Management Accounting Essay Example | Topics and Well Written Essays - 3000 words

Management Accounting - Essay Example Many individual country studies have been done on the national management accounting practices all over the world (Broomwitch and Wang, 1991; Amat et al, 1994 etc). However, the investor confidence has been deteriorating internationally in the accounting process because of the widespread occurrences of creative accounting and scandal. These two common events have created serious concerns among the investors globally. This has changed the image of management accounting as an objective discipline and showed the political nature of accounting. Many individual country case studies have been done to evaluate the existing management accounting practices globally (Broomwitch and Wang, 1991; Amat et al, 1994; Adlegan, 2000). Given this background, this essay critically evaluates the subjectivity of management accounting and the various images and practice that have shaped the subjectivity debate. The organization of the essay is given below. Section 2 discusses the debate regarding convergen ce to IFRS and true and fair value concept. Section 3 discusses the creative accounting in detail. Section 4 concludes the essay. 2. ... It is argued that the convergence of national accounting standards and IFRS has advantages like internationally comparable financial information with high quality. Moreover, it is supposed to obtain other benefits of globalization (Purvis et al, 1991). At the same time, this has created serious concerns in many nations also in spite of the above-mentioned benefits of financial reporting under IFRS. The main reason for this concern is that though it has many advantages, it may sometimes avoid country-specific interests (Barton, 1999). The internationalization can lead to the emergence of many account setting bodies which can have their own specific interests that can be in conflict with the interests of a particular nation. These groups can have the dominating power in such cases and the specific interests of a nation can be ignored. This has been a debatable issue in the recent years. IFRS has many major requirements, among which the main is the need for fair value reporting of their financial matters by the public companies in their financial statements. Based on this approach, the exchange price estimates need to be the basis for the asset and liability measurement in some cases. These prices need to be in a transaction at present and between parties who are not associated with each other and are known (Landsman, 2006; Ryan, 2008). However, this approach has raised many questions among the different scholars later. There have been many concerns regarding the fair value approach. In case of illiquid markets, the fair values can be obtained only by adjusting for illiquidity. Here, the market to market values or market to model values will be the adjustment done for estimation of fair values (Landsman, 2006).

Questions of Banking of Canada, USA, UK, France Assignment

Questions of Banking of Canada, USA, UK, France - Assignment Example Nations’ GDPs are still below their pre-crisis peak in many rich countries, particularly in Europe, where the financial crisis has progressed into the euro crisis (Cummings, 2013; Grant & Wilson, (2012). The impacts of the crash are still heaving through the global economy (Cummings, 2013). After the 2008 financial crisis, some countries began modifying their financial and monetary policies to protect the interests of their countries and their economies (Franken, 2010). This essay examines the actions of France, UK, USA and Canada following the financial crisis (Cornett et al., 2011). The U.S was worst hit by the financial crunch. Market participants, investors and consumers were hastily losing trust in the America’s financial system stability (Cummings, 2013). Confronted with this reality, the U.S. federal government acted with powerful force and speed to stem the country’s panic. The first series and sequence of actions, including large guarantees of bank accounts, cash market funds and liquidity by the Federal Reserve, were less (Hall, 2009; Reyes, 2013). Realizing that extra tools were required to address a swiftly deteriorating situation, the Bush Administration recommended a law that created the Troubled Asset Relief Program (TARP) (Cummings, 2013). The Congress passed that measure with bipartisan support; President Bush signed it to law on October 3, 2008 (Federal Reserve, 2009). The Bush Administration implemented some of the programs under TARP (Cornett et al., 2011). The Obama Administration carried on with the programs and added others (Dorsey, T. W., Asmundson, Khachatryan, Dorsey, Niculcea, Saito & IMF, 2011). Under TARP’s authority, the administration ensures to keep credit flowing to businesses and consumers. Additionally, the administration helps straining homeowners avoid foreclosure, and inhibits the collapse of the American automobile industry,