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6228 Contemporary Issues in Accounting

Added on - 13 Sep 2021

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Running head: CONTEMPORARY ISSUES IN ACCOUNTING
0
CONTEMPORARY ISSUES IN ACCOUNTING
Name of the Student
Name of the University
Author’s Note
CONTEMPORARY ISSUES IN ACCOUNTING
1
Table of Contents
Introduction......................................................................................................................................2
What accounting techniques were employed by Starbucks in relation to minimizing taxation?
Media commentators suggest these were literally impossible for the public to understand - do
you agree?........................................................................................................................................4
Why did the GFC have a global impact?.........................................................................................5
What was the role of rating's agencies in the GFC? How is the role of ratings agents different or
similar to it?.....................................................................................................................................6
Who benefits and who suffers as a result of Enron's actions?.........................................................6
References........................................................................................................................................9
CONTEMPORARY ISSUES IN ACCOUNTING
2
Introduction
The process of research analysis in the field of accounting is quite inclusive of the
purpose to substantiate reality. Like an artist the construction of reality is been evaluated through
the sculpture and how they present them. In case of accounting process and its implementation as
a pragmatic approach to overcome the limitation regarding realistic technical crafts in the field of
computations. In order to ensure that the social life of people that runs through economic
activities in terms of production, consumption, exchange as well as distribution of products and
services, it is essential that the accountants should take the lead not only to understand the
objective aspects of accounting rather their significance should be subjective and interpretative
within defined parameters of accounting system (Markham, 2015). The discussion reveals the
disciplined approach towards accounting and its flaws and fortes in the process of efficient
decision making regarding financial transactions and their effectiveness.
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Discuss whether, in your opinion, business can be sustainable? How? How are you defining
sustainability?
In my opinion the aspect of business sustainability can be feasible based on certain
parameters upon which the business initiatives, activities and their corresponding
implementation is dependent upon or render impact upon. To emphasize this aspect I can reflect
the factors of cost, controlling risk associated with every business as well as the need for every
business to ensure that its reputation is withheld in the long run (Hurley, 2018). Reduction in cost
helps to boost the investment in production as extra unit of finds will become available.
Moreover, channelization of the supply chain of raw inputs for the production of outputs in an
optimized manner and through effective logistics reduces the wastage of raw materials and
CONTEMPORARY ISSUES IN ACCOUNTING
3
optimized the business activities. Apart from that, controlling the risk factors that are associated
with the business initiatives in terms of financial, managerial or work place environment, etc. if
gets mitigated then the efficiency of the workforce involved in the business and the earned an
enhanced willingness towards their work as well as contributes in building a good organizational
culture. Recycling the process of using renewable alternatives will effectively ensure reduction
in the use of excess energy as well as raw factor inputs for the production process. Moreover,
implementation of effective accounting procedures to estimate the cost that the business is going
to incur for its endeavors in terms of investments of all its available resources is crucially
important due to the reason that effective accounting system and process examination of the data
and information related to financial activities makes the business process much more
systematized as well as credible to the organization and its related entities as a whole. All these
parametric factors that impacts the business fundamentally rejuvenates the possibility to make
the business sustainable for the long run. Clearly, I understand the fact that there exists lots of
unpredictable challenges when any business competes in the market but to remain as a better
performing entity in the market every business needs to implement innovative approach and
sustainable practice of what is being produced and distributed in the market by them to their
target consumer base. As per me, therefore the notion of business sustainability is a practical
impression that is being created by the business through its business effectiveness and the brand
it creates itself to the target consumers for which it runs the business. In a more precise sense the
sustainability of business is not only associated with the process of eco-friendly marketing and
transportation mechanism that is concerned with the logistic chain of the company regarding its
allocation of resources and deployment of financial goods and services but also business
sustainability is associated with the effectiveness with which the business takes over the
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