organization. Most of the financial accounting departments in numerous international organizations employ conceptual framework project of financial accounting, which is approved, by the International Standards Accounting Board (ISAB). The...

Town Red Fern Forensic Accounting Report

Introduction Financial reporting of the company’s performance is a statutory requirement of the Companies Act that regulates the performance of companies in most world economies. Corporations are required by the law to publish their performance at the end of every set predetermined fiscal period through diverse mediums. Financial reporting is...

Beijing Enterprises Holdings Limited: Financial Analysis

Executive Summary Beijing Enterprises Holdings Limited (BEHL) is an investment holding firm that holds a portfolio of diversified businesses. The primary business of the company is the distribution and sale of piped natural gas in China. The natural gas business comprises 54% of the total revenue for BEHL in FY2011....

Canadian Generally Accepted Accounting Principles

Canada’s Current Accounting Standards Canada has one of the most effective accounting systems in the world. The country has continuously modified its GAAP to ensure efficiency within all systems (Sale, 2006). Ideally, the modifications aim to identify and implement best practices in the field of accounting. Different organizations have been...

Audit Independence and Role of the Frc in This Regard

Audited financial statements give financial reporting credibility in the capital markets and promote effective corporate governance. Audits ensure credibility of financial statements and reduce risks to investors. Therefore, auditors’ reports depend on independence of auditors for reliability. Independence of auditors ensures credibility of reports and confidence among investors and creditors...

Financial Analysis for Currency Transaction

Executive summary With the increase in globalization, the idea international financial analysis has increased. Financial analysts handle a lot of uncertainties in the global markets. Analysts argue that the accounting the main cause of the uncertainties in the current market is the accounting standard set by different country. However, international...

Approaches to Accounting Standards Setting

Introduction The need to set and improve efficient accounting standards was caused by the global economic crisis in 2008, which led to the creation of methods to regulate markets and financial institutions. In the process, accounting becomes an economic good since it raises the compliance costs of an organization. Managers...

What Is Activity Based Costing

Introduction Activity based costing (ABC) is a special managerial costing tool developed primarily to identify relevant activities in an organization. ABC is also a tool used when assigning the cost of each activity carried out within the organization, inclusive of all products and services ongoing according to the actual consumption...

Advanced Financial Accounting Theory and Practice

Executive Summary This report analyses whether Australian SMEs should adopt the IFRS issued to them by the IASB. SMEs have had a fundamental impact on most of the economic fabrics of different countries (Arnold et al., 1984, p. 75). Given the recent difficulties facing SMEs in most developing nations such...

Statement of Accounting Concepts

The importance of accounting The benefits of accounting (as a career) are numerous when considered critically. Various organizations are in need of accountants to manage their financial obligations, uphold bookkeeping, and help in making prospective financial choices (Rajasekaran 2011, p. 8). Thus, it is important to study accounting (as a...

HTC: Managerial Accounting in the Management Process

Managerial accounting plays an essential role in improving the organization’s management process. Management accounting is a core function of organizations and therefore, companies need to focus on their management strategies and policies (Noreen, Brewer, & Garrison, 2011). This document shall study the role of managerial accounting in the management process...

Business Financing and the Capital Structure

Estimating Asset Investment Requirements The concept of working capital management focuses on evaluating the relationship between short-term liabilities and short-term assets to sustain organizational expenses and debts, both in the short-term and in the long-term (Abuzayed, 2012). Efficient working capital management improves an organization’s operations through the improvement of an...

Preventing Fraudulent Activity at Tallahassee Bean Counters

Introduction Tallahassee Bean Counters has never been audited therefore giving employees the freedom to commit frauds without fear of being caught. Internal controls have also been identified to be weak creating loopholes for fraudulent employees to perpetuate and execute frauds. The recent letter that Franklin Kennedy received from an unknown...

Advanced Accounting Principles and Practices

Introduction According to Daniels (2005), “……assets and liabilities are two of the primary elements that make up the ‘accounting equation’” (p. 23). The two items have a variety of classificatory forms and descriptions. The scholar continues to say that “…..over the years- and under the various classificatory forms and descriptions-...

SIRIUS XM Radio Incorporation’s Financial Statements

Introduction The information presented in the financial statements does not necessarily present the actual scenario every time in which a company is operating and the circumstances being dealt with. In fact, a rigorous analysis of the information presented in the financial statements is required to gain an in-depth understanding of...

Cost Accounting for Uptown Clinic

Management accounting and Cost accounting have for a while been topics of discussion amongst accountants. While the accountants understand the subtle difference between the two topics, most non-accounting professionals do not. This literature examines the basic difference between cost accounting and management accounting. The paper discusses the concept of lean...

