The Financial Statements, Synthesis of the Compromise between the Accuracy of Enterprise Activities and the Handling of Accounting Information’s
All information presented in financial statements must reflect accounting reality in order to satisfy the needs of many different users, among whom there may be conflicts of interest. Conflicts of interest, together with loopholes in accountancy law, room for maneuver in the creation of accountancy policies, and an accountant's freedom to choose his methods, can lead to managers massaging figures by exploiting so-called creative accounting techniques. The practice of creative accounting for the manipulation of final profit figures is known as outcome management. These creative accountancy procedures may be restricted through international standardization as well as through the International's Accounting Standards Board (IASB) initiative, which seeks to reduce the number of alternative interpretations and introduce more rigid standards and increased uniformity to accountancy procedures.
Volume (Year): XI (2011)
Issue (Month): 1 (May)
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