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Accountant in Organisation : Assignment

Added on - 23 Nov 2020

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Accountant inOrganisation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1.........................................................................................................................................11 .1 Manipulation of financial statements by accountants, ACCA principles of law, regulation,governing, accounting and audit.................................................................................................1TASK 2............................................................................................................................................31 .2 Philosophy behind 'rules based' and 'principles based' accounting standards and ethicalchallenges faced by accountants.................................................................................................3Task 3.............................................................................................................................................51 .3 Discuss the role of IASB and why one single set of international accounting standardsuch as IAS and IFRS is required...............................................................................................5CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7.........................................................................................................................................................7
INTRODUCTIONAccountant is the person who perform accounts related functions in an organisationwhich includes financial statements analysis and audit. It is that individual who inspect thefinancial accounts of company. In this report, the accounting principles and standards areanalysed with the help of self reflection and evaluation. There are following topics which arecovered in this report such as: ACCA fundamental principles of law and regulation, accountingand audit, philosophies and principles based on accounting standards and ethical challengesfaced by an accountant & company directors. Apart from this it also discuss about role of IABSand requirement of accounting standards such as IAS and IFRS.TASK 11 .1 Manipulation of financial statements by accountants, ACCA principles of law, regulation,governing, accounting and auditCompany accountant is a qualified person who prepare, audit and evaluates the books ofaccounts of an organisation. It prepare financial statements and annual reports of company and itprovide help in decision making and give valuable suggestion about investment opportunitiesand tax laws. I have analysed that accountant involves in manipulation of financial statements.Financial statement manipulation is a big problem for the organisations and there arevarious reasons of it which are as: accountant can alter the data and numbers so that companydoes not pay the compensations to the parties. Due the pressure on higher management authorityto show more earnings so that their share price can be increase and investor invest more in thecorporation. This fraud is bone by the accountant on behalf of company. Improper disclosure offacts means it shows the less amount of revenue in the books of accounts and financialstatements as a result corporate have to pay minimum tax because of less revenue. But thisbehaviour of accountant is not correct because it is the responsibility of them to provide true, fairand relevant information to the company as well as general public so that their interest does notget affected from it.Accountant hold the fiduciary position in an organisation and as a member of accountingprofession it is the duty of him to prepare and analyse the financial statements. There is aprovision of imprisonment and penalty if an accountant involves in the manipulation of financialstatements of corporation. Association of Chartered Certified Accountant was introduced in
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