Financial Accounting: Future Obligations Journal

Kimmel, Weygandt, and Kieso (2010) note that many business owners eschew the use of the word debt in describing their financial positions. However, research indicates that no company can easily function without incurring some debts, which may belong or short-term liabilities. Long-term liabilities are the obligations that take a company...

Ski Pro Corporation Management Accounting

Case Scenario The Ski Pro Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering the production of cross-country skis. After considerable research, a cross-country ski line has been developed. Because of...

The Role of the CFompany’s Financial Statements. Gains and Losses Report

Introduction Accounting is often referred to as the language of business. This is because of the fact that business reports are presented with reference to the earning and the financial position of the accounting entity. the primary purpose of being in business is to make profit. As such, most of...

Aspects of Costing Accounting

Introduction In the case of Vin and Brian, the four units of the new proposed business entity can be considered repetitive. Primarily, paying attention to the products, this business is based on service delivery and the products thereof are food and beverages. Both the casual and the upscale dining rooms...

Internal Control: COSO History

COSO History COSO is an organization that is dedicated to ensuring that there is thorough leadership. It does this by providing internal control and risk management guidance and framework in order to improve the performance of organizations and reduce fraud. COSO is sponsored by, “American Accounting Association, American Institute of...

Role of the Internet in Investigative Accounting

Introduction The following essay is on information accounting and discusses the role of the internet in investigative accounting. Forensic audit in accounting requires the availability of information. The Internet has proved to be a valuable source of information needed in accounting investigations. There has been rise in the number of...

Management Accounting Elements and Evolution

Introduction Management accounting is one of the most important parts of any business entity. It underlines key functions of any organization. Management accounting has often been related to the function of cost accounting. This usually involves allocating costs to the various goods and services in a business. Management accounting systems...

Management Accounting Concepts in Decision-Making

Abstract Decision-making is becoming a very complex phenomenon for managers today. Currently, managers are faced with more complex decisions than any other group of managers before them. However, the battle to sustain and increase organizational profitability still remains arduous in many economic sectors. The sophistication of consumer demands and the...

The Effectiveness of the Sarbanes-Oxley Act

Evaluating the effectiveness of the Sarbanes-Oxley Act The Sarbanes-Oxley Act was passed amidst numerous oppositions from different players in the accounting sector. The Act was meant to regulate financial auditing which was marred by irregularities. Nonetheless, the Public Company Accounting Reform and Investor Protection Act has vehemently failed to fulfill...

Forensic and Investigative Accounting

Introduction National Commercial Bank, headquartered in Riyadh, was the first bank to be established in Saudi Arabi. It was founded in 1953. The bank was constituted as a partnership. It was one of the innovators of Islamic Banking in the world. It operated under a partnership form until 1997. Thereafter,...

Horngren & Harrison: Accounting and Finance

Evaluation of the ratios According to Horngren & Harrison (2009), the current ratio for the company declined from 1.86 to 1.77% indicating that the company’s ability to pay its short term obligations has waned, though to a small margin. However, looking at the average for the industry, it is apparent...

The WorldCom: Principle-Based Accounting Standards

Introduction WorldCom was one of the companies that defrauded investors of billions of dollars through deceptive activities by the top management in the beginning of the last decade. The company started as a small enterprise with little value in the stock market. As the company grew bigger, the management noticed...

Kyle’s Lawns Inc.’s Final Accounts Analysis

The multiple-step format of preparing financial statements is more detailed as compared to the single-step method. This method also provides information about ration analysis to the shareholders or the users of these accounts. In this case, the financial accounts of Kyle’s Lawns Inc will appear as follows. Kyle’s Lawns Inc...

Mumias Sugar Company: Analysis of Accounting System

Introduction The Mumias Sugar Company is located in western Kenya. The company deals with the production and selling of sugar and is ranked the best sugar miller in Kenya and East Africa at large. The company processes sugar cane to sugar, packages and sells the sugar to both local and...

Harmonization of Accounting Standards in Financial Reporting

Introduction Since the advent of globalization in the world economy, there has been the need to come up with harmonized standards to be used in financial reporting. The International Accounting Standards Board reconstructed itself in 2001, after which it came up with objectives aimed at applying a single set of...

Revenue Recognition: A Comparison of USA and Europe

Introduction Revenue is an important aspect of business operations. Every business operation obtains revenue, which needs to be recognized. Understanding recognition of revenue requires a concise definition of the same. Within the business context, revenue is the gross inflow of receivables, cash, or any other consideration obtained during normal operations...

Current U.S. GAAP and IFRS

Introduction Numerous accounting standards are considered by different nations as generally accepted accounting principles. They are briefly abbreviated as (GAAP). Such principles enable various firms within a nation to prepare and present their financial statements in accordance with the established guidelines provided under a nation’s GAAP standards. However, even though...

