ACCOUNTING PRINCIPAL

 

1.1 What is accounting

 

Accounting is the systematic process of recording, analyzing, interpreting, and reporting financial information of an organization or individual, primarily for the purpose of decision-making, financial reporting, and compliance with relevant laws and regulations. It involves the measurement, processing, and communication of financial data to internal and external stakeholders. Accounting provides essential information for businesses, investors, creditors, and other stakeholders to understand the financial health and performance of an entity.

One widely accepted definition of accounting is provided by the American Institute of Certified Public Accountants (AICPA), which states:

"Accounting is the art of recording, classifying, and summarizing in a significant manner and in terms of money, transactions and events which are, in part at least, of financial character, and interpreting the results thereof." (AICPA, 2014) [1]

1.2  ACCOUNTING PROCESS

 

The accounting process is the series of steps followed by the business entity to record the business financial transactions that include steps for collecting, identifying, classifying, summarizing, and recording the business transactions in the books of accounts of the company so that the financial statements of the entity can be prepared. (Srivastav, 2021) As per the American Institute of Certified Public Accountants, "The accounting process is critical to the financial health of a business, enabling accurate financial reporting and decision-making" (AICPA, n.d.).

The relationship between these features is shown below,

 

2.1  The purpose and scope of accounting in complex operating environment

 

Accounting's purpose is to assist stakeholders in making better business decisions by supplying them with financial information. It is impossible to operate an organization and make investment decisions without accurate and timely financial information, which accountants generate. More significantly, accountants ensure that stakeholders understand the significance of financial data and engage with both individuals and organizations to assist them in using financial data to solve business challenges.

Provide managers information to aid in the planning, organizing, implementing, checking, controlling, evaluating, and decision-making processes related to the mobilization and use of resources for activities that are Economical ,Efficient and  Effective.

 

2.2  The scope of accounting in complex operating environment

 

Accounting has a significant role to play in today's complex business environment. It helps organizations to track and analyze their financial performance, manage risks, comply with regulations, and make informed business decisions. According to Laux and Leuz (2010), accounting information plays a crucial role in mitigating information asymmetry and reducing agency costs in complex business environments.

(Anon, n.d.)

3.0 Purpose of accounting function in an organization

 

Accounting is a tool used by organizations to carry out a variety of everyday operations, including making sales and purchases, issuing invoices, keeping track of inventories, tracking assets and liabilities, managing costs, paying employees via issuing paychecks, handling taxes, etc. The following are some other accounting-related duties performed by an organization:

 

Record-keeping function

 Accounting helps to keep accurate and up-to-date records of all financial transactions within the organization. This includes tracking income, expenses, assets, liabilities, and equity.

Financial reporting function

 Accounting provides financial reports to help management make informed decisions. This includes balance sheets, income statements, and cash flow statements.

Budgeting and forecasting function

Accounting helps to create budgets and forecasts for the organization's future financial performance. This allows management to plan and make decisions based on expected revenue and expenses.

Compliance and regulation function

Accounting ensures that the organization complies with all relevant accounting standards, tax laws, and regulatory requirements.

Decision-making function

 Accounting provides financial information to help management make informed decisions. This includes analyzing financial data to identify trends, patterns, and opportunities for improvement.

 

4.0 accounting regulation and ethics

 

 

In preparing financial statements, financial accountants adhere to a uniform set of rules called generally accepted accounting principles (GAAP)—the basic principles for financial reporting issued by an independent agency called the Financial Accounting Standards Board (FASB) because the users want to be sure that financial statements have been prepared according to GAAP and reported in them is accurate, so they can compare the statements issued by one company to those of another company in the same industry. (Exploring Business, 2010.n.d)

 

While companies headquarters in the United States follow U.S.-based GAAP, many companies located outside the United States follow a different set of accounting principles called International Financial Reporting Standards (IFRS)- These multinational standards, which are issued by the International Accounting Standards Board (IASB), differ from U.S. GAAP in a number of important ways, However IFRS through convergence, the US is moving from USGAAP to IFRS standards as most of the world uses IFRS.( personalfinancelab, n.d)

 

Financial Reporting Standards (IFRSs), are dialed with key issues such as:

 ■ what information should be disclosed.

