People leak disclosed financial information about the businesses
The Financial Accounting Standards Board (FASB)
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The major reporting standard for management accounts the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management. The standards outline the ethical standards that accounting practitioners must adhere to.
The two important issues affecting international accounting today are the different accounting standards or principles being used by businesses around the world; and lack of ethical principles within the accounting profession i.e. driven by agency theory. The different accounting principles have created the problem of comparability and increased in costs to the industries that fetch the services of accountant. The lack of ethical principles have led to the failure of companies.
what is financial accounting?
The Financial Accounting Standards Board (FASB)
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The Financial Accounting Standards Board (FASB) is a private organization (within the Financial Accounting Foundation) that issues financial accounting and reporting standards for nongovernmental entities.
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The major reporting standard for management accounts the Standards of Ethical Conduct for Practitioners of Management Accounting and Financial Management. The standards outline the ethical standards that accounting practitioners must adhere to.
The two important issues affecting international accounting today are the different accounting standards or principles being used by businesses around the world; and lack of ethical principles within the accounting profession i.e. driven by agency theory. The different accounting principles have created the problem of comparability and increased in costs to the industries that fetch the services of accountant. The lack of ethical principles have led to the failure of companies.
The codes and rules that members must follow deal with the following, integrity, objectivity and independence, confidentiality, professional competence, compliance with accounting, auditing and any other stands or guidelines given by the society, upholding the image of profession and the society and public interest.
what is financial accounting?
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Investors and creditors rely on financial statements when making decisions on allocating capital. If a company has a poor ethical track record when reporting financial results, investors will take their money elsewhere. This can be observed when a company's stock plunges after news of accounting errors or manipulation. Ethical accounting is foundational to an efficient capital market and lowers a firm's cost of capital.
International Financial Reporting Interpretation Committee, a support group of the International Accounting Standards Board who issues clarifications and application guidelines to the existing International Financial Reporting Standards in order to resolve any inconsistencies or controversial issues.
Management accounting starts where financial accounting ends