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Essay / Research Paper Abstract
This 5 page paper considers how accounting standards and the required flexibility can create a conflict. This is seen in many countries one example are the Australian Statement of Accounting Concepts (SAC) 2: Objective of General Purpose Financial Reporting and SAC3: Qualitative Characteristics of Financial Information l conflicting with AASB 1041: Revaluation of non-current assets and AASB 1021: Depreciation. This paper consider how these conflicts arise and argues that there should be a single standard for all companies. The bibliography cites 6 sources.
Page Count:
5 pages (~225 words per page)
File: TS14_TEdihacc.rtf
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Unformatted sample text from the term paper:
Australian Statement of Accounting Concepts (SAC)2: Objective of General Purpose Financial Reporting and SAC3: Qualitative Characteristics of Financial Information l and AASB 1041: Revaluation of non-current assets and AASB 1021:
Depreciation. In this we have the ethical dilemma that we will often have the same problems, with different parties wishing to use to interpret the accounts in different ways and
for different purposes. Here there is the flexibility being given to companies in the way that account for revaluation and deprecation, but at the same time this may be seen
as a contradiction of the accounting standards which have the ultimate aim of ensuring that any set of account presents a fair and true picture of the position of the
company. These standards are all aimed at financial accounting. Financial accounting can be typified by the annual accounts and the way in which they are used to compare year with
year and also in terms of benchmarking between companies for performance. Therefore, we can argue that the majority of people using these accounts are not directly involved with the day
to day running of the company and as such can understand that the figures are all historical, and may be out of date by the time they are read. Therefore,
there is an importance that these need to be understood and be set by standards. However, there are many different types of industry with many different types if business
and operations. Therefore, for some companies the revaluation of assets may be seen as whole appropriate in order to give a true value of a company, for others is s
merely an accounting practice to falsely enhance the value of the company. The problem is in how this may or may not be allowed.
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