 ■ how information should be presented.

 ■ how assets should be valued.

 ■ how profit should be measured.

 (Atrill, P. and McLane, E.2018.p,169)

4.1 The need for accounting rules

 

Consistency: Accounting rules ensure that financial transactions are recorded and reported in a consistent manner. This makes it easier for stakeholders to compare the financial performance of different organizations.

Transparency: Accounting rules make financial statements more transparent by requiring organizations to disclose relevant information about their financial position and performance.

Compliance: Accounting rules help organizations comply with legal and regulatory requirements. This reduces the risk of penalties and other legal consequences.

Accuracy: Accounting rules ensure that financial statements are accurate and free from errors. This helps organizations make informed decisions based on reliable financial information.

Accountability: Accounting rules promote accountability by requiring organizations to disclose their financial performance to stakeholders. This encourages responsible financial management and helps prevent fraud and other financial irregularities.

 

 

4.2 IFRS For SMEs and the future of UK GAAP

 

4.2.1 Measurement principles that are consistent with the full IFRS for SMEs

 

Historical cost principle: This principle requires that assets and liabilities are recorded at their original cost, which is the amount paid for the asset or the amount owed for the liability.

Fair value principle: This principle requires that certain assets and liabilities are recorded at their fair value, which is the amount that would be received to sell an asset or paid to transfer a liability.

Present value principle: This principle requires that certain assets and liabilities are recorded at their present value, which is the discounted value of future cash flows.

Replacement cost principle: This principle requires that certain assets are recorded at their replacement cost, which is the amount that would be paid to replace the asset with a similar one.

Realizable value principle: This principle requires that certain assets are recorded at their realizable value, which is the amount that could be received from selling the asset in an orderly transaction.

Cost recovery principle: This principle requires that revenue is recognized when the cost of earning that revenue has been recovered.

 

 

 

 

 

 

5.0  Issues of ethics, regulation and compliance of accounting

 

5.1 What is accounting ethics

 

Accounting ethics refers to following specific rules and guidelines set by governing bodies that every person associated with accounting should follow to prevent misuse of the financial information or their management position. (Thakur, 2019)

There are several standards for accounting professionals, and they are

1. Principles of professional ethics on objectivity

2. Professional ethics principles of integrity

3. Principle of prudence

4. Principles of professional conduct

5. Principles of professional competence

6.Ethical principles of confidentiality

 

5.2 issues of ethics

 

Poor accounting ethics can have a significant negative impact on organizations, their stakeholders, and the broader society. Some of the issues that can arise due to poor accounting ethics include:

 

Fraudulent financial reporting

 When accounting professionals engage in unethical practices such as falsifying financial reports, it can lead to misrepresentation of the company's financial health. This can result in investors, creditors, and other stakeholders making decisions based on inaccurate information.

 

Misuse of funds

Accounting professionals may misuse funds for personal gain, such as embezzlement, which can result in significant financial losses for the organization and its stakeholders.

Lack of transparency

When accounting professionals fail to disclose important information to stakeholders, it can create an environment of distrust, which can lead to reputational damage and decreased investor confidence.

 

Conflict of interest

Accounting professionals may have conflicts of interest, such as when they have financial relationships with clients or are related to company executives. This can result in biased financial reporting and a lack of objectivity.

 

Noncompliance with regulations

Poor accounting ethics can result in noncompliance with laws and regulations, such as tax laws, accounting standards, and ethical codes of conduct. This can lead to legal action, fines, and reputational damage.

 

Damage to the profession

Poor accounting ethics can also damage the reputation of the accounting profession as a whole, leading to decreased trust from stakeholders and potential limitations on the profession's ability to operate effectively.

 

 

 

 

 

 

 

 

 

 

 

 

6.0 Users of financial accounting information in SMEs

 

Small and medium-sized enterprises (SMEs) are important contributors to the economy, accounting for a significant portion of economic activity and job creation. Financial accounting information plays a crucial role in the decision-making process for SMEs, as it provides key information on the financial performance and position of the business. Below are some of the key users of financial accounting information in SMEs:

Owners

Owners and entrepreneurs of SMEs are interested in financial accounting information to evaluate the profitability and financial health of the business. They use financial accounting information to make strategic decisions, such as expanding the business, raising capital, or selling the business.

