However, when a shock happens that changes that pattern, the information is no longer relevant. In periods of turmoil, only the most up-to-date information is relevant. The usefulness of the information wanes quickly as the behavior of the company becomes more erratic. After a period of erratic behavior and change, the company may be forced to make internal changes that affect the way they do business. They may make changes that affect their inventory management, sales cycle, stock levels, supply chain, distribution network or other fundamental business functions. New patterns may emerge and the old information no longer applies.
The term "relevancy" can have many different meanings depending on what is happening with the company. A new accounting regime may need to be instituted when a change takes place. Looking at the most recent historical information is one way to determine the relevancy of the accounting information. The analyst needs…...

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References

Cadwalader, Wickersham, & Tact LLP. 1999. Application of the Safe Harbor for Forward-

Looking Statements. Findlaw. Accessed April 23, 2009

.

Giroux, G. (n.d.). American Big Business and Cost Accounting. In a Short History of Accounting and Business. Accessed April 23, 2009

This will of course change the methods in which companies in the U.S. do their accounting and report financial information, but a change in accounting methods should not lead to a major change in the way these companies actually perform their business.
If the transition to IFRS rather than GAAP is expected to change a company's business practices, it is only a sign that the transition needs to be made that much sooner. If a company makes business decisions based on the way it will be able to report that decision's financial effects, rather than on the real value of that decision, there is clearly something wrong with the accounting methods the company is using. The recent financial meltdown largely caused by questionable accounting practices (and tangentially exacerbated by a lack of international standardization in these practices) is definitely evidence that such practices need to be changed, and with an…...

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"AmEx profit triples, beating expectations."  http://money.cnn.com/2010/01/21/news/companies/American_Express_earnings/ 

This article describes the unexpected profit gains that New York-based credit card company American Express made in the fourth quarter of 2009. Though revenue remained flat when compared to the same quarter in 2008, near the height of the global recession, the six-and-a-half billion dollars that the company saw was nearly half-a-billion more than expected. This led to a profit of seven hundred and sixteen million, or sixty cents per share, in the three-month period. Much of this is due to a rise in consumer spending with the use of their AmEx cards, which rose for the first time in over a year during the fourth quarter of 2009. The percentage of credit card payments defaulting or failing to be made also dropped significantly in the quarter, boosting the company's earnings.

Though this is considered a significant improvement in the company's situation, analysts warn that the company could still see hard times as record unemployment levels continue to hurt many consumers, in both their willingness to spend and their ability to make their credit card payments. Although American Express is showing greater profits and revenue, it actually posted a larger revenue in the fourth quarter of 2008, with significantly higher earnings per share than the profits of the past quarter brought to investors.

accounting profession is a necessary practice because the discipline still has room for growth. In fields related to auditing, gross failures in the internal auditing system have been reported. In order to avert such occurrences; having a publication on a given accounting situation is essential. Investors, accountants, and students have to be provided with reliable and concise information in the document. This can be communicated effectively using appropriate publication documents. This analysis examines on the possibility developing appropriate publication as a response to the needs of the industry.
Planning Your Article

The extract affirms the necessity of processing a clear, concise, and understandable article. This is because the accounting profession is a demanding occupation that requires primary ethics and exactness. Article development requires proper planning, choosing a viable topic, and researching on it. The topic should seek to resolve an accounting problem. In order to pursue the article, the authors have…...

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References

May, C, & May, S. (2012). Effective Writing: A Handbook for Accountants. New York: Pearson Prentice Hall

Technology on the Accounting Profession
Accounting and finance continue to see rapid improvements in the accuracy, efficiency and performance of systems as advances are made in the fields of analytics, big data, system integration and reporting, mobility and cloud-based platforms including Software-as-a-Service (SaaS). All of technologies taken together are accelerating the pace of change in accounting today. The intent of this analysis is to provide a description of these technologies, explaining their effects on accounting processes. These technologies are also discussed from the standpoint of how they are changing how accounting is being performance at Cincom Systems, a provider of enterprise software.

Analysis of How Technologies Are Changing The Accounting Profession

The most significant advances in technologies impacting the accounting profession are occurring in the area of cloud computing and SaaS, as cloud architectures are fundamentally changing the economics of how software is purchased and used (Arnesen, 2013). The growing interest in…...

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Bibliography

Arnesen, S., C.P.A. (2013). Is a cloud ERP solution right for you? Strategic Finance, 94(8), 45-50.

Brands, K., C.M.A. (2013). XBRL and big data. Strategic Finance, 95(2), 64-65.

Christensen, M., & Skaerbaek, P. (2010). Consultancy outputs and the purification of accounting technologies. Accounting, Organizations and Society, 35(5), 524.

Collins, J.C. (2013). Technology Q&A. Journal of Accountancy, 216(2), 68-70,72.

