Contemporary Accounting Purpose Assignmentâ€Myassignmenthelp.Com

Question: Discuss About The Contemporary Accounting Purpose Assignment? Answer: Introduction There are two main topics that are discussed in this assignment with proper insights of information and implications in the accounting field (Salihin, Fatima Ousama, 2015). The current segment explains social contract that links with the changes and need social modifications. In this assignment, it is noted that several efforts had been taken to understand the perceptions of social accountability as represented in the current literature review. To that, the current study highlights the main component social contract and understands the concept in respect to legitimacy theory. It is essential for every business enterprise to function and abide by the standard in respect to GAAP and IFRS. Use of these accounting standard will help in preparing fair as well as true value to the accounting statement for given period of time. The current segment elucidates two main topics. The first topic is True and Fair View Principles and relates or represents social contract. The next topic is about implementation as well as preciseness of social contract in respect to legitimacy theory. As mentioned in the literature review, the first topic discusses whether True fair View (TFV) dedicates social contract between the accounting professions. Here, True Fair View is one of the type of accounting principle that represents the concept after looking at the literature review that are prepared in precise manner. The study highlights the fact on whether TFV can be properly represented as social contract among the accounting personnel where the idea can be assessed for bringing improvement in the financial position in a given business organization. Therefore, the use of TFV method helps in creation of sense of togetherness among the professional accountants for smooth functioning of business enterprise (De Camargo Machado, Martins Carvalho, 2014). The second topic need proper explanation on the relevance as well as application of the social contract and links it with legitimacy theory in present accounting scenario. This particular topic takes into account implementing as well as understanding the importance of social contract in relation to legitimacy. The current segment highlights the concept of legitimacy as well as discussing on the fact on whether the social contract can be useful at the time of developing the theory of legitimacy in a business enterprise. True and Fair View (TFV) and its representation as a Social Contract True and Fair View is one of the principle that is a basic standard for preparing accounting statements as well as for collecting information (Zanola, 2014). In this way, the method guides accounting professionals for preparing of financial reports without any types of mistakes. The True and Fair View concept is one of the competing concepts but not limited to mutually exclusive legal standards used for maintaining the financial reporting quality. The other part that needs proper explanation is present fairly in conformity in agreement with the GAAP principles. True and Fair View concept has a long history in financial reporting that explains present fairly in accordance with GAAP and IFRS standards. This standard requires fair presentation as well as disclosure of compliance with IFRS and limited true and fair value that overrides if compliance is misleading (Xia, 2016). Definition True and Fair View concept as well as present fairly have two different meanings from the perspective of financial reporting (Trevio et al., 2014). There is no specific definition of True and Fair View concept that can allow professional judgment as well as developing the meaning through usage. These words are used in phrases as True and Fair View that meet the requirements of any of the factor. True and Fair View refers to a situation where it is noted that financial statements are free from material misstatements as well as faithful representing the financial performance and position of the business enterprise (Stone Parker, 2013). The true and fair view concept has not authoritatively defined where the main approach is define the concept of True and Fair View concept for maintaining relationship to its individual components. It raises the question on whether the terms of True and Fair View have separate parts. Neither true nor fair lends itself to exact definition (Salihin, Fatima Ousama, 2015). Explanation Although the expression of True and Fair View is not strictly defined in the accounting literature as well as derive at several conclusions that should have meaning Here, True means that the financial statements are factually correct as well as prepared in accordance to applicable reporting framework like IFRS and fails to contain any of the material misstated figures. It is noted that misstatements present in the financial statements give rise to material errors or omissions of transactions and balance as shown in the financial statements (koda Slvikov, 2015). The other word Fair refers to the situation where financial statements are fairly presented that contains all the relevant information without any element of biasness that has the potential to reflect upon the economic substance of transactions rather than in legal terms (Shafii et al., 2016). Application and Importance It is important to consider the fact that preparing true and fair statements has been expressly determined as one of the responsibilities of the directors of the company in accordance to the corporate law that prevails in several countries (Salihin, Fatima Ousama, 2015). It is the responsibility of the auditors to consider whether the directors are been able to fulfill the responsibility at the time of preparing financial statements in a true and so that the auditor can provide an audit opinion and judgment. It is the company law of different jurisdictions that need the auditors to express the state in their audit report on matters relating to whether in their opinion the financial statements can present in a true and fair view of the financial position as well as performance in a given business organization (Rogowski, 2015). Fairness Fairness is also open to varying degree of interpretation as well