The Different Roles Of The Accounting Profession - 1305 Words

The Different Roles of the Accounting Profession Module by: Link-Systems International, Inc.. E-mail the author Summary: Demo/Sample Learning Object in Accounting Note: You are viewing an old style version of this document. The new style version is available here. Links [hide links] Supplemental links Weakly related linkThe Salvation Army Weakly related linkAmazon.com Weakly related linkGoogle Weakly related linkTwitter Weakly related linkVerizon Weakly related linkJPMorgan Chase Bank Weakly related linkFASB Weakly related linkSarbanes-Oxley Act Weakly related linkPCAOB Weakly related linkKPMG Peat Marwick Weakly related linkGrant Thornton†¦show more content†¦The bank uses the information to learn about the health of an organization. Is the organization profitable? Does the organization make enough money to repay the loan? Are bills paid on time? Organizations provide external financial information in two main reports: an annual report and the Form 10-K. The annual report is a summary of an organization’s financial results for the year with its current financial condition and future plans. The annual report is available from the website of most businesses. The Form 10-K is an annual report form businesses file with the Securities and Exchange Commission (SEC) agency of the US Government. Financial reports in the US must be completed according to generally accepted accounting principles (GAAP) as determined by the Financial Accounting Standards Board (FASB). In addition, the US Government passed the Sarbanes-Oxley Act and established the Public Company Accounting Oversight Board (PCAOB) in the aftermath of unethical accounting practices at large corporations, such as Enron and WorldCom. The Sarbanes-Oxley Act created additional accounting regulations for large companies and the PCAOB overseas the American Institute of CertifiedShow MoreRelatedEffects of Technology on Accounting Essay713 Words   |  3 PagesEffects Of technology On the Accounting Profession The accounting profession has experienced many different changes and as well as a tremendous amount of growth over the past century. (Schaefer, 1998) Its unfortunate that due to unethical accounting practices there has been an increased need for advanced technology of accounting systems in order to better monitor what is going on with organizations. The need for real time reports and financial information at the click of a button seemsRead MoreThe Role Of Accounting And Possible Future Of Accountancy Profession992 Words   |  4 PagesIntroduction Traditionally, accounting has a role to play in preparing financial reports, and tax preparation manually (Zodage, 2015). 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A Chartered Accountant’s role or purpose is â€Å"providing professional advice, aiming to maximise profitability on behalf ofRead MoreAmerican Institute Of Certified Public Accountants1179 Words   |  5 PagesPublic Accountants (AICPA), was founded in the United States of America. The professional organization was founded in 1887, to help ensure that the accounting profession will gain the same respect as the other prestigious occupations have received from the public. The accounting profession, similar to the medical, legal, and engineering profession, is characterized by â€Å"†¦rigorous educational requirements [150 credit hours], high professional standards, a strict code of professional ethics, licensing