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Financial Reporting: Accounting Intern

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You have an accounting intern on staff and have been asked to explain to her the following:
2-3 methods by which the governing bodies communicate the standards, requirements, and guidelines for the accounting profession
At least 1 method must include some form of computer technology.
At least 2 ways in which accounting software can help implement financial reporting requirements

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Solution Summary

The answer to this problem explains the boundaries and limits that an accounting intern must comply with . The references related to the answer are also included.

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The governing bodies communicate the standards, requirements, and guideline for accounting profession through its website, through phone, and e-mail. For example, the FASB has its concept statements, standards, pre-codification standards, and Accounting Standards updates available on its website. All professionals who want to view these can access these statements through its website. This is an electronic method of communication. ...

Solution provided by:
Hatim Baxamusa, MBA
Education
  • BSc , University of Calcutta
  • MBA, Eastern Institute for Integrated Learning in Management
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