If we ignore the changes being made in accounting standards and continue to prepare financial statements based on previous standards we would be better off not complying with the standards at all. The implementation of improved standards implies accuracy, authority and reliability of financial statements. In reality proper implementation of accounting policies is the key to avoiding financial chaos, discrepancies and fraud elements in preparation of financial statements.
This means that compliance with accounting standards is not only beneficial to users of financial statements but to companies who prepare these statements as well. The main reason of the current financial crisis was the poor implementation of accounting standards and procedures by companies and improving financial accounting standards coupled with a strict regulatory framework can be used to avoid financial crisis of a similar nature in the future. The standard setters and regulatory bodies need to pursue a strategy where they compel companies to disclose all significant and relevant information to stakeholders.
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