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Justin Rech
Accounting rules have become highly complex, even confusing. Like alcohol prohibition laws, they are easily evaded. Some companies evade them to improve accuracy, while others do it to artificially inflate their earnings. Slightly altering the nature of a transaction can generate a unique set of circumstances not covered by the overly specific accounting rules. By micromanaging accounting standards, the government has merely encouraged firms to expend resources restructuring their transactions to achieve accounting results that conform technically to the rules. Granting the SEC more power, larger budgets, and staff will not solve anything, because accounting rules cannot possibly keep up with rapidly changing events in business.

Even if the government doesn't know how to regulate accounting, many observers think that mandating more disclosure will help investors discover fraud on their own. Unfortunately, investors do not know how to evaluate the "transparent" data. Only a tiny proportion of ordinary investors actually reads a company's financial statements before buying the stock. A smaller number understand what they are looking at. The average investor is not inclined to engage in detailed analysis, nor is he capable of it. Those who are trained in financial statement analysis already do it, and more rules will not help them.

In accounting systems, certain controls are needed to ensure that employees are doing their jobs properly and ensure that the system runs properly. These checks are in the best interest of the organization. These controls come in the form of internal and external controls for the system. The internal controls are the checks that are placed in the system by the company's own management and directors. Today more and more companies are moving from the manual accounting systems to computerized accounting information systems. The advantages of a computerized system are increases in the speed and accuracy of processing accounting...

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"Accounting." Aug 18, 2018
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