Ethics and Independence in the Accounting Profession
There are according to the text, two primary reasons that people act unethically. A person will act unethically if there standards differ substantially from those of society "as a whole" or if the person chooses consciously to act in a selfish manner.

There is no profession more profoundly impacted by the effects of ethical standards that the accounting profession. The effects of ethical and unethical behavior on independence and daily functioning are implicit in everything an individual in the accounting profession does.

ecently there have been many public 'scandals' within the accounting profession, re-establishing the need for attention to ethical standards and training within the field of accounting. Public cases such as Enron have resulted in a diminished sense of trust among the public with regard to the accounting profession.

In times of old individuals pursuing the accounting profession as a career might assume that they would…...

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References:

Dettmer, J. (2002). "Enron casts dark shadow on academe." Insight on the News, 18(9):

47

Rothenburg, E. (2003). "Incorporating business ethics into introductory accounting courses." The CPA Journal, 73(10): 6

Sack, R. (1991). "Integrating ethics into the accounting curriculum." Journal of Accountancy, 172(4): 43

Computers on the Accounting Profession / Future of Accounting Profession
Computers are widely used today in the field of accounting; computing hardware (e.g., printers) and software find extensive application in the profession, as do security options, which are employed for the purpose of protecting client-related information. All accountants, including auditors, need to be tech savvy to remain competent in the future. Mobile devices, such as smartphones, laptops, tablets, etc. are becoming key accounting tools, helping professionals with managing client services, as well as their everyday workloads. Technology will enable greater flexibility with regard to how, when and where job tasks are performed. On-site presence will lose its importance, as the aforementioned tools permit (and usually require) anywhere, anytime work (Branwell, 2015).

Within five years from now, the accounting industry, in particular, will witness a shift towards cloud-enabled technology. This is because tools like cloud-connected tablets and smartphones will allow companies to…...

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References

Branwell, J. (2013). Intuit Looks at Technology's Role in Accounting's Future. Accounting Web. Retrieved from   on 10th November, 2015.http://www.accountingweb.com/technology/trends/intuit-looks-at-technologys-role-in-accountings-future 

Business Forum. (2015). The Business Forum Accelerators debate the future role of technology in accountancy. Chartered Accountants in Australia and New Zealand. Retrieved from   on 10th November, 2015.http://businessforum.charteredaccountantsanz.com/en/Site-Content/News-and-Views/Will-technology-replace-Accountants.aspx#.VkGrP5-3TqD 

Accounting
This discussion contains research pertaining to the impact of cash-basis accounting on the distortion of the financial position and operating results of a business.

We began our discussion with a definition of cash base analysis. We concluded that this accounting tactic is used to examine cash and cash equivalents. This is done by separating cash flow transaction into one of three activities which include; operating, financing and investing activities.

Our investigation then explored why and how financial statements completed using cash-basis accounting can be distorted to present a misleading picture about the financial position and operating results of a company. Our investigation found that these distortions exist when accountants fail to provide a report of additional information that may not appear on the face of the financial statement. Additionally, we found that inconsistencies in the presentation of a financial statement can greatly influence the distortion of information that is found in the…...

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Reference List

Financial Reporting under the Cash Basis of Accounting (2000) Standards Report International Federation of Accountants.

Live on the Lakeshore Financial Statements. (2003) Retrieved August 19, 2003 at http://aliveonthelakeshore.gospelcom.net/aotlfinancial03.pdf.

Navani, Vinay S. (2002) IRS eases cash-accounting rules for small businesses

Journal of Accountancy, Vol. 193

(5) Auditors and CPAs should consider several ways that the Sarbanes-Oxley Act and SEC implementation rules as a whole impact accountants and work closely with regulators to address these effects. (6) Public accounting firms need to reconsider external auditors' participation with their client's internal audit function and control structure. This reporting on the internal controls can be very useful and add value to the integrity and quality of the financial reporting process. However, management accepts full responsibility for the design and maintenance of the adequate and effective internal control system. (7) Auditors should advise their clients and make recommendations for the appropriate disclosures of financial information. A more timely, relevant, objective, and transparent financial reporting process should improve the quality, integrity, and reliability. (8) it is necessary to use more effective and objective audit procedures and related standards to improve audit efficiency. The role of independent auditors on financial…...

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Journal of Accountancy. 199(2) p. 74-75.

