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Essay / Research Paper Abstract
An 11 page paper discussing the value of financial statements prepared according to traditional methods and accounting convention. Some have questioned whether traditional approaches to accounting convention can continue to serve the needs of organizations and investors in providing "relevant and reliable information for stewardship and decision making purposes." This is the topic of this paper, which concludes that traditional accounting methods still are relevant in today's business environment. The paper also discusses Enron, Sarbanes-Oxley and the responsibility of senior management. Bibliography lists 9 sources.
Page Count:
11 pages (~225 words per page)
File: CC6_KSacctReptVal.rtf
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Unformatted sample text from the term paper:
Street analysts lead investors to demand that organizations meet earnings targets established by analysts, rather than members of businesses senior management teams; missing those targets can cost the organization dearly
in market capitalization, the least-costly form of capital that any publicly-traded company can secure. This and other factors lead organizations to present themselves and their financial results in the
best light possible, which also has contributed to some of the amazing accounting scandals of recent years. Where is the blame to be
placed? "Corporate greed" is a convenient scapegoat, but with notable exceptions such as Enron, generally only outside of financial circles. Pressure to "make the numbers" intensifies as globalization
continues to expand while organizations strive to build for the future as well as perform well in the present. Some have questioned whether traditional approaches to accounting convention can
continue to serve the needs of organizations and investors in providing "relevant and reliable information for stewardship and decision making purposes." This is the topic of this paper, which
concludes that traditional accounting methods still are relevant in todays business environment. Continued Relevance Even though there is a great deal of freedom
in how organizations can categorize and classify their financial results, each organization is required to maintain uniform internal standards unless and until it advises publicly that it will change or
recently has changed its approach to categorizing expense and income items. The end result is that business results may not be comparable between organizations, but the investor can assess
historical results within a specific organization and know that the category "selling, general and administrative" (SGA) expenses contains the same items during the current year that it did in the
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