Investors

 Investors, including angel investors and venture capitalists, use financial accounting information to evaluate the financial performance and potential of SMEs. They use this information to make decisions about investing in the business, providing financing, or acquiring the business.

Creditors

Creditors, such as banks and other financial institutions, use financial accounting information to evaluate the creditworthiness of SMEs. They use this information to assess the risk of lending to the business and to determine the terms and conditions of the loan.

Suppliers

 Suppliers use financial accounting information to assess the financial stability of SMEs and their ability to pay their bills on time. This information is important for suppliers to manage their own cash flow and to determine the level of credit they are willing to extend to the business.

Employees

 Employees are interested in financial accounting information to assess the financial health of the business and their job security. Financial accounting information provides employees with information on the profitability of the business, which can impact the level of compensation and benefits they receive.

Government

 Governments use financial accounting information to monitor and regulate the economic activities of businesses operating within their jurisdiction. For example, tax authorities use financial statements to ensure that businesses are paying their taxes correctly.

 

 

Customers

Customers use financial information to assess the financial health of a company before making decisions to do business with them. This is particularly important for long-term contracts, as customers want to ensure that their suppliers will remain financially stable over the duration of the contract.

 

Regulatory authorities

 Regulatory authorities such as the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) use financial accounting information to ensure that companies are complying with applicable laws and regulations. These authorities can use financial statements to detect fraudulent activities, such as insider trading or accounting fraud.

 

 

(slideplayer.com, n.d.)

 

 

 

 

 

 

 

 

7.0 Accounting function in informing decision making and meeting stakeholder and societal needs and expectations in SMEs

 

v  The accounting function typically generates the following three financial statements on a consistent basis

·         Balance Sheet

The balance sheet is a financial statement that reports a company's assets, liabilities, and equity at a specific point in time. It provides a snapshot of a company's financial position and is often described as a "statement of financial position."

 

·         Income Statement

 The income statement, also known as the profit and loss statement, reports a company's revenue and expenses over a specific period of time. It shows the company's profitability during the period and is often described as a "statement of operations."

 

·         Cash Flow Statement

 The cash flow statement reports the inflows and outflows of cash and cash equivalents for a specific period of time. It shows how changes in balance sheet accounts and income affect a company's cash and cash equivalents and is often described as a "statement of cash flows."

 

Financial accounting is most useful for decision-making in three areas:

1.      Investment decisions

 Financial accounting information is crucial for making investment decisions. Investors need to assess the financial health of the company to determine whether it is worth investing in or not. According to Horngren et al. (2021), "Investors rely on financial accounting information to make informed decisions about whether to buy, hold, or sell shares of stock" (p. 6).

2.      Credit decisions

Financial accounting information also helps creditors make informed credit decisions. Creditors assess the financial position of the company to determine whether it is capable of repaying the loan. According to Warren et al. (2019), "Creditors use financial accounting information to assess the creditworthiness of a business and to decide whether or not to lend money to the business" (p. 10).

 

3.Performance evaluation

 Financial accounting information is used to evaluate the performance of the company. Managers need to know how the company is performing to make informed decisions about future operations. According to Wild et al. (2020), "Financial accounting information is used to evaluate the performance of a company over a period of time and to make informed decisions about future operations" (p. 17).

 

Financial accounting provides users with relevant financial information, such as income, expenses, assets, liabilities, and equity, which helps them make informed decisions about a company's financial performance, position, and cash flow. This information can be used by investors to decide whether to buy, hold or sell a company's shares, creditors to determine creditworthiness, and management to make strategic decisions. Additionally, financial accounting enables regulatory bodies to ensure compliance with accounting standards and regulations, protecting investors and stakeholders.

