Accounting for business


In this age of globalisation, while it is absolutely necessary for large listed companies in different countries to prepare financial statements using uniform accounting standards, such as International Financial Reporting Standards (IFRSs), the preparation of management accounting reports remains optional.
Required: Critically examine the above statement by analysing the arguments for and against the use of uniform (international) accounting standards in the preparation of financial statements and the flexibility in the preparation of management accounting report.
oursework Guidance
In the past, the UK has had its own sources of regulation that accountants must follow when producing financial statements for listed companies and so have other countries. In this age of globalisation there has been pressure, since the 1990?s, for the international harmonisation of accounting regulations (for all listed companies to have the same accounting standards regardless of which country they are listed in). This has involved individual countries agreeing to revise their own accounting regulations, so that an agreed set of international financial reporting standards could be created (convergence). The IFRSs (International Financial Reporting Standards) are issued by the IASB (International Accounting Standards Board) and are now accepted in most parts of the world.
Your answer should consider these issues in greater detail and consider why, in an age of globalisation, international accounting harmonisation is important – if indeed it is at all. You should also consider in your answer the extent to which harmonisation has been achieved to date and what barriers needed to be overcome. In addition, you should contrast these advances in the regulation of financial accounting with the flexibility still permitted in management accounting.
This is a research-based assignment and as far as possible you should refer to appropriate books, professional journals and academic journals. All sources of information should be fully cited in a bibliography.
Academic accounting journals that you might find useful:
? ? ? ?
AOS – Accounting, Organisations and Society AAAJ – Accounting, Auditing and Accountability Journal CPA ? Critical Perspectives on Accounting EAR – European Accounting Review
Professional Journals: ? Economia
? Accounting and Business ? Financial Management
A list of all the references used should be included at the end of your work in your bibliography in alphabetical order.
1. References appear in the body of the text as follows:
?The earliest professional accountancy bodies have their roots in late nineteenth century Britain and this model of professionalisation has been replicated, with mutations (Chua and Poullaos, 1998), in many other countries at various times.?
2. At the end of the text you will have a bibliography. Journal references should be cited in the bibliography, in alphabetical order, as follows:
And book references should be cited in the bibliography as follows:
Other notes
? Your answer must be in essay form, making suitable use of sub-headings ? You must include a word count at the end ? Font size 12 (either Times Roman or Arial) ? Use paragraphs appropriately
? The coursework must be typed and single-spaced ? Do not rely solely on the internet for research ? Ensure that you answer the question ? all parts of it ? Take care with presentation
? Insert page numbers ? You should not put your name on the coursework ? other than on the front
sheet ? Pay attention to spelling and grammar
Chua, W. and C. Poullaos (1998). The dynamics of ‘closure’ amidst the construction of market, profession, empire and nationhood: An historical analysis of an Australian accounting association, 1886-1903. Accounting, Organisations and Society, 23(2): 155-187.
Gray,R.H., Owen, D. and Maunders, K. (2010). Corporate Social Reporting. London: Prentice Hall.


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