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Essay / Research Paper Abstract
A 16 page paper that begins by explaining how accounting standards came to be adopted in the United States in the first place, including the establishment of AICPA, SEC, GAAP and FASB. The essay then discusses the International Accounting Standards (IAS). Four specific standards are outlined: IAS 1, 24, 27, and 31 because they apply to the events at Enron and WorldCom, which are reported in the second part of this paper. The writer concludes that while the IAS Standards had no effect on Enron and WorldCom, these two companies had a very definite effect on IAS. Bibliography lists 14 sources.
Page Count:
16 pages (~225 words per page)
File: MM12_PGias.rtf
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Unformatted sample text from the term paper:
were developed in the first place is the theory that underlies international accounting standards in todays corporate world. Because we will use Enron and Worldcom as the practical examples,
it is important to understand the regulations and laws under which Enron and Worldcom were held accountable. Remember, each country has its own set of accounting regulations and laws. The
international accounting standards are recommendations only and become required only if a country adopts them. From the beginning days of accounting, generally accepted accounting principles were developed as a result
of general usage, which means that as accountants from different geographic regions practiced the same methods, those methods were accepted as principles (Larson et al, 2001). Additional principles were accepted
as accountants agreed these different principles provided dependable and useful information (Larson et al, 2001). As business became more complex, accountants found that existing principles of financial reporting were not
adequate (Larson et al, 2001). Further, accountants were using different methods leading to non-standard financial reports. Managers, accountants and government officials wanted to bring uniformity to the accounting field for
reporting purposes (Larson et al, 2001). It was back in the 1930s that authority was given to small groups to define acceptable principles of accounting in the U.S. (Larson et
al, 2001). Since that time, a number of authoritative bodies have been instituted (Larson et al, 2001). These had and continue to have the power to prescribe which accounting principles
are acceptable (Larson et al, 2001). Different countries have different formal structures for determining their general accounting principles (Larson et al, 2001). For example, in the U.S., it
is the Financial Accounting Standards Board (FASB), in Canada, it is the Accounting Standards Board (ASB) (Larson et al, 2001). The authority for each of these Boards is derived from
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