Professional Accountant and its Objectives Assignment

Professional Accountant and its Objectives - Assignment ExampleEvidently, method of accounting standards enhance the stakeholders decision-making activities by ensuring that the financial statements conform to with the accounting standards.The corporate governance policies of the unite Kingdom had changed after the Cadbury report. The Cadbury report emphasized that all financial reports should follow certain rules. The rules include the provisions listed in the Corporate Governance Code of the United Kingdom. The encrypt strictly states that the United Kingdom publicly listed companies should implement all provisions of the code, especially in the cookery of the financial reports. The code prohibits the excesses of the board of directors and other parties within the organization (Solomon, 2011).Cynthia Jeffrey (2011) proposed that rules-based accounting requires that the business entities should comply with all corporate governance rules. Corporate governance includes the boar d of directors strict compliance with hearty responsibility doctrines. Social responsibility includes ensuring all environmental protection laws are implemented.The rules include the procedures in preserve business transactions. Rules must be followed at cost. There is no variation in the implementation of the rules. , multinational Accounting Standards batting order Chairman David Tweedie insisted that the United States generally accepted accounting principles (U.S. GAAP) is basically rules-based accounting (Jeffrey, 2011).The United States accounting procedure is historically pegged on rules-based accounting. United States entities implemented the United States generally accepted accounting principles in the preparation of the financial reports. Currently, many in the United Kingdom and other countries use the principles draw as international accounting standards in the preparation of their financial reports. The United States-based Financial Accounting Standards Board Chairm an David Tweedie insisted that the United States generally accepted accounting principles (U.S. GAAP) is basically rules-based accounting (Jeffrey, 2011).