Modern supervision of enterprise accounting information--多伦多Essay代写作业

多伦多Essay代写作业:“Modern supervision of enterprise accounting information”，这篇论文主要描述的是在现代竞争日益激烈的社会里，对于企业会计的监管也变得越来越为重要，会计监管制度不仅仅受到社会、经济的影响，政治环境的变化也将影响着对会计的监管，在这种环境下，信息就像是润滑油一样，润滑着整个市场的会计监管。

In the modern society, the competition in the global market is becoming more and more severe. As a result, it has been shown that the regulation of accounting information is becoming more and more important for the modern corporations. Social, economic and political factors are close to the development of regulation of accounting. And more importantly, there are differences among different countries for the different international regulatory frameworks. It has been stated by professionals that ‘information is the oil that lubricates markets’. The purpose and aim of the regulation of accounting information is to identify different needs for companies in the market have different perspectives. In order to answer the question ‘information is the oil that lubricates markets. How can this statement be used to justify the regulation of accounting information?’ This essay will includes the following sections: background of accounting regulation in Malaysia, definition of regulation of accounting information, needs of regulation of accounting information, boundaries of regulation of accounting information, aim and purpose of accounting information.

1.0 Background of accounting regulation in Malaysia

It has been shown from evidence that Malaysia has adopted IAS in 1978. Also, the MIA and MICPA collaborate together in order to produce MAS. And in 1997, FRA in Malaysia has established FRF & MASB and the Financial Reporting Act 1997 has been established as a trustee body as well. In 1998, the function of accounting standards setting in Malaysia was taken over by MASB. Also, in Malaysia, the ROC (Register of Companies) is governing the financial accounting and reporting standards.

2.0 Definition of regulation of accounting information

It has been stated that the theory of accounting information argues that whether companies have to be forces to disclose information about their performance and operations to the users and other interested parties in the market. Or on the other hand, they should voluntarily disclose their accounting information without regulation of accounting information. From my perspective, the regulation of accounting information is necessary for the statement that ‘information is the oil that lubricates markets’ (Abbott, A., 1998).

3.0 Definition of the boundaries for regulation of accounting information

In practical level, it has been shown that accounting regulation is regarded as ‘the imposition of constraints upon the preparation, content and form of external financial reports by bodies (governments, regulatory agencies established by governments, trade and other associations in the private sector, loose industrial groups which pursue collusive activities) other than the prepares of the reports, on the organizations and individuals for which the reports are prepared’ (Taylor, P. and Turley, S.,1986). As a result, it has been indicated that the regulation of accounting information is influenced by some environmental factors. It has been discovered by May and Sundem (1976) that there are four factors that may affect the environment for accounting information regulation. Also, the accounting and auditing regulations which are imposed by both public and private sectors will be influenced and benefited by the accounting information provided by companies in order to emerge their decisions.

4.0 Needs of regulation of accounting information

Firstly, if there is no regulation of accounting information in the market, there will be many companies who will not willing to disclose their accounting information to the market. Secondly, even though some companies may provide accounting information to the market without regulation, the information may be insufficient and adequate information for users to make wiser decisions. Moreover, there will be unreliable, irrelevant or fraudulent information provided to the market by some companies as well. More importantly, if there is no regulation of accounting information in the market, the social goals may not be achieved as companies may choose not to reveal information relevant to the social goals. Furthermore, it has been indicated that the reasons for regulation of accounting information is that is considered as public goods. As public goods, accounting information will be available to everybody in the market. Last but not the least, if there is no regulation of accounting information in the market, there will be many companies who do not want to produce their accounting information for users in the market as in order for companies to maximize their profit, they would like to keep the costs of producing and disclosing accounting information at minimum. As a result, there are accounting standards have been introduced in order to ensure the basic objectives of companies’ financial statements will meet the goals that provides useful information for public (Demski, J.S., 1973).

For accounting standards, they are used to ensure companies will provide accounting information which are consistent, clear, comparable and reliable. Moreover, in order to make sure the market will operate smoothly and fairly with accounting information, the accounting standards for regulating companies will reduce the possibility of creative accounting. More importantly, the regulation of accounting information and general accounting standards will minimize the differences among accounting information disclosures such as financial statements from different companies. Also, the accounting information disclose by financial statements of companies my perceive as free of errors for market to use to make their investment decisions and judgments about those companies (Dobbs, I. And Keasey, K., 1990).

