Contemporary Issues in Accounting

Contemporary Issues in Accounting

Accounting Theory
1. In terms of theoretical foundations, how do you compare accounting to other disciplines such as economics, physics, mathematics, etc.?
2. Discuss three major challenges facing fair value accounting practices and their implications to the future fair value accounting.
3. Assuming the above challenges to fair value accounting were solved, why would you prefer fair value accounting over historical cost accounting?
Accounting Practice
4. As a controller, discuss three risks and three advantages you will consider before moving your company’s accounting function to the cloud.
5. As a new controller, describe with reasons, three reports you will want to receive from your subordinates immediately after you are hired. Also, describe with reasons, three management reports that you will prepare more frequently (perhaps weekly).
6. Accounting practice has become more automated and is rapidly going to the cloud. List and discuss at least three implications of this trend to the future of accounting practice and profession. Is this trend being reflected in accounting enrollment and education?
Quality Assurance
7. The information market left on its own cannot produce optimal quantity and quality of accounting information. Explain the basis for this statement.
8. List and explain at least three remedies societies take to improve on the quality and quantity of accounting information.
9. What is the efficacy of the remedies applied to increase quantity and improve quality of accounting information? [Hint: framing your answer in ethics and fraud frameworks will help.] Dissemination of Accounting Information
10. What is the rationale (at least four reasons) for private company financial accounting standards?
11. Who loses and who gains [discuss at least two losers and two gainers] after the private company financial accounting standards are introduced?