 

 

 

 

 

 

Taxation functions play a crucial role in helping users make informed decisions. By providing a clear understanding of how taxes work, users can make informed decisions about their finances, investments, and business operations. For example, knowing the tax implications of different investment options can help users choose the best investment strategy to minimize their tax liabilities. Additionally, understanding the tax code can help businesses make decisions about their operations, such as whether to invest in new equipment or hire additional employees. Overall, taxation functions provide valuable information that can help users navigate the complex world of taxes and make more informed decisions. (Investopedia , 2021)

 

The main difference between management accounting and financial accounting.

 

(Graduatetutor.com, 2019)

·         Auditing

 

v  Auditing is a systematic process of examining and verifying financial and operational records, procedures, and systems of an organization. The primary objective of auditing is to ensure the accuracy, completeness, and reliability of financial statements and other relevant information that the organization provides to its stakeholders.

 

Auditors are responsible for reviewing and evaluating the organization's financial statements, internal controls, and compliance with laws and regulations. They use various auditing techniques and procedures to collect and analyze financial and non-financial data, identify potential risks and weaknesses in the organization's processes, and make recommendations to improve the efficiency and effectiveness of operations. The two main specializations for auditors are internal auditing and external auditing.

 

Internal auditing

Internal auditing is the process of assessing an organization's internal controls, risk management processes, and governance procedures to ensure that they are effective and efficient. Internal auditors work within an organization and are responsible for identifying areas where improvements can be made to ensure compliance with regulations and best practices. They also provide recommendations on how to improve processes and reduce the risk of fraud or other types of financial mismanagement.

 

External auditing

External auditing, on the other hand, is the process of reviewing an organization's financial statements and records to provide an independent opinion on their accuracy and completeness. External auditors work for independent audit firms and are engaged by clients to provide an objective assessment of their financial statements. Their primary objective is to express an opinion on whether the financial statements are free from material misstatement in accordance with accounting standards.

Both internal and external auditors play important roles in ensuring that organizations are compliant with regulations, operating effectively and efficiently, and providing accurate and reliable financial information.

 

·         Cost accounting

Cost accounting is a branch of accounting that focuses on analyzing, recording, and tracking the costs associated with producing goods or services. It involves identifying and classifying expenses, determining the cost of production, and providing information to management for decision-making purposes.

·         Forensic accounting

Forensic accounting is a specialized field that combines accounting, auditing, and investigative skills to investigate financial fraud and white-collar crime. Forensic accountants analyze financial data, identify discrepancies, and present evidence in a manner that is admissible in court. They also provide expert testimony in legal proceedings.

·         Fund accounting

Fund accounting is an accounting system used by non-profit organizations, government agencies, and other entities to track and manage financial transactions related to specific funds or grants. Each fund is treated as a separate accounting entity, allowing for better transparency and accountability of funds.

·         Project accounting

Project accounting is the process of tracking and managing the financial performance of individual projects within an organization. It involves recording project expenses and revenues, allocating costs to specific projects, and generating financial reports to evaluate project profitability and inform decision-making.

·         Fiduciary accounting

Fiduciary accounting is a specialized form of accounting that deals with the management of assets held in trust by a trustee for the benefit of a beneficiary. It involves tracking the financial transactions, investments, and distributions of the trust assets, as well as ensuring compliance with legal and ethical responsibilities.

·         Political campaign accounting

Political campaign accounting refers to the process of managing and reporting financial transactions related to political campaigns. It involves keeping accurate records of donations, expenditures, and other financial activities to ensure compliance with campaign finance laws and regulations. Effective campaign accounting is essential for maintaining transparency and accountability in political fundraising and spending.

·         Government accounting

Government accounting refers to the process of recording, analyzing, and reporting financial transactions and activities in the public sector. It involves the use of specialized accounting standards, rules, and procedures to ensure accountability, transparency, and efficiency in the management of public funds and resources.

·         International accounting

International accounting refers to the set of accounting principles, practices, and standards that are applied to financial reporting in a global context. It involves the preparation and presentation of financial information in accordance with international accounting standards, as well as the analysis and interpretation of financial statements from a global perspective. International accounting is essential for multinational corporations, investors, and regulators to understand and compare financial information across different countries and regions.

