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- Submitted by: MKSalem
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- Category: History
- Date Submitted: 09/20/2015 03:34 AM
- Pages: 2
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1. http://www.quickmba.com
2. “Going Concern Gone” - Bruce Pounder, CMA, CFM, Editor - FINANCIAL REPORTING
3. Twin Evils of Bank Going Concern Secrecy - Jonathan Njoku
I. INTRODUCTION
The standards and principals of any science are the pillars on which this science relies heavily on. It is very essential to have these pillars concrete and solid so building up on them would result in further progress and development. However, we can find it clear throughout the history of mankind that it is natural and rather instinctive for human needs and perspectives to differ over time. That is why it is always useful to question the validity of these principals to make sure that they are still valid and concrete. Inspecting how solid these pillars are would result in both appreciating and holding on to such principals, identifying the need to adapt them to our needs or even the need to abolish them at all if they proved to hinder the progress of mankind by any mean.
as we take steps towards perfection.
Although there are clear traces of “accounting” in the history of ancient civilizations, the need to have clear Accounting principles only rose in the last century. “Accounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to Commission regulations. The AICPA first created the Committee on Accounting Procedure in 1939” [1] which developed to form many other reputable bodies including the SEC, FASB, and U.S GAAP.
One of the main prestigious accounting principles is the “going concern”. Despite its importance in the accounting field, neither the Generally Accepted Auditing Standards (GAAS) nor the Generally Accepted Accounting Principles (GAAP) has managed to set a clear definition for the term “going concern”; similarly did the Financial Accounting Standards Board (FASB.) Interestingly, They tried to “define what a going concern isn’t. If the auditor has “substantial doubt about the entity’s ability…to...
2. “Going Concern Gone” - Bruce Pounder, CMA, CFM, Editor - FINANCIAL REPORTING
3. Twin Evils of Bank Going Concern Secrecy - Jonathan Njoku
I. INTRODUCTION
The standards and principals of any science are the pillars on which this science relies heavily on. It is very essential to have these pillars concrete and solid so building up on them would result in further progress and development. However, we can find it clear throughout the history of mankind that it is natural and rather instinctive for human needs and perspectives to differ over time. That is why it is always useful to question the validity of these principals to make sure that they are still valid and concrete. Inspecting how solid these pillars are would result in both appreciating and holding on to such principals, identifying the need to adapt them to our needs or even the need to abolish them at all if they proved to hinder the progress of mankind by any mean.
as we take steps towards perfection.
Although there are clear traces of “accounting” in the history of ancient civilizations, the need to have clear Accounting principles only rose in the last century. “Accounting standards have historically been set by the American Institute of Certified Public Accountants (AICPA) subject to Commission regulations. The AICPA first created the Committee on Accounting Procedure in 1939” [1] which developed to form many other reputable bodies including the SEC, FASB, and U.S GAAP.
One of the main prestigious accounting principles is the “going concern”. Despite its importance in the accounting field, neither the Generally Accepted Auditing Standards (GAAS) nor the Generally Accepted Accounting Principles (GAAP) has managed to set a clear definition for the term “going concern”; similarly did the Financial Accounting Standards Board (FASB.) Interestingly, They tried to “define what a going concern isn’t. If the auditor has “substantial doubt about the entity’s ability…to...