Week 03 Discussion - Outdated Standards

Week 03 Discussion - Outdated Standards

Scenario:

"Some people believe that the audit industry has fallen out of touch with the realities of business. They believe that accounting standards were developed for a manufacturing environment and are not fitted for our modern needs. As a result, they contend that financial statements have turned into a game in which all companies try to match earnings forecasts set by financial analysts." (Albrecht, 2008)

Questions:

  • Do you believe these statements are true, or do you think that they are too cynical? Explain your answer.
  • How do feel the accounting standards can be modified for our modern needs?
  • Please respond to a classmate who has a different opinion than you regarding these statements and respond to the issues raised.
 
 
 
    • Posted: 5 years ago
    Outdated Standards

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