Point of Conflict in Accounting
One conflict that arises in accounting is if the financial statements should be based on historical cost or the real value.
Case Study
A time-share firm wants needs to account for all of the property they own on their balance sheet and are required to use the historical value (the value of the property when they first acquired the property) because they are in the United States which follows rules set by the Financial Accounting Standards Board (FASB). Many of their key investors are from Europe which uses the fair value (current value of the property) designated by International Accounting Standards Board. Because the company uses the historical cost, most of their properties do not look like they are of a high value because they purchased most of the land thirty years ago. If they were to use the fair value then their assets would be priced at a significantly higher value, but it would also make the credibility of their statements decrease. This is because it is easier to fudge the current value of the property.
Analysis
As you can see from the case study above, the accounting world relies heavily upon the topic of invention: documents. Through the financial statements (documents) companies are able to share information about their financial standing with the public. There are specific guidelines and rules (law) that help create a standard statement across the United States, and foreign countries. The FASB and IASB (authority) are the ones who discuss and create the regulations that they think would give the firms the freedom to share their finances the way they would prefer without being able to fudge and distort the true values.
Ah! Very interesting! I am not quite so familiar with accounting, but I was able to see the application you drew between it and the topics of invention. As you said, documents and law are crucial in assessing financial standing. I don't know if this is quite in line with where you were going, but when you said "standard statement," it reminded me of standardizing rhetoric in ancient times due to the introduction of writing. In this same way, your topic field appears heavily affected by this same thing. Documentation has reshaped the world of rhetoric, and it may have done quite the same thing in accounting.
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DeleteIt is very interesting how document and law prevent people from lying as easily about anything. Although I do not know a ton about accounting, I can see how these regulations are needed and affect the accounting world.
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DeleteI am in Accounting 200 right now and I enjoyed your post very much. It's so true that all of these different regulations are needed to keep everyone in check. Your case study was extremely well put and I too argue that there are lots of points for rhetoric in the accounting fields.
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