A Sound Financial Reporting System, Supported by High Quality Accounting Standards...

A sound fiscal keying system, supported by high quality be standards and backed by a solid regulatory, governance and ethical framework, is a pre-requisite for sparing ripening. Accounting has been around since the beginning of civilization and played an classical role in the phylogenesis of cities, trade and the concepts of wealthiness. Nowadays, business is very complex and therefore there is an increased need for providing sinless and reliable financial information. Moreover, according to ACCAs beliefs, the importance of financial reporting and accounting standards is significant not only for the method of accounting profession, but withal for the world economy. [1] Dr Joe Sumners, Auburn University, defines economic development as the process by which a community creates, retains, and reinvests wealth and improves the quality of life.[2] Economic development encompasses diverse disciplines, including economics, business, governmental science, public administration, marketing and communications, sociology, community planning, education. In that case, it can be questioned whether good financial reporting system, supported by accounting standards, regulatory framework, good corporate governance and ethical standards, plays also an important role for further economic development.

The purpose of this report is to critically evaluate the relationship between above-mentioned harm with reference to economic development. The first part of this paper describes several(prenominal) terms which are significant for accountancy field. On the former(a) hand, the second part represents the relationship between these terms and economic development, supported by subjective discussions. Financial reporting objectives are the key determinants of the nature of a financial reporting system. The primary quill objective is to provide information useful for making investment funds and credit decisions. To be useful, information must be relevant, reliable, and comparable, and... If you want to get a full essay, order it on our website: Ordercustompaper.com

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