Contemporary Issues in Accounting

Accountin" rel="nofollow">ing Theory 1. In terms of theoretical foundations, how do you compare accountin" rel="nofollow">ing to other disciplin" rel="nofollow">ines such as economics, physics, mathematics, etc.? 2. Discuss three major challenges facin" rel="nofollow">ing fair value accountin" rel="nofollow">ing practices and their implications to the future fair value accountin" rel="nofollow">ing. 3. Assumin" rel="nofollow">ing the above challenges to fair value accountin" rel="nofollow">ing were solved, why would you prefer fair value accountin" rel="nofollow">ing over historical cost accountin" rel="nofollow">ing? Accountin" rel="nofollow">ing Practice 4. As a controller, discuss three risks and three advantages you will consider before movin" rel="nofollow">ing your company’s accountin" rel="nofollow">ing function to the cloud. 5. As a new controller, describe with reasons, three reports you will want to receive from your subordin" rel="nofollow">inates immediately after you are hired. Also, describe with reasons, three management reports that you will prepare more frequently (perhaps weekly). 6. Accountin" rel="nofollow">ing practice has become more automated and is rapidly goin" rel="nofollow">ing to the cloud. List and discuss at least three implications of this trend to the future of accountin" rel="nofollow">ing practice and profession. Is this trend bein" rel="nofollow">ing reflected in" rel="nofollow">in accountin" rel="nofollow">ing enrollment and education? Quality Assurance 7. The in" rel="nofollow">information market left on its own cannot produce optimal quantity and quality of accountin" rel="nofollow">ing in" rel="nofollow">information. Explain" rel="nofollow">in the basis for this statement. 8. List and explain" rel="nofollow">in at least three remedies societies take to improve on the quality and quantity of accountin" rel="nofollow">ing in" rel="nofollow">information. 9. What is the efficacy of the remedies applied to in" rel="nofollow">increase quantity and improve quality of accountin" rel="nofollow">ing in" rel="nofollow">information? [Hin" rel="nofollow">int: framin" rel="nofollow">ing your answer in" rel="nofollow">in ethics and fraud frameworks will help.] Dissemin" rel="nofollow">ination of Accountin" rel="nofollow">ing Information 10. What is the rationale (at least four reasons) for private company fin" rel="nofollow">inancial accountin" rel="nofollow">ing standards? 11. Who loses and who gain" rel="nofollow">ins [discuss at least two losers and two gain" rel="nofollow">iners] after the private company fin" rel="nofollow">inancial accountin" rel="nofollow">ing standards are in" rel="nofollow">introduced?