Rezaee, Z. (2004) Restoring public trust in the accounting profession by developing anti- fraud education, programs, and auditing Managerial Auditing Journal. 19(1): 134-148

Walker, D.M. (2005) Reclaiming public trust in the wake of recent corporate accountability failures International Journal of Disclosure and Governance 2(3):.. 264-271-279

Accounting report generation, tackling exercises and answering exams is vital, especially when testing the competency of each student. The accounting profession is a demanding course and requires accuracy in the presentation of information: almost all skills taught in class are implemented directly in the field. This analysis presents some findings in favor of three integral exams-based learning methodologies. The ideas are extracted from chapter twelve of "Effective Writing: A Handbook for Accountants" as written by May and May (2012). The first section focuses on essay exams, which may be handwritten, or in computer-generated documents whilst appreciating the importance of cognitive reasoning in responding to essay exams. The second section- professional exam- attempts to expose a handler into real accounting situations. In most cases, the handler will tackle similar assignments as those in a real company in the form of reports.
Main ideas

Essay Exam

This chapter commences with a clear identification of essay…...

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References

May, C, & May, S. (2012). Effective Writing: A Handbook for Accountants. New York: Pearson Prentice Hall

The management accounting leads candidates into finance, risk management and even production management. hile CMA certification is not necessary to pursue a career in management accounting, it is recommended. The IMA claims that certified management accountants earn on average $25,000 more per year than non-certified peers (IMA, 2011).
As with the accounting profession in general, there is increased demand for management accountants. CMAs are in demand because of their ability to contribute to the profitability of businesses, and demand for CMAs is expected to grow in coming years. Because CMA job duties are less structured than those of financial accountants or auditors, CMAs enjoy greater career flexibility.

Both types of accounting positions are poised to enjoy significant growth. There is also a trend in business, particularly since Sarbanes-Oxley, of looking to accounting professionals to lead firms. More CEOs are coming from the accounting stream than ever before, which highlights the importance…...

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Works Cited:

Bureau of Labor Statistics. (2011). Occupation outlook handbook 2010-2011: Accountants and auditors. BLS. Retrieved March 20, 2011 from  http://www.bls.gov/oco/ocos001.htm 

IMAnet.org, various pages. (2011). Institute of Management Accountants. Retrieved March 20, 2011 from  http://www.imanet.org/ima_home.aspx 

Taub, S. (2003) Now playing: CFO as CEO. CFO Magazine. Retrieved March 20, 2011 from  http://www.cfo.com/article.cfm/3007934

Accounting Profession: New Scrutiny and esponsibilities
While many people treat the accounting profession as something which lacks glamour and prestige, ordinary civilians often don't realize how crucial the accounting profession is to the world at large. The accounting departments in major firms are often what provides a foundation for most companies to be able to do what they do and accomplish tasks as needed. Accountants are the ones who are able to keep track of all the finances that are going out vs. what is coming in. Given the "new normal" in the world of corporate finance in light of the more recent corporate scandals, the work that accountants do have a greater level of importance. Accountants are now under greater scrutiny and have greater levels of responsibility: the accounting departments in major firms are now seen as ethical watch-dogs.

The skills and knowledge required in being an accountant are extensive.…...

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References

Balassone, J. (2014). Ethical Meltdown: Red Flags for Directors. Retrieved from scu.edu:

 http://www.scu.edu/ethics/practicing/focusareas/business/red-flags.html 

Einhorn, W.M. (2003). Ethical Accounting Practices and the Pressures on CPAs.

Retrieved from nysscpa.com:

Accounting has been nothing if not a dynamic, global discipline over the last two decades. The role of the accountant has changed dramatically during that time and will continue to do so -- as will the nature of the challenges that the accounting profession faces"
Over the past twenty years, the modern business community has been faced with the challenges of globalization, the new predominance of technology in business affairs, and the creation of a service-based 'knowledge economy' versus a manufacturing-based one. The profession of accounting has had to adapt to this new environment. "Business internationalization and globalization has facilitated the transfer of capital and information across national borders, with economic power residing in holders of particular knowledge sets. Business and management location is becoming increasingly irrelevant and management and accounting work is becoming multidisciplinary" (Parker 2002).

Globalization has lead to more uniform regulations in accounting. Until recently, U.S. accountants for…...

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References

GAAP'S Last Stand IFRS is no rumor -- welcome to the next phase of financial reporting.

2011. Periso. Accessed:

/ [June 23, 2011]http://perisho.com/keeping-current/gaaps-last-stand-ifrs-is-no-rumor-welcome-to-the-next-phase-of-financial-reporting

Parker, Lee D. 2002. Reinventing the managerial accountant. Glasgow University.

They then proceed to detail their selected sample (76 NYSE firms that reported at least three annual losses in period's 1980-1985 and that reduced cash dividends. They then implemented various conditions to test their hypothesis that it is the troubled firm's aim to retain preservation of their company, rather than to make a bonus, that causes them to select a certain accountancy plan.
In section 2, the authors describe their methods used in selecting a sampled population and their bias controls. There is a great deal of numerical data, and the material is dense particularly when they elaborate on the earnings and cash flow performance of the various firms. Each unit is broken up into subunits. Scholarly tables condensed with data that for instance report accrual levels and changes for the 76 firms support their written text and the Tables are alluded to in the text. Statistical analysis of these…...

