Follow,the,Magical,Accounting, business, insurance Follow the Magical Accounting Rules

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This has beendeveloped to provide a basic guideline for the rules of accounting because Ithink it’s fair to say that it can get confusing at times. There are a lot ofvariations to the meaning so here is the best answer.  It’s the generally accepted accounting rulesand procedures that are necessary to define accounting practice.  Basically it’s a set of theories that accountants come toaccept, and there are always controversies with some methods betweenaccountants like any other field of study. Accounting is a discipline that isalways growing and changing so it’s a good idea to keep up to date with all ofthe trends that are going on. Since the management prepares the financialstatements of a company it is possible that a financial statement can bealtered to give a company a particular boost. So, that’s why the companies thatsell their ownership to the public needs to get their financial statementsaudited by a public certified accountant. A certified public accountant (CPA)are licensed through the sate for the same exact reason lawyers and doctorsare, so they and protect the public by providing the highest quality ofprofessional service possible.  Thereason why CPAs are used is because they have no connection with the companyand are independent. They have zero financing ties with the company.  Some firms that employ a lot of certified public accountantsinclude Deloitte & Touch, KPMG, and PricewaterhouseCoopers. An accountantwith no strings attached or is independent commonly performs an audit, which isevaluating a companies financial statements, product, accounting systems, andrecords.  The main purpose of an audit isto make sure that the financial statements have been properly preparedaccording to the excepted accounting rules. Keep in mind; since accounting is nota precise science it has room for interpretation according to the GAPP.  However, that doesn’t mean that theaccountants report should contain substantial errors in the financial report,but more like that for the most report it is reliable for creditors to take alook at.  An accountant can make adecision only when the financial statements conform to the guidelines ofGAAP.  In the past creditors, banks, andinvestors tend to favor an auditor when they are deciding to invest in acompany or give loans, because of their independence.  The individualistic audit is an extremelycrucial factor in the growth of financial markets internationally.  Also, many organizations can directly or indirectlyinfluence a GAAP. The Financial Accounting Standards Board (FASB) is the mostcritical body for the development and issuing of rules on accounting practice.The website I previously listed is extremely critical and you can attendseminars online for no cost, and also stay up to date with the rules.  This independent body issues the Statementsof Financial Accounting Standards. Next, the American Institute of CertifiedPublic Accountants (AICPA) is the official professional association forcertified accountants. It’s the largest CPA organization that exists in Americaand heavily influence accounting practices through its senior committees.  The Securities and Exchange Commission is theagency of the federal government that legally has the power to set and executeaccounting practices for companies that sell security to the public, and it hasa large impact on accounting practice. Next, the governmental accounting standard (GASB)  is critical for accounting because its mainjob is to issue the standards for accounting to the local and state governmentsin the United States.  However, a lot ofthese organizations are focused on the rules in regulations in the United States. There are a lot of businesses and accountantsinternationally so that’s why the International Accounting Standard Board (IASB)was formed.  It was approved by more then25 international agencies.  The U.S lawsthat analyze the revenues for the cost of operating a business can also affectaccounting practice. It’s no question that the major provider for income forthe government comes from income tax. The income tax rules are heavily appliesby the Internal Revenue Service (IRS). Sometimes these rules actually cause aconflict with the accepted rules of accounting. A lot of businesses useaccounting practices because it’s a requirement by tax law.  Also, companies can use the rules of tax lawto their advantage financially. Accounting also has laws of conduct for profession, and one extremelyimportant one is ethics. A nice website dealing with the issues of ethics is ethics.org. It touches bases on questions that help determine ifsomething is either right or wrong, and is based on moral decisions. Mostpeople are faced with several ethical issues each day and, and some ethicalactivities could be on the range of illegal. If a business decides to use falseor misleading advertising, or to bribe customers into giving them testimonialsfor a specific product, then they could be acting in an unethical manner.  The ethics of a company could also be aresult of the employees so that’s why it’s always a good idea to run abackground check of who you are hiring, whether it’s online or offline.   Professional ethics is the guidelines that apply to theconduct of individuals of a certain profession. Similar to the ethical actions of a company, the ethical actions of anindividual is a decision.  As being amember of an organization, accountants have to take the responsibility not onlyto their customers and employers, but also to the general public to act in thegreatest ethical way possible. Accountants are very good at followingprofessional ethics because they are the second professional group as havingthe largest ethical standards, with clergy being the highest, no surprisesabout that one.  It is important forindividuals who decide to become an accountant to have the highest levels ofprofessionalism as possible. To enforce that its prestigious members arefollowing the rules, the AICPA along with each state have adopted some codes ofprofessional conduct that certified public accountants have to follow.   Some simple rules are being responsible to the people thatdepend on the trust of accountants, such as creditors and investors. Whenworking with people the accountant must act with integrity which means thatthey are honest, and the individuals gain from the visit with the accountant.The accountant must display objectivity which means that they areintellectually honest, and they must remain independent which means that theymust avoid any relationship with the business or individual because it willdamage the accountant’s principles.