Accounting Police: Do They Exist?
Who created accounting principles? Who sets and revises accounting standards? What if you don’t follow all the rules, do you go to jail? Is there an accounting police force that investigates and arrests violators? It would seem that there must be some regulatory force to make sure that providers of financial statements conform to the rules. There is, up to a point, and here is how it works:
Mainly, it’s all voluntary and it works pretty well. First, double-entry accountin…
Accounting Principles & Standards: Avoid Them At Your Peril
Accounting principles are the basic assumptions, rules of operation, and essential characteristics that make up the framework for the construction of accounting financial statements.
Long ago, I was perplexed to discover that there was no “set” of accounting principles that was presented in one form such as you might find in the Bill of Rights. This is not to say that the principles are incomplete or vague, it only means that the definitions of accounting principles can b…
Creating a New Standard of Excellence – Six Things You Can Do
Below are six steps that you can take to continue to raise your own standards of excellence. These steps will make it easier than ever to stand out, be noticed, and have greater levels of success and satisfaction.