The Legal Ethical Technological Concerns Paper i Submit a 1 000 1 250 word paper identifies discusses legal ethical technological concerns accounting financial reporting businesses ii Cite 2 references describe concerns actively addressed

Download this essay in word format (.doc)

Note: Essay below may appear distorted but all corresponding word document files will contain proper formatting

Excerpt from Essay:

Issues in Financial Accounting for Businesses

The most important purpose of financial accounting for businesses is to represent the company and its assets as accurately as possible. This is important for the businesses to be able to have better control of their finances, for forecasting, and for many other purposes. Financial accounting is important for stakeholders so that they can understand the risks and possible future returns of their investment. Customers also demand to have accurate information about the company so that they can decide if there are a company with whom they wish to do business. Many different entities depend on the accuracy of financial accounting to make decisions about the business. This research will discuss key ethical, legal, and technological concerns that have arisen regarding financial accounting for businesses.

Business Ethics Today

Providing an accurate and honest representation of the company is the only concern of the accountant. Many entities depend on the accuracy and dependability of their data. Faulty data needs to faulty decisions and if the error was intentional in order to produce a certain image, the data can be a source of mistrust. It is important for accountants to maintain the trust of the entities for whom they work, stakeholders, and also to maintain public trust. Inaccuracy in accounting statements harms the overall image of the company. The company must be able to trust the integrity of the data that is presented by its accountants.

The highly publicized Enron case, which led to the conviction of its executives, changed the decision-making behavior of management, and created a major shift in what is considered ethical behavior within corporations (Bolt-Lee, 2010). According to the author of the study, the Enron case created a sense of heightened awareness of ethical issues regarding accounting.

In response to the Enron case, many companies developed their own ethics training programs. However, the results of these programs have been mixed. In a recent study, the least effective programs were found to be those that utilize coercive control mechanisms and focus on punitive measures for enforcement. These programs dictate ethical behavior, but they…[continue]

Cite this Essay

"The Legal Ethical Technological Concerns Paper I Submit A 1 000 1 250 Word Paper Identifies Discusses Legal Ethical Technological Concerns Accounting Financial Reporting Businesses Ii Cite 2 References Describe Concerns Actively Addressed" (2011, September 25) Retrieved May 29, 2015, from http://www.paperdue.com/essay/the-legal-ethical-technological-concerns-85159

"The Legal Ethical Technological Concerns Paper I Submit A 1 000 1 250 Word Paper Identifies Discusses Legal Ethical Technological Concerns Accounting Financial Reporting Businesses Ii Cite 2 References Describe Concerns Actively Addressed" 25 September 2011. Web.29 May. 2015. <http://www.paperdue.com/essay/the-legal-ethical-technological-concerns-85159>

"The Legal Ethical Technological Concerns Paper I Submit A 1 000 1 250 Word Paper Identifies Discusses Legal Ethical Technological Concerns Accounting Financial Reporting Businesses Ii Cite 2 References Describe Concerns Actively Addressed", 25 September 2011, Accessed.29 May. 2015, http://www.paperdue.com/essay/the-legal-ethical-technological-concerns-85159

Leave a Comment

Register now or post as guest, members login to their existing accounts to post comment.

Copyright 2015 . All Rights Reserved