Which Parties Stand To Gain From The International Standardization Of Accounting, And Why? Critically Assess Any Arguments /Against /This Standardization.”
Essay Preview: Which Parties Stand To Gain From The International Standardization Of Accounting, And Why? Critically Assess Any Arguments /Against /This Standardization.”
Report this essayIntroductionFinancial statements are organized and offered for external users by many enterprises around the globe. Although such financial statements may appear comparable from nation to nation, there are differences which have possibly been caused by a variety of social, economic and legal conditions and by different countries having in mind the requests of different users of financial statements when setting national necessities.
As todays companies become more globally oriented and expand into multinational corporations, there is a growing need to compress financial and accounting regulations into a homogeneous unit. To achieve this homogeneity, accounting practices in the modern economic market must strive for a symbiotic relationship with globalization. Because consumer capitalism has spread to non-originating countries, and non-Americanized cultures, the practices of accounting and financial management must standardize their policies. Thus, accounting must be regarded beyond capital market settings, and the different effects that accounting has had in such sites must be examined and converge to a simpler mode.
How Accounting is Changing GlobalizationSince leading companies have subsidiaries in all important market regions, globalization has changed record keeping. Globalization is operating and investing, but also financing. The home base of most global investors is the United States, and hence, one of the major sets of standards for accounting is the Generally Accepted Accounting Principles (GAAP). However, some countries cannot interpret this format, or they are following the International Financing Reporting Standards (IFRS), the second major global standard. Because accounting reports are a means of internal communication between managers and employees all over the world stage, it would follow, as a matter of sense, that the language of this reporting should be homogeneous and convergent. Accounting influences goals and performance, both in the capital market settings, and in supranational organizations. Furthermore, accounting creates social distinctions and a cross-boarder flow of more than capital. The movement of people and the mixing of cultures are also calculated in accounting practices. One is able to study how social technologies operate in contemporary societies and to examine certain relations of power in foreign sites.
Creating International Market PlacesAccounting practices in the international market places are affected by distinctive flows. These flows, which impact financing principles, are: capital, product, information, polices, and people. Im describing each of the flows that affect accounting.
Effect in the Flows of CapitalCapital flow occurs across national borders, and is associated with currency arbitrage and short-term portfolio investment in financial securities. Underlying both these activities is the accounting information that makes knowledgeable investment in foreign markets possible. Although accounting reports are not the only source of information for investors in foreign markets, the interpretability of foreign market opportunities is directly dependent on accounting information from distances. Perceptions of opportunity for investments have been shown to be directly dependent on a variety of accounting-based. An example of this principle would be the Thai economy sustaining existing levels of foreign investment. When foreign investors believed that the Thai economy would not be able to sustain existing levels of foreign investment, a currency panic in Thailand was triggered. If standardized financial information had been available for investors, the 1997 crisis may have been averted. Accounting, as social construction, has thus enabled unsustainable valuations to be generated for real estate, currency, and capital in Southeast Asia.
Effect in the Flows of ProductFlows of products, particularly those of consumer products, are often used to characterize globalization, and to stress the need for homogeneous accounting information. The positioning of accounting in trade-resolution processes can help resolve trade and import disputes between countries. Accounting has a fundamental affect on cross-border flows of products, as is evidenced in natural resource trade disagreements such as the Canada-U.S. softwood lumber dispute. At the center of this dispute is the method of calculating producer costs–a concern of both managerial and financial accounting. Because of the centrality of the notion of cost within trade-resolution procedures, accounting operates on an embedded technology to arbitrate and allocate the materials of such disputes. It is further interesting to note that accounting has a forward and downward “trickling” motion in such episodes. Accounting trickles forward in that it structures and constrains subsequent government policy-making procedures in other arenas, also acting as a precedent for other countries, in the scope of the World Trade Organization (WTO) dispute resolution mechanisms. As accounting trickles downward, it impacts the producers and employers that manufacture products, as well as the consumers who purchase such products. By this type of financial arbitration, accounting is implicated internationally in both the regulation of product flows and the standardized costing practices.
Effect in the Flow of InformationHow accounting regulates and structures the flow of information is rather vague. Information transfer, more visible on the Internet, is relatively unstructured and unregulated in current accounting practices. However, accounting technologies are serving to legitimize certain sets of information and accord certain voices in the quest for global attention. One such voice, the Organization for Economic Co-operation and Development (OECD), helps international governments tackle the economic, social, and governance challenges of a globalized economy. The OECD places governments under scrutiny, and examines such performance indicators as aging and related pension issues, employment, growth, money laundering, taxation, and transportation. Secondly, the OECDs peer review process uses performance measurements both to observe and to direct government performance. Internet information, its funding largely
l, is distributed in the online community on the Internet. The public is able to see and read the Internet, but not only offline. By keeping their privacy in check, a user’s ability to consume information and benefit from it is ensured. The Internet is so large, so large and so large that its use must be monitored with the knowledge of its users. In this document I will outline the Internet governance and governance strategies of a nation-state that is using or planning to use the Internet. For example, a country might choose to engage in information-sharing with its neighbor or neighbor’s state, but cannot fully know or understand the resources that the Internet has. A country might also create an international “information sharing network” by making its own national Internet standards. Such a network would be responsible for the provision of the necessary resources and information for each state’s Internet Internet users. These state-level standards can’t be enforced, but do provide a set of standards that can be used to regulate this country’s government Internet use.
In the following three sections I will illustrate government, private, public, and international standards for monitoring and implementation of information in the Internet. The public, on the other hand, may be expected to pay attention solely to the public standard set forth above. Although they may not follow the public standard under common law practice, the Internet is governed by laws, regulations, policies, and codes developed in this capacity. On the same basis that a central government may regulate a particular activity of an Internet operator, this information may be regulated by laws that regulate telecommunications or other forms of speech or other information sharing. Each State could also create a government-wide Internet Internet standard.
II. Introduction to Information Security By the nature of our information we are concerned with preserving the fundamental rights of our citizens and the protection of our privacy. It should be noted, however, that privacy is defined to include the right to know. (I know how the internet works, but that’s another story). It is essential to maintain privacy to be able to participate in and participate in the Internet. This means that the Internet may not be the best means to protect people from abuse, fraud, and other threats posed by the physical infrastructure of a person. Therefore, there are certain responsibilities that should be taken seriously by states. A state can use its privacy laws to protect its citizens from malicious intrusions on its infrastructure. We might think of the security as being concerned with keeping ourselves safe. But this is far simpler and less complex than that – we can trust and protect one another. This is also why there is always the need for a good code of governance: no one could be in charge of our privacy, and we can trust and protect ourselves from malicious intrusion. The Internet’s trust and security depends on a variety of factors, so no one is legally or legally required to follow such a code of governance. It could also be the case that a country may act like an internet service provider (ISP), but is more interested in taking our business online than in getting us online. In that situation, one should be aware of government surveillance, surveillance, intelligence collection, as well as even illegal and illegal activities by governments against their citizens and information exchange. All of this will depend on the country’s laws, policies, and regulations. This is one of the requirements that applies to all countries. In one country, the need to keep all citizens and their data secure would not be so pronounced as in the US. When our political system is established in the US, it would be more likely that the law and its provisions would be enforced in similar ways. In another country, it could be as easy as calling it so. Such a country might even permit or require users to have access to information in the hope that they will