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  Accounting For Limited Companies Part II

Introduction to Accounting For Limited Companies Part II

The Need For Accounting Rules

If we accept the requirement for directors to get ready and publish financial statements, we should also agree to the requirement for a framework of rules regarding to how these statements are get ready and presented. If there is no rule present, there is a much greater risk that unscrupulous directors will take on accounting policies and practices which portray an unrealistic view of financial health. There is also a very much greater risk that the financial statements will not be comparable over time or along with those of other businesses. Accounting rules can narrow areas of variations and decrease the range of accounting methods. This should help make sure that businesses treat identical transactions in an identical way.

Accounting rules should assist to give greater confidence in the integrity of financial statements. Consecutively, this may assist a business to increase funds and to build stronger relationships with customers and suppliers. Though, the users must be realistic about what can be attained by regulation. Problems of manipulation and of concealment can still take place even under a highly regulated environment. Though, the scale of these problems should be decreased where there is a practical set of rules.

Problems of comparability can also still take place as accounting is not a specific science. Judgements and estimates must be prepared while preparing financial statements and these might hinder comparisons. In addition, no two companies are the same and the accounting policies adopted may differ among companies for valid reasons.

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