as application where both truth and fairness varies in accordance to time and place that is relative to framework (De Camargo Machado, Martins Carvalho, 2014). The pattern explained is not surprising as it is socially constructed as well as constructing discipline in the accounting terms. It is described that true and fair view act as a slippery concept where it uses the emotive language for describing the reality of concepts during the situation that determines the application and meaning at the same time (Salihin, Fatima Ousama, 2015). Pittroff (2014) argues that fairness refers to as a situation in order to achieve a true and fair view at the time of preparing financial reports that should contain all the financial information where the reader can have a clear idea on looking at it at first go. Fairness in accounting mainly applies to the application of judgment for establishing the rules as well as concerned with fairness at the time of presenting the data rather than fairness as neutrality between different interests (Perks et al., 2013). Palea (2015) tends towards explaining true and fair view in accordance to GAAP accounting standards rather than accepting the concept as an independent quality. In addition, these definitions depend on the acceptance where the consistent application of accounting principles that amounts to true and fair value. In this case, the present viewpoint on fairness has been gaining information from the professional accounting bodies. The general purpose of financial reporting states that it represents true and fair view as it is essential for linking with the generally accepted accounting practices. In some of the situation, the compliance gets aligned with the generally accepted accounting practices that do not result in the financial reports that represent true and fair view. The meaning of fairness confirms with the GAAP as mentioned in the Independent Auditor Report. It is the standard that needs to adhere by the criteria that claims the facts where financial statements should be present ed fairly in accordance with GAAP and IFRS standards (Pereira Eugnio, Costa Loureno Morais, 2013). Selection of accounting principles as well as application of general acceptance in accordance to GAAP The selected accounting principles need to the relevant as per the given situation (De Camargo Machado, Martins Carvalho, 2014) The financial statement that include income statement, balance sheet, cash flow statement and notes to financial statements that are informative of matters that positively affect use, interpretation and understanding (Ngre et al., 2017). The financial statement represents the underlying transactions as well as events for looking at the financial position that results in operations within the restricted limits. The information that are contained in the financial statements in a reasonable way (Salihin, Fatima Ousama, 2015). Truth in Accounting The present data in the financial statement should be true and fair and should not have any misrepresentation of figures of any types. There is lack of uneasiness from the perspective of truth in the method of accounting has been available as it is one of the significant challenges within the accounting literature. It is all about gaining insights of the idea about the truth in respect to accounting that has minimum openings in the implications as present in the accounting process (Munteanu Zuca, 2015). It is needed to file the report where the financial accounting requires avoiding certain biasness of activities. In that case, the method will help in eliminating biasness from the accounting process that seems difficult mostly (Salihin, Fatima Ousama, 2015). The main aim is to gain knowledge on matters relating to the fact where there is no past background and it involves difficulty level for discussing it on an urgent basis. There are various factors that explain biasness that are present in the accounting process from an early stage of operations. Professional accountants need to behave or stay neutral where they need to avoid any types of biasness at the process of accounting. In addition, it is noted that neutrality is one of the significant aspect that is determined to be qualitative within the information of accounting. Furthermore, it is all about neutrality that reduces biasness of results that are present in the financial statements. The document that is presented should b e excluded from biasness of results that leads to presumed conclusions and creation of distinct attitude as well as behavior. Therefore, neutrality is one of the aspects where the basic of the truth worthiness as well as completeness in the accounting process and enhancing the report in the most appropriate way (M?rculescu Florin, 2013). Objectivity While preparing the financial statements, it is necessary to prepare with a common objective so that it meet the goals and objective of financial reporting (Salihin, Fatima Ousama, 2015). There are instances that discover the process of objectivity. In other words, the term objectivity means preciseness of data and presenting it in statistics that help in developing the features at the time of preparing with different mechanisms or approach. It is essential to discuss the concept of objectivity that help business firm in gathering insights of information on matters relating to financial information. The process used help in developing the propensity for an average as well as assumed amount of proper exposure in an effective way. Accountants should secure the confidential information of the company while preparing the financial statements and maintain the objectivity as far as possible (Man Ciurea, 2016). The principle of social contract has been in the ongoing process from the historic times after it had looked into the matter as an important tool (De Camargo Machado, Martins Carvalho, 2014). This will help in reducing the mistakes and errors that prevails at the time of preparing financial statement accountant that gets eliminated at that point of time. True and Fair View concept is one of the principle that is assessable while looking at the process of accounting especially in social contract and exists between the business community as well as accounting professionals. Furthermore, accountants as well as