To discuss:Change in perception regarding the role of accounting profession in financial reporting in England and United States due to emergence and growth of corporate form of business.
Introduction:Joint venture refer to the idea of joint ownership of a business entity, in contrast to private ownership of a business, the resources, assets, liabilities and risks are jointly shared by willing parties. Modern form of business structures has emerged from the idea of joint ownership.
This concept has allowed entrepreneurs to raise more capital, expand businesses, take better advantage of opportunities available and be more transparent in operations.
Inevitably, structural changes in business has led to change in role of accounting profession.
Want to see the full answer?
Check out a sample textbook solutionChapter 1 Solutions
EBK FINANCIAL ACCOUNTING THEORY AND ANA
- The independent, nonprofit organization that sets financial accounting and reporting standards for both public- and private-sector businesses that use generally accepted accounting principles (GAAP) in the United States is which of the following? A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardBriefly discuss why global accounting standards are needed in todays business environment.arrow_forwardWhat is the impact of a smaller number of major international accounting firms on public companies?arrow_forward
- With reference to the article “The Effect of Accounting Education and National Culture on Accounting Judgments: A Comparative Study of Anglo-Celtic and Chinese Culture” Chand, Cummings, Patel (2012), answer the question: Are the standards for the accounting profession truly global?arrow_forwardWhat has been the major roles played by professional accounting bodies in the development of accounting in the USA, UK and Ghanaarrow_forwardmodel of corporate governance in UK?arrow_forward
- What are the differences between a Global Business Company from an Authorised Company under the Financial Services Act 2007.arrow_forwardAre the standards for the accounting profession truly global With reference to the article “The Effect of Accounting Education and National Culture on Accounting Judgments: A Comparative Study of Anglo-Celtic and Chinese Culture” Chand, Cummings, Patel (2012)?arrow_forwardWhich of the following organizations is responsible for the creation and governance of accounting standards in the United States? O A. Securities and Exchange Commission B. Financial Accounting Standards Board C. Institute of Management Accountants D. American Institute of Certified Public Accountantsarrow_forward
- What types of internal and external accounting reports will you use in the process of making decisions? How will the reports differ for a multi-national corporation?arrow_forwardUsing Hofstede’s (1980) societal value dimensions, explain how cultural influenced the accountants’ accounting values. What are the cultural dimensions and indexes to determine a country that exhibit secrecy hypothesis and conservatism hypothesis? Discuss in detail each hypothesis using the country you identified.?arrow_forwardWhat are the acceptable methods of accounting for business operations in a foreign country? Choose a publicly-traded company that operates internationally and identify the impact that the foreign operations have on the financial statements. Explain.arrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeFinancial AccountingAccountingISBN:9781337272124Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
- Financial And Managerial AccountingAccountingISBN:9781337902663Author:WARREN, Carl S.Publisher:Cengage Learning,