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Essay / Research Paper Abstract
This 6 page paper examines various terminology as well as the state of financial reporting in America. Bibliography lists 4 sources.
Page Count:
6 pages (~225 words per page)
File: RT13_SA815fin.rtf
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Unformatted sample text from the term paper:
which the companies do business as well as U.S. policy and law. In examining a number of practices, they are embraced differently by different industries. The environment of the industry
sometimes distinguishes whether or not creative accounting is sometimes employed or conservative reporting practices are strictly enforced. In general, the reporting environment has changed a great deal since problems have
cropped up in accounting practice. The difficulties are associated with well known debacles related to Enron and other firms that have overstepped boundaries. The climate is currently extremely stringent due
to several problems where accounting practices are questionable. Sarbanes Oxley, new legislation passed in the field, is important to financial practices. Clearly, auditors are revered and have more clout than
they might have in the past. It is true that small businesses have been hurt due to the financial aspects of the act, but otherwise, Sarbanes is good law. McEachern
(2005) writes: "Since the enactment of Sarbanes-Oxley in 2004, enterprises have gone through two phases of compliance. The first year was spending whatever it took to get compliant, often purchasing
disparate point solutions. In year two, enterprises started getting more strategic, looking for integrated compliance systems that reduce complexity and contain costs" (p.3). Compliance is tedious, but it seems to
be necessary in a world that is subject to accounting mishaps and corporate fiascos. This is why it is vital that all accountants be cognizant of the numbers and adhere
to accepted practices. Otherwise, their firms may be under a great deal of scrutiny. In light of the political climate, several practices and principles outlined should be regarded with a
consciousness of recent events. Many principles are old in scope, but they do take on new meaning in todays world. The first set of principles are conservatism and accruals. The
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