business regulators need to look at each of the parties who generate profits and then establish mutually exclusive projects that develops financial reports that is beneficial to both the parties (Luft, Shields Thomas, 2016). Therefore, the effectiveness of True and Fair View concept help in developing financial reports that are elaborated below with proper justification: The annual report that is prepared on yearly or annual basis contain all the necessary financial statements such as income statement, balance sheet as well as cash flow statement as it help the accountant professional to analyze the financial position of business enterprise (Lu Abeysekera, 2014). Journals and ledgers are prepared for each of the accounting transactions that get linked with relevance of accounting standards and help in decision-making process at the same time (De Camargo Machado, Martins Carvalho, 2014). The present report explains the balance sheet on annual basis where True and Fair View concept explains assets as well as liabilities of a given business organization. In addition, income statement explains the revenues and income for a given business enterprise that presents True and Fair View concept in the most appropriate way (Salihin, Fatima Ousama, 2015). In this given case scenario, it explains when the suppliers remains determined to the accounting standards that get exploited by the business as well as nation where the function is unable to bring the concept of True and Fair View concept on yearly basis to get access to adequate or accurate data (Kim Zhang, 2016). True and Fair View concept is not something that is separated to add on with the accounting standards. It is all about understanding the whole essence of standards that provides recognition, presentation as well as measurement and disclosure of particular aspects of financial reporting that represents economic reality and renders true and fair view (Hummel Schlick, 2016). Accounting standards need to be followed after extensive consultation in due process. It is all about reviewing the performance that ensures IFRS meet the criteria for endorsement and presents true and fair view (Salihin, Fatima Ousama, 2015). The process used results in fact where accounting standards gets compiled with information that gives fair and fair view information that benefits organization. The statement in IAS 1 that explains departure of standards that is essential in extremely rare situations in due process that precede the issue of the standards. Furthermore, it does not release directors from the legal obligation that approve the specific accounts if they are satisfied that they give true and fair view as well as directors should not rely on it that avoid making appropriate judgments (Hribar Yang, 2015). Disagreement with an exacting normal does not, on its own, offer grounds for leaving from it. It is where the accounting standards evidently tackle an issue, but the requirements are inadequate to fully clarify the issue, the answer is usually additional revelation. For instance, most of the companies have disclosed alternative measures like adjusted Earnings per Share measures where such disclosures were measured essential to offer a more inclusive depiction of their presentation (Habib, 2015). The above topic presents proper explanation on True and Fair View concept that help in constructing the paper as well as declaring the terms of accounting as it represents the social contract in accounting (Salihin, Fatima Ousama, 2015). This help in constructing the statement as well as disclosing the fact in a precise and accurate outcome and results without any kind of bias. Furthermore, True and Fair View concept help in eliminating false reports as well as statements as conducted by accounting professionals and there is no manipulation of factors by any kind. Therefore, it is noted that social contract will be eliminating these situations as well as outcomes that help in developing the financial situation in any business organization (Gray, Coenenberg Gordon, 2013). Explaining the application and relevance of Social Contract to the Legitimacy Theory in Accounting In this topic, the study discloses the theory on legitimacy where it demonstrates as well as explains the importance of social contact (Salihin, Fatima Ousama, 2015). Within the financial framework of any business enterprise, it explains ways for gaining support from the legitimacy theory that is present in the accounting process. To explain, Legitimacy theory is one of the theories that explain in relation to the implication of social contract. Addition to that, the theory has been looked upon by the companies as activity based resources that are discovered by the firms in a competitive environment for meeting the organizational objectives. The social environment of the firm consists of main actors as well as legitimacy that come as abstract theory. This theory has investigated as well as incorporating the particular stakeholders and the applied process where the movement of the resources that are undertaken by the business organization. Therefore, legitimacy theory is controlled b y the company that takes into account actual labor flow, capital and customers that are necessary for applicability or feasibility of the theory (Glozer, Caruana Hibbert, 2014). Social contract theory Social contract theory is one of the theories that highlight the fact where business has some real motive for generating the revenues in the business where the theory majorly has moral commitment so that they act in a given way on social basis. Addition to that, the social contract is one of the main principles that are bounded by various facts and notions that are relevant as per the corporate disclosures. To explain the norms and regulations, it can be discussed the way where it approaches actions after looking at environmental assertions depending upon the functionality of business houses (Giordano-Spring, Martinez Vidal, 2015). Legitimacy Theory As rightly out forward by Fraser Lee (2016), legitimacy theory links with social contract when it highlights some of the key ideas in given way. It is about the notion of the theory when it is actually perceived by giving explanatory reasons that are feasible enough for environmental reporting acts. In that