Finance

NECESSITY OF A NEW FINANCIAL REPORTING SYSTEMTechnological and thrifty changes have bearing on the describe system insurance policy coverage system is the vogue in which organizational learning is passed to the stakeholders both intern Accountants al and external environments . These changes call for a untried report system that responds appropriately . This is so in like manner to secure that the stakeholders get the appropriate information and also succor besmirch scandals as raillerynessed before such as at Enron and WorldComIn this track , the Canadian Institute for Chartered has come up with a value based reporting while efforts are underway to develop improved an improved framework for monetary reporting . This would be reflected in both the preparation and reporting the financial statements .

It would also take into consideration the scope of income , plus rating strategy and impact of uncertainty as wellspring , areas in which weakness of the current reporting system has prominently featuredAs suggestions on the perceived excellent reporting system such as the proposed underestimated both as having contributed to the change in the way companies perpetrate business , changing the types of financial arrangements and information process as well as a channel of communion . all(prenominal) these give complexity to reporting . Thus the need for the development of more appropriate reporting system , an endeavor which is beyond the accounting profession by itself and requires the cooperation of and bringing on wit wider set of stakeh! oldersStarr...If you want to get a full essay, throw up it on our website: OrderEssay.net

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