Język Polski
English
Published
:
2014-06-30
Controversies over the Capability of Contemporary Accounting Practice to Reflect Real Business Processes
Halina Buk
Abstract
The banking crisis has clearly begun impacting the real economy, which is proven by declining GDP growth and increasing unemployment rates in many European countries, as well as, primarily, an upsurge of corporate bankruptcies. These negative developments have raised controversies over the current role of accounting in generating reliable business information, and over the responsibilities of statutory auditors in reviewing a company's financial records. As the free market based economy unfolded, notably in the last twenty years, a number of unfavourable changes have taken place. Financial and accounting staff, alike professional advisors for hire, have become overdependent on managers, who themselves have to look after the capital providers' business. This has not only undermined confidence in the practice of accounting, but also leads to questioning the role of statutory auditors in examining companies' financial records.(original abstract)Keywords:
Accounting standards, Financial crisis, Fair value, Financial statementsMost read articles by the same author(s)
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Buk, H. (2014). Controversies over the Capability of Contemporary Accounting Practice to Reflect Real Business Processes. Zeszyty Naukowe Wyższej Szkoły Bankowej W Poznaniu, 54(3). Retrieved from https://journals.wsb.poznan.pl/index.php/znwsb/article/view/1123