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Financial Accounting

C/F/563. Three Pillars of Financial Reporting and their Impact on Society

WORDS:
1600
DATE:
2009
PRICE:
19.99 GBP

The paper looks at the issues of financial reporting (FR) discussing the view of Paul Volcker, Chairman of the Trustees of the International Accounting Standards Board (ISAB), on the three pillars of FR that need improvement, i.e. accounting standards, auditing practices and legislative framework. The importance of improvement is highlighted arguing that it can prevent further financial scandals such as the ones with Enron and WorldCom in the early 2000s.

 

KEYWORDS: Accounting standards, IFRS, GAAP, Enron, Volcker, IASB, auditing,

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Received thanx great paper J.C.