ACCT 4340 Lecture Notes - Lecture 3: Financial Statement
19 Apr 2016
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Document Summary
Should be prescriptive (normative) and try to improve practice. Cf fail in their functional purpose (technical?) Cf is a claim to accounting knowledge: used as political resource. Better explanation for why we keep them (trying to build them) The glasgow accountants needed socially to construct for themselves and proper shapewhy?- influence or control their occupation (bankruptcy law) and social identity (prestige) Managements motivations and objectives: short vs long term, impacts on incentives, reputational impact. May have made economic crisis worse fair value has been particular focus during the gfc (global financial crisis) accounting measurement. Water assets- water accounting standards are being developed in several countries, with no single body taking responsibility for international standards. Measurement and valuation: wide range of stakeholders, how should value be determined, water quality and recognition. Water is a limited natural resource which needs to be managed, measured and reported. Measurement has to be a part of our exam- such a large issue.