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References

DeAngelo, H. DeAngelo, L. & Skinner, DJ (1992) Accountign choice in troubled companies. Jour. Of Account. & Econ. 17, 113-143

Elliot, Barry & Elliot, Jamie: Financial accounting and reporting, Prentice Hall, London 2004

Gray SJ (1988) Towards a Theory of Cultural Influence on the Development of Accounting Systems Internationally Abacus, pp.1-15

http://folders.nottingham.edu.cn/staff/zalzae1/ATP/articles/Gray.pdf

It also publishes interpretations about certain rules.
WHEN AN ACCOUNTANT FAILS

The AICPA's Code of Professional Conduct is considered to be a binding agreement for every CPA in America.

As with other professions most accountants are ethical and honest in their dealings with their clients, however every so often a problem arises that must be disciplined. This can happen in a purposeful attempt to be deceitful, or it can happen by an error in judgment or an error in practice. egardless of how or why it happened a review is called for and a sanction or discipline course of action is decided upon (Badawi, 2002).

Most of the violations that occur are ethical dilemmas that are relatively easy to solve but some of the problems become quite in depth and resolution is more difficult to reach.

A study of conduct violations in a ten-year period produced the following result.

The most violations -- 41 --…...

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References

Badawi, Ibrahim M.(2002) Accounting codes of conduct, violations and disciplinary actions. Review of Business; 1/1/2002;

Carey, J.L. The CPA Plans for the Future. New York, NY: AICPA, 1965.

Demski, J.S. And J. L Zimmerman.(2000) "On Research vs. Teaching: A Long-Term Perspective." Accounting Horizons

Accounting Careers
Accounting is a common function in virtually every organization, irrespective of size and industry/sector of operation. The function is generally concerned with documenting business transactions and preparing financial statements. The accounting field offers numerous career paths. These include financial accounting, managerial accounting, internal auditing, tax accounting, financial analysis, payroll clerking, and forensic accounting (Bureau of Labor Statistics [BLS], 2015; American Institute of Certified Public Accountants [AICPA], 2017). Though related, each of these careers is unique in its own way. A financial accountant is involved in making and receiving payments, recording transactions, and preparing financial statements. Closely related to financial accounting is managerial accounting. While a financial accountant prepares financial statements for use by outsiders such as shareholders and lenders, a managerial accountant prepares financial records for internal use. The work of a payroll clerk is to ensure employees are paid accurately and on time. The clerk prepares, processes, and…...

Reflective Essay: Accounting Theory

Accounting theory is an essential part of the accounting profession as it provides a framework for understanding and interpreting financial information. Throughout my studies in accounting, I have learned about various accounting theories that have significantly influenced the way financial transactions are recorded and reported. In this reflective essay, I will discuss my thoughts and insights on accounting theory and its relevance in the field of accounting.

One of the accounting theories that I found most intriguing is the Positive Accounting Theory. This theory suggests that accounting practices are developed based on the self-interest of individuals or organizations.....

Accounting Theory: A Reflective Essay

Introduction

Accounting theory serves as the foundation for the principles and practices that guide financial reporting. It aims to establish a common framework for understanding and interpreting accounting information. As a student of accounting, I have delved into various accounting theories, each offering unique insights and perspectives. This reflective essay explores my reflections on accounting theory, its significance, and its implications for the accounting profession.

The Role of Accounting Theory

Accounting theory provides a conceptual framework that underpins accounting practices. It establishes the principles and standards that govern the recording, classification, and reporting of financial information. By providing a....

1. Integrity: Accounting professionals should uphold high standards of honesty, integrity, and trustworthiness in all their professional and personal dealings.

2. Objectivity: Accountants should remain impartial and unbiased in their work, providing accurate and reliable information without allowing personal interests or biases to influence their judgment.

3. Confidentiality: Accountants have a responsibility to maintain the confidentiality of client information and to ensure that sensitive financial data is protected from unauthorized disclosure.

4. Professional competence: Accountants should strive to maintain high levels of expertise and professionalism in their field, staying up-to-date on relevant laws, regulations, and best practices.

5. Professional behavior: Accountants should conduct themselves....

Key Principles and Values for a Code of Ethics in Accounting

A robust code of ethics for accounting professionals serves as a cornerstone for maintaining the integrity, credibility, and public trust in the profession. It provides a framework of principles and values that guide accountants in their professional conduct and decision-making. Here are some key principles and values that should be outlined in such a code:

1. Integrity

Adhere to the highest ethical standards and maintain impartiality in all professional activities.
Act with honesty, fairness, and transparency in all dealings.
Be truthful and accurate in reporting financial information and avoid any intentional....