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Ethics, Accounting, and Business

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-Identify two reasons why accounting is important for business. Justify your selections.

-Evaluate the importance of ethics in accounting. Defend your evaluation.

-Analyze the importance of having a good understanding of accounting. What implications does a lack of understanding have for business?

-Determine the best way to explain accounting to a non-accountant.

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Accounting is extremely important for any business due to various reasons. First of all, accounting helps in keeping track of the progress of any business, .e, whether or not the firm is making profit or making best possible use of its limited resources. Accounting helps in keeping track of expenses and helps in allocating limited resources in the best possible manner. Accounting is very important from a compliance perspective as firms have to comply with laws, regulations and compliance related issues pertaining to financial accounting and reporting, taxation, etc. Non compliance with laws can attract severe penalties and fines for the firm.

Ethics is extremely ...

Solution Summary

The solution identifies why accounting is important for business. The ethics for accounting are analyzed. The solution helps non-accountants understand accounting.

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Ethics and the Conceptual Framework - Since the scandals of the late '90s, a discussion has taken place about principles-based and rules-based systems for accounting.

Since the scandals of the late '90s, a discussion has taken place about principles-based and rules-based systems for accounting. Many of the scandals involved issues where the organization technically may have met the rule while clearly violating the principle involved.

Please review the attachments:

Considering George Batavick's comments regarding principles-based accounting, prepare a 700-1,050 word paper in which you do the following:

a. Evaluate the conceptual framework developed by the Financial Accounting Standards Board (FASB)
b. Analyze the role and ethical considerations of judgment and decision making in accounting.
c. Take sides on whether principles-based accounting or rules-based accounting more adequately includes the role of ethics and fits best within the conceptual framework. In your paper, state the main arguments of each side, along with evidence to substantiate the arguments. You should conclude with a brief discussion of which side of the argument is stronger and why.

Book: Abdolmohammadi,(2002), Applied research and financial reporting, New York: McGraw-Hill.

Please show references and thank you in advance.

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