Accounting and society Research Paper Example | Topics and Well Written Essays - 2000 words

Accounting and society - Research typography Exampleandable to all the stakeholders .The government uses the same to bushel its taxation formula and its implementation of the relevant policies .the investors uses it to determine whether to invest in the company ,increase its share invested and anticipate its future turnover. The general public is applicable in terms of provision of the corporate social responsibility that has compelled most companies to give back to the community (Benston&G.j, 2006, 55).. This necessitates thee deficiency to use the Generally Accepted Accounting Principles (GAAP) that provides a yardstick for measuring and reporting the accounting terms.The restrictive flummox is a situation where collection of investors with soaring stock valuation and investment anticipates a high turnover from their investment in a particular company when the rest of the public is with a low-down investment expects nothing at all. Regulatory capture refers to the effort by these interested investors to capture the mental unsoundness of the anticipated resources and is in a position that is successful and drive the policy of the preferred interest congregation to be in force. (Cch Editors, 2008, 17) The regulatory body is highly concerned with protecting the interest of the public .the participatory nature of this body is vested on its ability to outsource support from the government. Despite its dire effort to stool its goal there is a problem of corruption on most government bodies of Australia and its regulatory capture (Funnell et al, 2012, 47).The Australian Generally Accepted Accounting Principles (AGAAP) and the Australian Accounting Standards Board (AASB) of Australia is bestowed with the responsibility of ensuring that the accounting fiscal reporting standards are reported as per the required principles, enrollment of auditors and the general compliance with the corporate monetary standards in lieu with the provision of investors confidenc e in the industry. It is a mandated to check whether the license holder