way, there are even some of the factors those responses towards working of business to legitimize their own actions by targeting areas so that they can achieve congruence between specific activities that prevails in business entity. It is all about getting along with the activities where it can coincide with the values that prevails in the society. The model on legitimacy reveals the social concepts that are being implemented at the time of environmental assertions and social contract theory (Francis et al., 2015). As far as institutional hypothesis is concerned, it is the trade that needs to cautiously accept various technical practices that are alike to the other trade business that owes to varied institutional pressures where there can be coercive and mimetic isomorphism (Salihin, Fatima Ousama, 2015). It is mentioned in the institutional theory of legitimacy in agreement to legitimacy where company may be found in four stages and treated with account of legitimacy can be divided into phases with proper justification: Legitimacy Establishment- Legitimacy Establishment is one of stages where the initial phase of enhancement of the company that tries in rotating with the issues. In addition, the issues that are present are competent and various factors are related to the accounts. This stage refers to the situation where companies need to be more cautious of the standards as well as demands of the quality that is social in nature. It is determined in respect to the permitted professionalism standards (Fernando Lawrence, 2014). Legitimacy Maintenance- Legitimacy maintenance is one of the stages where companies develop the functions as they are demanding for it (De Camargo Machado, Martins Carvalho, 2014). They need to operate the business that reveals trying to rotate for estimating actions after foreseeing as well as restricting the possible threats to legitimacy. It needs to be inclusive that represents the function of guarantee as well as performing the role as it is the ongoing process. Therefore, Legitimacy theory regards as a vibrant construction audits that is prepared by business organization. Business enterprise can lose up its legitimacy when the transforming styles are operated and suitable in several ways (Denoncourt, 2016). Legitimacy Extension- In this stage, firm need to enter a new environment or market that undertakes notifications in respect to the present market condition. In this case, it is probable to understand the fact protracted legitimacy help in gaining the confidence as well as potential constituents (De Camargo Machado, Martins Carvalho, 2014). Legitimacy Defending- In this stage, defense is essential in legitimacy as it challenges by the firm enterprise. Addition to that, the operations of legitimacy theory explains administrating the firm that makes an effort for resolving threat (Deegan, 2013). It is important to consider the fact while discovering the scenario where the researchers relates to the accounting process and gives lots of stress on the final stage. In that case, the firm has the option to gain clear chance for determining the main connections that are present among the legitimacy as well as resources. It is all about the corporate disclosures that relates with the theory of legitimacy where it gains knowledge regarding the principle and tries for developing the concept as mentioned in the accounting literature (De Camargo Machado, Martins Carvalho, 2014). Legitimacy theory is one of the theories where entities of the business relate with the legitimacy function that prevails in a community that depends upon the inclusive social contracts especially in the business community (De Camargo Machado, Martins Carvalho, 2014). It is mentioned in the theory that business organization is bounded with the social contract and then involves in an agreement for accomplishing various events that grants for rewards and other incentives. It requires an assurance from the business unit that is present in the situation. It is where the companies make use of sustainable activities that functions in accordance with the regulations that are kept by the business firm. It is also needed for the business to look at the legitimate factors by the exterior parties. On the contrary, there are some of the policies that can transform within the time frame and need to be active as well as responsive to the entire business firm (Dagiliene, 2015). The theory of legitimacy explains the concept at several stages, be it institutional and organizational. There even exists different level such as capitalism, government as well as society and religion at every possible level (De Camargo Machado, Martins Carvalho, 2014). It is the process of business legitimacy that helps in developing the permits as well as differentiates it within the groups. It is essential to gain information where the theory of legitimacy creates proper inclination to reach maximum level in the accounting research. As far as business legitimacy is concerned, it helps in viewing at the computability that is present within the value process in action. Resources of the firm are present in this theory where the specific legitimacy employs chasing the aims where the company abolishes with the socio-cultural environment in the most appropriate way (Cheng et al., 2014). Relevance of social contract to Legitimacy theory in Accounting As rightly put forward by Bitektine Haack (2015), Social contract can be treated as a concept where it is taken from the ancient times and obtainable as an effective instrument. Addition to that, it is needed to keep an explanation on all the discrepancy and error that are noted at the time of constructing the financial declarations when it is removed. In addition, in the course of secretarial, it can be unspoken that social conformity is current between the secretarial occupation as well as overall society of trade project. It highlights the real sense of awareness that is present among the controller and the accounting expert. It is important to consider the fact where the professionals actually use their own information so that they can offer mutual benefits as well as devise improved fiscal announcement on matters relating to the fact that they will be dynamic to the connected parties. However, the trade integration