Restatement of Telkonet Inc.’s Financial Statements

Introduction Accounting changes encompass the alteration of principles adopted by a firm for accounting, alteration of accounting estimates, and or even changes in reporting entities. Alteration of accounting principles refers to the changing of a methodology for accounting such as the way depreciation of assets and costing of inventories are...

Conceptual Framework for Financial Reporting

Conceptual Framework A conceptual framework can be described as inter-related objectives and fundamentals put in place to ensure that articulate and consistent accounting standards are established. The conceptual framework describes the theoretical basis, nature and function of the financial statements. The limits of the accounting information are also defined (Scott,...

The Operational Performance of Lena Sewing Enterprises

Home Sewing Business Income statement Introduction This paper is aimed at presenting a report which will depict the operational performance of a given firm called Lena Sewing Enterprises. The study can also be called profit and loss statement, statement of revenue and expenses, or consolidated statement of earnings as it...

Non-financial Information Disclosures and Environmental Management

Introduction Reporting, in general, refers to a way of presenting information about a company’s performance (Walden & Schwartz, 1997). However, for financial reporting, the reports may include financial position status, profits, and cash flows. Such reports are essential to a wide range of users, for instance, stakeholders, regulators, and investors....

Nike Basic Ratio Financial Analysis

Solvency ratios like current ratio and quick ratio measure the firm’s ability to meet its short-term maturity obligations as and when they fall due, they measure the liquidity risk of the firm whereby the lower the liquidity ratio the higher the liquidity risk and vice versa (Meir, 2008: Universalteacher4u.com, 2011)....

PepsiCo Inc. and The Coca Cola Company’s Financial Analysis

Introduction In this report, a comparative financial analysis of PepsiCo International and The Coca Cola Company has been presented, while keeping in view the financial statements of the respective companies for the financial years 2004 and 2005. The financial analysis presented herein includes vertical analysis and horizontal analysis. Based on...

Professional Ethics in Accounting

Introduction According to the Institute of Management Accountants (IMA), professional ethics in accounting refers to the adherence to the strict code of conduct in the practice of accounting. The IMA in the ethical code of conduct requires managerial accountants to adhere to professional ethics. This means that in the practice...

Accounting Ethics: Code of Conduct

Introduction Accounting ethics forms a part of the system of moral principles that governs the accounting profession (Barry, 1983; Lippke, 1995; Shaw, 1999). Professional ethics in accountancy is multi-faceted. In this profession, multiple cases with regards to ethics have always come up. Recent high profile cases that have hit the...

Ethical Issues Facing Managerial Accountants

Introduction Professional Ethics The Institute of Management Accountants in its attempt to streamline accounting practices developed the Standards for Ethical Conduct for Management Accountants. Under this code of conduct, professional ethics in the practice of accounting has been perceived under pillars of competence, confidentiality, integrity and objectivity in the practice...

Accounting Only Has One Role That Is to Satisfy User’s Needs

Introduction Accounting is a valuable tool not only in businesses but also in day-to-day processes. It is crucial in financial decision-making. Virtually all businesses and financial institutions, as well as non-financial firms, have a functional department of accounting that is crucial to the organisation. The question of who benefits from...

Reporting of Non-financial Information

Introduction Disclosure has been defined as the provision of quantitative or qualitative information relating to a business entity in the annual reports. Non-financial disclosure is thus the provision of information other than financial information. These include customer issues, corporate social responsibility issues, and environmental issues. Non-financial disclosure can be in...

Management Accountancy Issues and Professional Ethics

Introduction According to Buchman (2005), professional ethics are norms that guide decision making in a given field. The decisions include those touching on transactions and maintaining an appropriate relationship with the public as well as within the professional field itself. The professionals have an obligation not to harm their clients....

Generally Accepted Auditing Standards

In today’s tumultuous and multifarious economic environment, the level of fraud has drastically increased in many organizations. Globalization and technological advance have further made the situation to become complex, as auditors have to compete with knowledgeable and well equipped fraudsters. The annual report of the Association of Certified Fraud Examiners...

Disclosure of Non-Financial Information by Companies

Introduction The corporate world is changing as a result of the expansion and social deepening of processes of globalization. To be successful, companies must be knowledgeable about international markets, a diverse range of stakeholders, and comply with ever-increasing regulations on the need for non-financial disclosures. Organizations should also review how...

Forensic Auditing: the Case of Clive Peeters Limited

In the above figure, it is assumed that Sonya Causer invested the funds immediately after he misappropriated them. The annual financial audit that revealed that there was a variation in the creditor ledgers and their subsidiary accounts indicated a discrepancy of $ 2 million while in an actual sense more...

Global Standards in Non-financial Reporting

Introduction In the past decade, we have witnessed an increasingly higher number of companies embracing the concept of non-financial reporting. For example, Alesina and Weder (2002) report that in 2000, very few organizations (only about 44) were reportedly implementing the concept of sustainability reporting as popularized by the Global Reporting...