Ethical guidelines of an accountant Essay Example | Topics and Well Written Essays - 1250 words

Ethical guidelines of an accountant - Essay Example The globalization of most industries means new standards of financial reporting have to be followed.In many instances,new standards had indeed been adopted by accounting bodies eager to be of help in contributing to the promotion of the interest of various stakeholders such as varied investors,government regulatory bodies and the employees who also have a stake. Because of their confusing and complex nature, one has to be a detective of sorts to be able to sort out all the information contained in financial statements.Analysis of these statements require a certain degree of skill to be able to make fair comparisons between firms operating in various countries. Admittedly, there had been several efforts to standardize all the accounting rules and practices beginning in 1973 and took more concrete form by 1998 with a creation of the International Accounting Standards Board (IASB).My paper deals with the ethical issues confronting most chartered accountants today. It is because the prof ession of accounting is often a murky environment with various rules and regulations subject to different interpretations. In other words, most of the rules were formed from mere opinions of authoritative bodies. As such, opinions can be subjected to challenges. Despite all the efforts at standardization, there is still a long way to go before all accountants follow the same rules and procedures. Chartered accountants can be subjected to all various pressures for them to fudge the numbers if necessary. This puts them in awkward positions of conflicts of interest.

Case Study Example | Topics and Well Written Essays - 1250 words - 5

Case Study Example A firm’s support and analysis of this scenario would reveal that, in the point at which there is a clear distinction between the ‘data’ and the ‘information’ expected from it, the outcome would be the realization of the fact that ‘data’ is nothing but a raw and unorganized collection of facts that need processing in order to make them meaningful and useful. This is a sense that was not being noted in FreshDirect prior to Braddock becoming the CEO; hence, the noted losses in sales, revenue as well as the decline in the customers’ base or numbers (Laudon & Laudon, 2013). Considering this, not unless well organized and put to proper usage, organizational data can be quite useless and meaningless. Therefore, the organization of data so as to produce adequate information would greatly enhance the business cycle and growth of the organization (Wisner, Tan & Leong, 2011). Further still, whereas when the collected data is adequately organized, processed, structured and presented in the required context; thus, making it useful and meaningful, it will be referred to as ‘information.’ In the case of FreshDirect, its business entails dealing with a huge number of customers in a single business day. As such, it would be required to ensure that it accurately takes all their order, delivery time and the locations of delivery. This amount of data is quite huge, and if not sorted out, the likely result would be a total mess and mix-up in orders, delivery and even a cause in delivery times since no proper information is generated to indicate the location of clients so that a truck only serves a region. The success of FreshDirect also required a huge number of human resources for it to run, and a huge amount of data for it to run. Thus, it would make no meaning if the collected data is not enhanced to produce the required information this a failure in the