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Essay / Research Paper Abstract
This 15-page paper discusses accounting theories and practices as they pertain to organizations in general. Specific topics discussed include the FASB and FAF, SPEs, OFB and other aspects. Bibliography lists 5 sources.
Page Count:
15 pages (~225 words per page)
File: D0_MTfasbth.rtf
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Unformatted sample text from the term paper:
well be focusing on one organization - Enron - specifically throughout this paper because Enron has become the poster child of how not to run accounting procedures).
Any accountant in this day and age faces a bewildering method of reporting structures, required statements and the need for transparency. There are so many
ways in which something can be reported - and its all overseen by the Financial Accounting Services Board. The problem is, though accountants are expected to follow guidelines of the
FASB, they arent required to. This has caused many problems in irregular reporting in the past, and even led to the meltdown of Enron, one of the largest and most
prosperous energy companies during the 1990s. Has the FASB been able to step up? Are accounting theories and financial statement concepts adequate for analyzing balance sheets and a companys fiscal
health? In this paper, well attempt to define these concepts so we can have a more clear picture on what is going on in terms of accounting.
Specifically, well examine certain theories and aspects of the accounting profession and attempt to discuss them rationally. Well specifically analyze the FASB and FAF, and
well also discuss what the FASB is up to in terms of recent news (and how it is working to protect the accounting industry). The FASB, while a good watchdog
organization, is not regulator, however, and well see in this paper that this aspect could cause problems. Part I - News Release
In this section, well examine a recent news release dealing with a current issue in financial accounting. Well describe the issue, predict its impact on financial reporting and identify
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