Moreover, there are economic and market considerations for the needs for regulation of accounting information. It has been indicated by Cohen and Cyret in 1965 that it is very essential for the information provision and resource allocation to be regulated with the standard accounting rules for accounting information in the market. For example, in an perfect and ideal market situation, the efficiency of market will ensure the accounting information will available for every single unit in the market with the reasonable costs. However, in the reality, there are some factors that may affect the perfectly competitive markets such as tax rates, information asymmetry and etc.In order to overcome difficulties in the imperfect market, as a result, the regulation of accounting information is very important in order to lubricates markets(Cohen, K.J. and Cyret, R.M. 1965).

Furthermore, from the perspective of socio-political considerations, it has been stated by Bromwich (1985) that the provision of regulation of accounting information should be paid more considerable attention in order to apply to the economic ideas. It has been shown that from the economic perspective, the primarily focus point should be the accounting policy as a vehicle in order to allocated resources more efficiently. However, it should be acknowledged that the non-economic criteria is also very important such as psychological, political and social factors. There are also influences from those factors for the regulation of accounting information. As a result, it should be focus on social view as well. Especially, there are differences between wealth and income for different social interests, the best form of regulation of accounting information will be essential for the welfare of our society as well. More importantly, it has been highlighted by Tower (1993) that there are two important social goals for regulation of accounting information as it is a way to achieve social efficiency and equity. Tower stated that the regulation of accounting information is a very important tool in order to help market to push companies to disclose accountability information in the financial reports or corporate reports in order to promote the full and fair accounting information disclosures. 

Next, from the perspective of professional considerations, it has been shown that  regulation of accounting information is a professional social form. Also, for the integrity and expertise of profession, lobbying behaviors and business opportunities, they are all needed to be regulated. It has been highlighted by Broadbent and Laughlin (1999), Richardson (1997) and Tower (1993) that those elements of professional considerations are very important. Moreover, they have also argued that regulations of accounting information are very important to promote the higher level of professional accounting practive in order to maintain the public interest and the profession integrity. Along with the needs for professional integrity of accountants, it has been argued by Richardson (1997) that there are two domains for the operations of profession. For the two domains, they are regulations of accounting information and the market place. Firstly, regulations of accounting information is concerned with the truth that the professional accounting language will help the professional community to develop and protect their knowledge. Secondly, it has been shown that there are some market opportunities relating with potential market opportunities. As a result, the two domains are interact with each other and it has been stated that the availability of opportunities in the market rely on the professional accounting information and the restriction of accessing to it (Broadbent, J. and Laughlin, R. , 1999). On the other hand, there is argument about that the regulation of profession can be self-regulation (Ogus, 1995). It has been stated by Ogus (1995) that the self-regulation of accounting information may reduce the cost of information gathering process of regulators. However, there are many professionals have argued that self-regulation of accounting information is not a good option. Showing from evidence that there are some lobbying interested parties may affect the self-regulation of accounting information (Zimmerman, 1986 & Mian and Smith, 1990). Also, there is a concern that the private regulatory bodies may make their regulatory power used for private interest instead of public interest (Taylor and Turley, 1986).

Last but not the least, there are some other considerations relating to the regulation of accounting information as information can be regarded as the oil that lubricates markets. It has been shown than the consistency, comparability and transparency in the interest of both internal and external users of companies’ financial statements are promoted by accounting standards. From experience and evidence, without properly regulation of accounting information, the information which is provided by companies will have some bias and limited the assessments of companies. It has been highlighted by Baxter (1978) that the role of regulations of accounting information will help companies to increase the quality of their accounts and increase the quality of corporate reporting as well in order to provide fair and complete information for the market. Moreover, the regulation of accounting information also help the business world to become a safer place for all users. Added to this, with a good set of regulation of accounting information, it can help stakeholders to protect their interests and ensure the confidence of public users in the market (Baxter, W.T., 1978). .

5.0 Conclusion

From the discussion, it has been shown from many literatures that the regulation of accounting information can identify the economic, social and professional factors. The development and needs of regulation of accounting information are very important for the professional accounting regulations all around the world. In the modern society, along with the increasing number of businesses growth in the market, there has been shown a increasing need for more stringent regulations of accounting information. More importantly, under the situation of financial shocks and important failures in the market, it has been shown that formal regulation of accounting information is very important in the extensive accounting provisions. As a result, the fortune of accounting information interrelates with the general fortunes of the business market nowadays.

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