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Why Regulate Accounting?
from:Many people wonder why the idea to regulate accounting is becoming so popular. Due to past experiences with manipulating accounting figures, it is no wonder that accounting has been under so much scrutiny. This is the reason why so many people feel it is time to regulate accounting, due to so many companies not abiding by the rules set forth. Because of the many negative incidents that have occurred with different scandals and schemes, there has been a lot of mistrust form the public in the accounting field. To regulate accounting, will give confidence back to the public. Here are some of the benefits that will arise when we set higher standards to regulate accounting.
A majority of the public feel that accountants are working in the interest of their own company and the companies that they work for, instead of working to inform the public properly. When you regulate accounting, this prohibits any company and accounting firm to hide the truths about the company and its financial status form the public. The regulation of accounting, will force companies and their accountants to be more open and straightforward about their financial dealings and show their true financial situation.
When you regulate accounting, it will play an important role in the stock market as well. There are many mixed feelings about investing in publicly traded companies, because of the capabilities to hide a companies financial distress. If you regulate the accounting laws, then it will lower the chances of a company being able to manipulate any financial reports shown to the public, which is a dilemma that has happened in the past.
When you regulate the accounting laws, you will hold corporations and public organizations responsible or their actions. This is a very important part in regulating accounting practices. With tougher laws in place to prevent fraud and to prevent special favors, the public will be safer against fraud. To regulate the laws, will let not accounting firms and businesses alike, aware that they will be held accountable for their actions. Not only will this give confidence back into the accounting field, but it will also deter fraudulent activities in the accounting industry due to the strict consequences.
The most important reason to regulate accounting laws, is to protect the public. Whether it is a publicly traded company, or a company that gains a majority of investments form its workers, both alike need to be protected form fraudulent activities. This is very important and is why the government has leaned to regulate accounting and its laws and practices. It has been proven by past experience, to not have strong accounting guidelines in place and enforced, only leaves room to lead to a disastrous result.
There are many mixed feelings regarding the ideas to regulate accounting. However, despite the mixed opinions, the idea to regulate accounting is strong. It is not only the responsible thing to do, but it will also safeguard the public form companies and fraudulent activities that could occur. To not regulate accounting laws and practices will only leave room to gather more mistrust in the accounting.
California Taxes News
Schwarzenegger Calls Fiscal Emergency in California (Update2) - Bloomberg
 Los Angeles Times | Schwarzenegger Calls Fiscal Emergency in California (Update2) Bloomberg - California’s Republican lawmakers have steadfastly opposed moves to raise taxes. “I compare the situation we are in right now to that of finding an accident ... Peter Schrag: How to close the state's deficit without taxes Governor to ask Obama for public-works money Schwarzenegger declares fiscal emergency |
Letter: Republicans stand in the way - Mercury-Register
Letter: Republicans stand in the way Mercury-Register, CA - They do this to satisfy their bogus pretense of never, ever raising taxes. The fact is, California's taxes have remained the same for years. ... |
teacher sells ads on tests - CNN
teacher sells ads on tests CNN - To me, this is what our government is for, to provide necessities, and that's why we pay taxes." But California's budget crisis has forced Farber's school ... |
New deal may bail out higher education - The Orion
 WNCT | New deal may bail out higher education The Orion, CA - "Students earn more and pay more taxes than those who do not have a college degree." About 10000 qualified students will be turned down by the California ... Utah higher ed gets Bs in national report card Should HOPE be need-based? 49 States Get F In College Affordability |
Stimulus plans laudable but not a quick budget fix - San Francisco Chronicle
Stimulus plans laudable but not a quick budget fix San Francisco Chronicle, USA - Republican lawmakers remain steadfast in their refusal to raise taxes, yet have not released an alternate proposal to close the $11.2 billion shortfall in ... |
Star Parker: Where conservatives can go from here - Dallas Morning News
Star Parker: Where conservatives can go from here Dallas Morning News, TX - And 50 percent of "conservatives" said they favor government guaranteeing health care "even if it means raising taxes. ... Your Turn 12/03 |