Accounting Principles and Ethics Essay Example | Topics and Well Written Essays - 750 words

Accounting Principles and Ethics - bear witness Example(p. 186) As always, it is important to consider three major perspectives the client or the company, the profession as an accountant, and the society when doing a pecuniary statement.In preparing a financial report, it is simply not enough for accountants to that follow virtually rules. Following the general guidelines in accounting is one way to achieve a correct accounting structure or format. However, it is never enough to just follow the accounting rules and principles. It is as important for the practitioner to practice good ethics by making a good savvy in supporting or auditing a financial report.It has been argued that it is always easy to make an altered financial statement look good by merely following the general rules in accounting principles without applying the requisite ethical consideration. It is possible for several(prenominal) management to use accounting expertise in hiding some corporate financial pro blems by simply changing the figures in the report or using some inter-company strategy in order to make sales appear promising. (Fager, 2002) In doing so, the accountant clearly violates the US generally accepted accounting principles (GAAP) as well as it misleads a lot of prospective investors by making the financial statement appears good.When the accountant interpret the figures in making a financial report, the practitioner should be reasonable enough to judge or view things accurately. (p. 247) For example, it is important for the accountant to have a very good character such as avoid greediness which may result to universe a victim of bribery. (p. 28) In order to avoid greed, accountants need to be satisfied with the amount of income he / she is earning. In case the practitioner desires more than his / her usual earning, it is easier for big business owners to become an easy chump of bribery.When we talk about virtues, we are simply referring to a personal trait that enable s a person to pick out out a sensitive task well. Accounting is a