 

 

 

 

 

 

v  The treasury function within an organization typically involves managing the company's financial assets and liabilities, as well as its liquidity and financial risk. The main objective of the treasury function is to ensure that the company has sufficient funds available to meet its financial obligations and to maximize the returns on its investments.

v  The treasury function can provide stakeholders with valuable information and insights that can help them make better decisions.

 

1.      Investment decisions

 The treasury function can provide information about the company's investment portfolio, including its returns and risks. This can help stakeholders make informed decisions about where to invest their money.

2.      Risk management

The treasury function can help stakeholders understand the financial risks that the company is exposed to, and provide information about how these risks are being managed. This can help stakeholders make decisions about how to mitigate or avoid these risks.

3.      Capital structure decisions

 The treasury function can provide information about the company's capital structure, including its debt and equity levels. This can help stakeholders make decisions about how to fund the company's operations and growth.

4.      Financial forecasting

The treasury function can provide financial forecasts and projections, which can help stakeholders understand the company's expected financial performance in the future. This can help stakeholders make decisions about investments, resource allocation, and other important matters.

The treasury debt is responsible for the timely availability of those funds when needed for the support of the business. (Ethan Hathaway, n.d) All the accounting function are recorded in financial statement.so by analyzing the financial statement in SMEs mainly 3 regular bases as mentioned above, the stakeholders can make decision.

 

(ResearchGate, n.d.)

 

 

8.0 Job skillets and competencies of accountant

 

8.1 skills for accountants

 

1.      Accounting Software

 You must be proficient in using accounting software to manage financial transactions, create financial reports and manage budgets. Some commonly used accounting software include QuickBooks, Xero, Sage, and Zoho.

2.      Attention to Detail

 Accounting requires a high degree of accuracy and attention to detail. You need to be meticulous in reviewing financial statements and ensure that all transactions are accurately recorded.

3.      Analytical Skills

 Accountants should have strong analytical skills to analyze and interpret financial data to identify trends, opportunities, and potential risks. They must also be able to provide insights and recommendations based on their analysis.

4.      Communication Skills

Good communication skills are necessary to interact with clients, stakeholders, and colleagues. You must be able to convey complex financial information in a clear and concise manner.

5.      Time Management

 As an accountant, you will be responsible for multiple tasks and deadlines. Strong time management skills are essential to manage your workload effectively.

6.      Problem-Solving Skills

Accountants must be adept at solving complex financial problems and making decisions based on available data and insights.

7.      Teamwork

 Accountants often work in teams to complete projects and meet deadlines. Being a good team player is essential to work collaboratively with others and achieve common goals.

8.2   Competencies of accountants

 

Accounting competences are the technical professional skills that benefit businesses and help create a thriving society. They include;

1.     Risk Assessment, Analysis and Management

Access, analyze and manage risk using appropriate frameworks, professional judgment and skepticism for effective business management. (Accounting competencies, AICPA.org. n. d)

2.     Measurement Analysis and Interpretation

Identify and apply appropriate, reliable, and verifiable measures to analyze data for a given purpose and intended use. (Accounting competencies, AICPA.org. n. d)

3.     Reporting

Identify the appropriate content and communicate clearly and objectively to the intended audience, knowing the work performed and the results as governed by professional standards, required by law or dictated by the business environment. (Accounting competencies, AICPA.org. n. d)

  4.     Research

Identify, access and apply relevant professional frameworks, standards, and guidance, as well as other information for analysis and to make appropriate decisions. (Accounting competencies, AICPA.org. n. d)

5.     Systems and Process Management

Identify the appropriate businesses processes and system(s), related frameworks and controls to assist in the design and use of systems for efficient and effective operations. (Accounting competencies, AICPA.org. n. d)

6.     Technology and Tools

Identify and utilize relevant methods technology and tools to analyze data, efficiently and effectively perform assigned tasks as well as support other competencies. (Accounting competencies, AICPA.org. n. d)

9.0 Accounting systems and the role of technology in modern-day accounting

 

9.1 What is an Accounting System?

 

An accounting system is a set of accounting processes with integrated procedures and controls. The intent of an accounting system is to record business transactions, summarize those transactions into an aggregated form, and create reports that can be used by decision makers to monitor, analyze, and improve operations.(Bragg, 2022)

Technology has had an influence on the accounting sector in several ways.

