If companies follow strict guidelines for implementing financial accounting standards and comply with regulations regarding appropriate disclosure financial mishaps can be avoided as financial statements could be easily interpreted by their users to make useful decisions which is the core concept of decision usefulness theory of accounting. The standards setters and regulatory bodies have started taking measures to amend and improve accounting standards and tighten regulations on financial statements for complete and appropriate disclosure of information not only in large organizations but in small enterprises as well as indicated by three of the articles analyzed.
In my opinion financial statements should be prepared based on fair personal judgment, accurate values and appropriate accounting standards. The proposed improvements in accounting standards by standard setters would not only help managers in the process of financial statement preparation but the interpretation would be simplified for users of these statements.
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