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Essay / Research Paper Abstract
This 5 page paper provides an overview of current literature regarding the necessity for the standardization of accounting procedures in the global marketplace. In particular, this paper considers the impacts of the issue of standardization and the arguments that exist regarding its importance. Bibliography lists 10 sources.
Page Count:
5 pages (~225 words per page)
File: MH11_MHAccSta.rtf
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MHAccSta.rtf The Standardization of Accounting Procedures in the Global Marketplace Written by 11/2001 For More Information on This
Paper, Please Number Two of Two Over the course of the last five years, the call for greater standardization of accounting principles across international borders has resulted from
a general recognition that accounting methods vary significantly and that these accounting methods and manipulations are often directed at maintaining shareholder value, even when declining corporate conditions should translate into
a devaluation of company stock (Hunt 17). Understanding the principles employed by public companies to determine stability in shareholder value is central to determining the factors that have influenced
the call for greater standardization in accounting systems in the global marketplace. Since 1973, the Financial Accounting Standards Board (FASB) has been the designated organization in the private sector
for establishing standards of financial accounting and reporting (Romans and Margolies. Those standards both govern and provide the criteria for the preparation of financial reports. They are officially
recognized by the United States Securities and Exchange Commission (SEC) and the American Institute of Certified Public Accountants. The SEC has statutory authority to establish accounting and reporting standards
for publicly held companies under the Securities Exchange Act of 1934 (Rosengren and Jordan 3). The entire mission and purpose of FASB is to establish and improve standards of financial
accounting and reporting for the guidance and education of the public, including issuers, auditors, and users of financial information. Such accounting standards are essential to the efficient functioning of
the economy because decisions about the allocation of resources rely heavily on credible, concise, and understandable financial information. The trade situation between the United States and countries like England, Japan
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