Conceptual Framework Essay Example | Topics and Well Written Essays - 2500 words

Conceptual Framework - Essay Example Apart from the public versus private project distinction there is very little to differentiate between them. Current accounting and auditing practices are basically centered on the primary and immediate concerns of the practitioners, i.e. accountants and auditors presume the importance of rule-based accounting practices to be the ultimate aim so that failures can be disregarded as technical variances. In other words compliance with accounting and auditing rules is of primary and immediate concern to the practitioner. The significance of this outcome is essentially seen in the modern compliance-centric accounting environments where hierarchically organized structures exert an extraordinary amount of pressure on the average accountant/auditor to comply with norms that have very little if any to do with such broader and more important concepts like corporate governance, quality of accounting and auditing practices, audit judgment, auditor behavior, business forensics concerning auditing and the corporate pricing policy of audits. Thus the inevitable outcome is that CF projects fail and despite these failures they are being undertaken purely in conformance with standard setting behavioral tendencies of boards and other governing bodies. The Board should decide often whether a piece of data should be recognized in the financial statements, when such an item should be recognized, and at what amount it should be recognized. The Board has depended on the conceptual framework of other standards setters and analogous examples from practice or previous standards to make such decisions in the past. This technique of decision making tends to give rise to certain inconsistencies in financial reporting standards and could bring about too much dependence being placed on accounting concepts which were not developed for a governmental environment (Taylor, & Dezoort, 2003). Analysis Therefore, the project on recognition and measurement attributes is necessary to give the GASB with conceptual guidance as to when elements of financial statements should be reported in particular financial statements and at what amount. This will bring about developing recognition criteria and will be inclusive of a discussion of when elements of financial statements are recognized using different measurement focuses. For the GASB to make consistent financial reporting decisions, it is needed to have (1) definitions of the elements of financial statements, (2) a method of finding out when elements of financial statements should be realized in the financial statements, and (3) a method for determining which measurement attribute (for example, historical cost or fair value) is suitable for reporting the elements. The GASB in recent times issued a Concepts Statement on the definitions for the elements of financial statements, and a conceptual framework project on recognition and measur ement attributes is needed to complete the conceptual basis for reporting items in traditional financial statements. I. Deficiencies in Financial reporting practices What messages are financial statements conceptually trying to put forward (That is, what is the story that the financial

Interview with a tourist Essay Example | Topics and Well Written Essays - 500 words

Interview with a tourist - Essay Example She had thought about keeping her Chinese name in the United States, but other students that had studied abroad advised her that she should take on an English name to make life easier. Qiu told me that although she studied English when she was younger, she did not feel comfortable speaking it out loud. The main language that she spoke at home was Mandarin. No one else in her home spoke English, so the only time that she ever heard it was at school a couple of times a week. When I asked Qiu about common gestures in her culture, she told me that Chinese culture has many signs and symbols that may seem strange to an outsider. A lot of communication is nonverbal where hints have to be picked up from the way the other person uses hand signals and facial expressions. Qiu said that she was a little perplexed when she came to the United States because most people talked very loud and did not use many hand gestures. I also asked Qiu about how she felt that the American people had treated her during her stay here. She told me of some incidents in her first few weeks here that made her regret her decision to study abroad. Name calling and insults from people on the street really stressed her out. Since that time, Qiu now believes that most Americans are welcoming of people of other cultures and will go out of their way to make sure that they are okay. The negative incidents that she told me she described as coming from a few bad apples and not representative of the American people at all. One thing that I did not ask her, but that she brought up during general conversation, was the way in which Americans dress. Qiu told me that Chinese people dressed rather conservatively and considered in shameful to be underdressed or show any unnecessary skin. When she came to America, she was shocked to discover that university students could wear such informal dress. In China attending university was considered an honor,