The Federal Trade Commission has also been perceived as a foe of business by some firms, which have had their practices such as price fixingmonopolies and fraudulent or misleading advertising curtailed by this arm of the government.
Regulations Due to the advent of globalisation and liberalisation of the various economies worldwide, the function and utility of accounting has changed drastically. This conflict may never be resolved, and as business becomes more complex as technological breakthroughs continue, the dual nature of government's relation to business may become increasingly more regulatory and collaborative at the same time.
Further to protect the insiders trading which leads to information asymmetry, regulation of some sort is a must. The Employee Retirement Income Security Act ensures that employees receive the retirement plan options and health care benefits to which they are entitled as full-time employees.
If Government regulations accounting essay business could speak with one mouth, it would likely say that regulations hold it back and cost everyone in the long run. Truth-in-advertising laws are made up of dozens of tidbits under three main requirements: By Marc Davis Updated October 5, — 6: Management will always be concerned about the cost and benefit analysis and thus will try to pass on the cost to the consumers as there is too much cost attached with hiring auditors and preparing so many pages of reports.
Regulations are not always ideal and they can be excessive as well. All these aspects of the accounting profession should be carried out according to set laws and regulations.
Is there a need for additional regulation? Powers held by the SEC include the authority to register, regulate, and oversee brokerage firms, transfer agents and clearing agencies.
Arguments that market will penalize organisation for failure to disclose information assumes that market knows that the management has something to disclose. Essay UK - http: Some of these regulations stand out more significantly than the others because of their relevance to every U.
History of Regulations In the 19th century, due to the benefits the industrialisation brought in Britain, the government thought it to be unnecessary to intervene in the free market scenario.
In response to some of the behaviors mentioned above, we now have entities and regulations to discourage repeats and businesses complain about them endlessly. Regulations are not always ideal and they can be excessive as well.
Some says that regulations hamper the regular and natural working of the organisation and others contradict that by citing that regulations are indispensible in the proper working of the capital markets and also to boost the confidence of the investors.
The accounting standards definitely improve the market scenario and wealth distribution within the society. Thus the manager has his self interest and motivation to maximize the value of the organisation so that there are no fears of takeovers.
There are no criminal penalties unless the violation was knowing or willing.Essay about Accounting Principles. Accounting Principles The primary objectives of accounting is to keep track of transactions and recording revenue and expenses are important business processes often assigned to an accounting department or a financial manager.
Accounting Regulations – Essay Sample Accounting is a profession that should be treated discreetly and with a high level of integrity.
The accounting profession is an embodied body of auditing, financial analysis, financial reporting, cost accounting, and quantitive techniques among others. Government Accounting Standards Board (GASB) set the accounting standards to be used by the state and local government.
The role of the Governmental Accounting Standards Board (GASB) is to set up and improve the accounting standards of state and local government.
government regulations BUS Week 3 Discussion Question 1 Regulation and the Greater Good After viewing The Crisis of Credit Visualized video, respond to. Government - Government Regulations: Accounting. Essay on The Purpose of Accounting - INTRODUCTION The purpose of this document is to describe the nature, purpose and scope of accounting and it deliberately explains the details of each category in accounting.
government has set many business regulations in place to protect employees' rights, protect the environment and hold corporations accountable for the amount of power they have in this.Download