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accounting

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What's driving coverage of accounting right now?

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Overview

Accounting, also known as accountancy, is the processing of information about economic entities, such as businesses and corporations. Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers. Management accounting focuses on the measurement, analysis and reporting of information for internal use by management. The recording of financial transactions, so that summaries of the financials may be presented in financial reports, is known as bookkeeping, of which double-entry bookkeeping is the most common system. Accounting information systems are designed to support accounting functions and related activities. Accounting has existed in various forms and levels of sophistication throughout human history. The double-entry accounting system in use today was developed in medieval Europe, particularly in Venice, and is usually attributed to the Italian mathematician and Franciscan friar Luca Pacioli. Today, accounting is facilitated by accounting organizations such as standard-setters, accounting firms and professional bodies. Financial statements are usually audited by accounting firms, and are prepared in accordance with generally accepted accounting principles (GAAP). GAAP is set by various standard-setting organizations such as the Financial Accounting Standards Board (FASB) in the United States and the Financial Reporting Council in the United Kingdom. As of 2012, "all major economies" have plans to converge towards or adopt the International Financial Reporting Standards (IFRS). History

From Wikipedia (CC BY-SA 4.0).

Notable quotes

“Accounting for the most part, remains a legalistic and traditional practice, almost immune to self-criticism by scientific methods.”
— Kenneth Boulding (1958, p. 95) as cited in: Edward Stamp, Michael J. Mumford, Ken V. Peasnell (1993) Philosophical Perspectives on Accounting. p. 147.
“It’s simply to say that managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.”
— Warren Buffett 1982 Chairman's Letter
“… without idealism, politics becomes a form of accounting, a management of purely material interests.”
— Ian Buruma What’s Left After 1989?
“Accounting reveals the state of the business. It is a kind of thermometer of its condition and its health. One must consult it continually. Every employee in the enterprise, from the lowest up to the Director, must know the results for that part of the service for which he is responsible.”
— Henri Fayol (1908). "L’exposee des principles generaux d’administration". Unpublished paper, translated by J.D Breeze. published in: Daniel A. Wren, Arthur G. Bedeian, John D. Breeze, (2002) "The foundations of Henri Fayol’s administrative theory", Management Decision, Vol. 40 Iss: 9, p. 910.
“The problem is not that this optimistic view is wrong. By economic accounting, the optimistic view is mostly right.”
— Didier Sornette Why Stock Markets Crash - Critical Events in Complex Systems (2003) Ch. 10, 2050: The End Of The Growth Era?, p. 390.
“There are only two things as complicated as insurance accounting and I have no idea what they are.”
— Andrew Tobias Chapter 2, By Popular Demand: A very Short Chapter On Insurance Accounting, p. 26.

Quotes via Wikiquote (CC BY-SA), each with its original source.

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Notable quotes

“Accounting for the most part, remains a legalistic and traditional practice, almost immune to self-criticism by scientific methods.”
— Kenneth Boulding (1958, p. 95) as cited in: Edward Stamp, Michael J. Mumford, Ken V. Peasnell (1993) Philosophical Perspectives on Accounting. p. 147.
“It’s simply to say that managers and investors alike must understand that accounting numbers are the beginning, not the end, of business valuation.”
— Warren Buffett 1982 Chairman's Letter
“… without idealism, politics becomes a form of accounting, a management of purely material interests.”
— Ian Buruma What’s Left After 1989?
“Accounting reveals the state of the business. It is a kind of thermometer of its condition and its health. One must consult it continually. Every employee in the enterprise, from the lowest up to the Director, must know the results for that part of the service for which he is responsible.”
— Henri Fayol (1908). "L’exposee des principles generaux d’administration". Unpublished paper, translated by J.D Breeze. published in: Daniel A. Wren, Arthur G. Bedeian, John D. Breeze, (2002) "The foundations of Henri Fayol’s administrative theory", Management Decision, Vol. 40 Iss: 9, p. 910.
“The problem is not that this optimistic view is wrong. By economic accounting, the optimistic view is mostly right.”
— Didier Sornette Why Stock Markets Crash - Critical Events in Complex Systems (2003) Ch. 10, 2050: The End Of The Growth Era?, p. 390.
“There are only two things as complicated as insurance accounting and I have no idea what they are.”
— Andrew Tobias Chapter 2, By Popular Demand: A very Short Chapter On Insurance Accounting, p. 26.

Quotes via Wikiquote (CC BY-SA), each with its original source.

Overview

From Wikipedia (CC BY-SA 4.0).

accounting

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accounting

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Where does accounting rank?

accounting across IJR

Overview

Notable quotes

Notable quotes

Overview

accounting across IJR

Where does accounting rank?