Political, Economic & Social effects of Accounting Standard Setters.

Accy 202

The view that accounting standard setters consider the economic, political and companionable consequences of accounting standards is consistent with the view that accounting reports, if compiled in conformance with accounting standards and other generally accepted principles, will be so-so(p) and objective

SYNOPSIS

Objectivity and neutrality are the ultimate goals of general purpose financial reporting. However there are many factors refer that make this goal almost impossible to attain. Economic, political and cordial issues are huge influences on the invoice Standard go bad process, and these influences spill over into everyday accounting, with personal gain a lot ahead of reliability and objectivity. Users of financial reports hand demands that need to be satisfied, and regulatory boards involved in Standard setting make done their best to ensure that information is clear and reliable. Considering these factors, Accounting does not exist in a vacuum, Accountants are kind beings, not robots and the profession has strict guidelines and heavy penalties for unprofessional or fraudulent activity. It is thus clear that every attempt is do to acknowledge the operating societal factors, gauge the impact they have on different industries at different times and move from that point. The result than, has to be, the best attempt at a neutral and objective report by the professional accountant.

Economic, political and hearty issues are powerful driving forces within any society. These issues so need to be focused on when major decisions in industries, are being made. One industry that heavily relies on, and incorporates economic, political and social issues in its decision-making, is that of Accounting.



The Accounting profession is made up of many standards and regulatory boards that govern the way in which entities entertain their general-purpose financial reports.

Accounting standards set minimum benchmarks of the quality demand in financial reporting. They specify that reporting entities...

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