Science, Politics, and Accounting: a View from the Potomac (Summary)

Name: Yen-Nien, Chen Article: Science, Politics, and Accounting: A attitude from the Potomac (by Palmrose) --- write the article In this article the author foc intents on the nature and rush of the field of accounting. She suggests the need to draw on paradigms other than the tralatitious ones, like economics and psychology from the brotherly sciences, and talks roughly the connection between science and accounting, which encompasses the rude(a) sciences and complexity science. The author presents a list of seven truths round accounting, generally accepted accounting principles, complexity in visualize to accounting practices, and insistency on auditors. The CAP was create by volunteer accountants who studied the good rules, also cognise as the general acceptance rules and thus established generally accepted accounting principles. everyplace time, the GAAP shifted away from the general acceptance and practicality into guidelines that are similarly hard-fought for users to understand and apply. The difficulty rises due to the addition of world-wide Financial account Standards (IFRS). Thus, there are two choices of GAAP to use in the US. However, the US GAAP and IFRS are at diametrical stages of development. For example, IFRS cornerstone is not fully developed besides and also different interpretations of IFRS also emerged.

There are tensions that are following the innovation of Sarbanes-Oxley Act of 2002 because GAAP puts more pressure on the auditors. The problems of over-auditing await to be the problem for auditors and the companies that are creation audi ted. Also, the accounting education also co! ntributes to the problem where education favors the use of detailed rules earlier than the full understanding of relevant principles (p 288). Here, Palmrose questions whether or not the flow rate accounting education is neglecting accounting knowledge that we should be teaching. Lastly, some other fact that may contribute to the come on of whether or not if accounting is at a occasion of its take conception is that current GAAP has become...If you want to tie a full essay, order it on our website: OrderCustomPaper.com

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