of the social contract aims at delivering important improvement s particularly in the fiscal declaration (Chauvey et al., 2015). It is the social institutions that functions well with the concept of social contract where the level of subsistence as well as growth can be determined in a socially feasible environment. It is the incorporation of the legality hypothesis and the community agreement hypothesis that depicts the fact that towards necessitate of the revelation that relates corroboration where the trade is adhering towards relied prospect of the society for maintaining the level of legitimacy. Furthermore, it is indispensable for a revelation that depends upon the prospect of various stakeholders of business as clearly present in the stakeholder theory. Here, it is necessary to have receipt of ethical answerability as mentioned in the responsibility model that is necessary for the ethical branch of stakeholder theory (Bhattacharyya, 2014). Application of social contract to Legitimacy Theory in Accounting For instance, several difficulties can be seen that relates directly to social, economic and environment where it is related to various associations where the government needs to abide by the rules, norms and morals as and when required. It requires disclosing the relevant fact where the theory explains the matters on gaining social as well as environmental information that probes compliance (De Camargo Machado, Martins Carvalho, 2014). To explain the concept in detail, legitimacy theory is one of the theories that is placed a main role after looking at the reasonable factors in order to gain environmental information. The information is collected based on the disciplinary background that explains the theory legitimize in their actions. In that case, there are theories present that guides with the time factors in given scenario that needs to be significant and legitimate in actions. It is necessary to conduct comprehensive analysis of the theory where it decides whether legitimacy c an be considered as an objective or end up for any of the course of action. Theory on organizational legitimacy highlights in the fact when a company need to go through all the phases and consider it under legitimacy. The stages identified need to be given utmost attention where preserving the legitimacy will protect the actual forms for future activities (Bebbington Unerman O'Dwyer, 2014). The theoretical nature of the legitimacy theory highlights or eluciadates ways for finding out connected device from which exact trade company can willingly reveal between communal and ecological information and facts. Furthermore, it is the business that gets connected to diverse graphical depiction of the image that supports with the society and attains the legitimacy where it is significant for augmenting the society for promoting the same to the peripheral surroundings. Therefore, it is noticed that role of legitimacy in business plays an significant place where varied institutions adds up to the culture survival that drives ways by the diverse negative communal and ecological occurrence that creates high level of insufficient legality. The literature on legitimacy theory highlights the fact on survival of an exacting business that mainly based upon the procedure of legitimating in a way where it is permanent in nature and manages with issues in the most appropriate way. Conseque ntly, the main purpose of legitimacy theory is to decide as well as get support from the stakeholder (Amanamah Owusu, 2016). The theory of legitimacy can be even dangerous when it is used for some of the events that results both internally and externally especially at the time of defence activities. In addition to that, some of the activities of legitimacy mostly have a tendency to be robust as well as time receptive because of some of the threat and attacks (Ahmed, Neel Wang, 2013). For instance, Western Capitalist system takes into consideration key incidence in which business trade has to follow or maintain legitimacy of actions. In that case, it is necessary to look at the facts where the controller has proper knowledge of accounting. It is all about determining the main connection between validity and fairness of actions with the available resources in the most appropriate way. These theories help in highlighting the diverse improvement in the current accounting field. It is all about looking at the potential explicit where it requires connecting with the data and linking it with social contract theo ry and legitimacy theory. Community need to gain proper control over actions so that they can use the available resources in the most effective way (Albu, Albu Alexander, 2013). Conclusion From the above analysis, it is understood that the topics has been related or connected with the case study that explains the corporate declarations of the business enterprise such as legitimacy theory that are found by various researchers and scientists. Addition to that, the idea as well as knowledge can be obtained from the making use of the theory as it gives better as well as efficient data at the time of decision-making process. The data used will be utilized by the stakeholders as well as investors who undertake decisions that are effective for the management. The society has now sanctioned for gaining supervision as well as control by use of method on how resources are allocated. It mainly explains with fact when performance of the environment as well as perception of social contracts with the help of using legitimacy theory. It mainly highlights the legitimacy theory and links it with relevance and application to social contract in the social as well as environment areas. The above study has brought out clear implications of the theory of legitimacy where the firm gains knowledge on matters relating to legitimacy as statement in the annual report of business organization. It mainly explains importance of these concept that help in gaining knowledge on public as well as investors that looks at the declarations with proper norms and regulations of the business enterprise. The study gives proper explanation on True and Fair View concept model where it looks at the document and relates with social contract aspect. 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