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There are numerous other uses of the financial statements created by accountants and as the world economy grows and businesses become more interdependent, Accountancy gains further importance.In recent years an important topic of discussion has been the adoption of global accounting standards.
The investors who suffer in such scams rely on the work of independent auditors who review the financial statements of these companies and their reporting methodology and report any discrepancies so the investors know they can trust these statements. It helps to sustain the smooth flow of business activities as well as a lasting good relationship among the employees, the management, the investors, and the government.
When such auditing firms failed, they were liable to prosecution. Much attention is given to those who are handling the monetary transactions in an organization.
The accompanying clause related to margin calls worsened the case for many banks.
As such, arguments have been made to dispense with the fair market valuation method altogether.
Numerous experts blame the fair market principles for the financial crisis plaguing the world today.
Since most of the companies were required to report some of their financial assets at fair value, it resulted in inflated reporting as the house prices rose and the sudden adjustment downwards as the bubble burst leading to problems for many banks and financial institutions.
The picture coming to my mind about my future is so fantastic.
Dress up in a professional way and go to my own office in a big company.
Accounting, its Goals and Importance in the World In this era of fast flowing money and big multinational corporations, the practice of accounting for businesses has assumed greater importance.
Not only does accounting provide valuable information for investors who want to invest in a company, it also provides shareholders with a mark sheet of the management's performance during a financial year.