 

Automation of repetitive tasks

 With the help of accounting software and tools, many routine and repetitive tasks such as data entry, reconciliation, and invoicing can be automated. This has increased the efficiency and accuracy of accounting processes and reduced the chances of errors.

Cloud-based accounting

Cloud-based accounting software has made it easier for accountants to work remotely and collaborate with clients and colleagues from anywhere in the world. It has also provided a secure way to store and access financial data online.

Data analytics and insights

With the use of advanced technologies such as Artificial Intelligence (AI) and Machine Learning (ML), accountants can now analyze large amounts of financial data to identify patterns, trends, and insights that can help businesses make informed decisions.

Improved communication

 Technology has made communication between accountants and their clients more efficient and effective. Video conferencing, instant messaging, and email have made it easier to communicate and collaborate in real-time.

 

Improved security

 Technology has helped to improve the security of financial data by implementing various measures such as encryption, multi-factor authentication, and access controls.

9.2 Six reasons why tech is important for accountancy practice 

 

Improved Efficiency

 Technology enables accountants to perform their tasks with greater speed and accuracy. Automated processes such as data entry, invoice scanning, and financial statement preparation can help reduce errors and save time.

Enhanced Data Management

 Technology provides accountants with a platform to store and manage large amounts of data. This not only facilitates easy access to financial information but also enables the analysis and interpretation of data for better decision-making.

Increased Security

 Technology can help to ensure that financial data is secure and protected from unauthorized access or tampering. Advanced encryption and cybersecurity measures can safeguard against fraud and other forms of financial crime.

Real-Time Reporting

 With technology, accountants can generate real-time financial reports that provide up-to-date information on the financial health of an organization. This allows for better decision-making and planning.

Cloud-based Solutions

 Cloud-based accounting software and services provide accountants with greater flexibility and accessibility. Cloud technology allows for remote collaboration, access to data from any device, and automatic software updates.

 

Improved Client Communication

Technology enables accountants to communicate with their clients more efficiently and effectively. Online chat, email, and video conferencing tools allow accountants to provide real-time support and answer questions in a timely  manner.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

10.Recommendation

 

As a graduate trainee at the GAJMA & Co firm, I'd want to provide my recommendations to SMEs on the role accounting should play in guiding decision-making to satisfy stakeholders. SMEs continue to play a significant role in the business world.

First and foremost, the firm should focus on hiring qualified accountants because they are the ones who play a crucial part in accounting. Accountants need to have strong competences and abilities; thus, the business should offer the right training and activities so they may gain experience and avoid mistakes. Next, the accountants' financial statement must be correct. In order to thrive, SME owners and managers must update accounting information with accurate book accounts, which makes it easier to generate financial statements, maintain adequate records, and attract the attention of lenders. Financial statements give stakeholders the income statement, balance sheet, and cash flows of the entire business information they need to make decisions about the firm, such as whether to continue investing in it or not. Accounting systems are in charge of analyzing the financial health of businesses, creating the paperwork required for tax purposes, and providing data to other organizational activities. Consequently, the accounting system is crucial for SMEs.Without it, SMEs would find it challenging to operate and tough to locate clients and suppliers.

Therefore, it's crucial for SMEs to uphold accounting ethics when preparing financial statements in order to avoid fraud, false information, bankruptcy, etc. Because users want to be sure that financial statements have been prepared in accordance with GAAP and reported in them is accurate, financial accountants adhere to a uniform set of rules known as generally accepted accounting principles (GAAP) and international financial reporting standard (IFRS). This allows users to compare the financial statements issued by one company to those issued by another company in the same industry. in order for SMEs to operate according to accepted accounting rules. Next, rather than manually entering data, I advise SMEs to adapt to new technological approaches. An error-prone manual system will take longer. Utilizing particular technological tools makes it simple, more accurate, time-saving, and efficient to record information. This increases stakeholder satisfaction, which can influence their decision-making, and also makes them more productive.

Reference

 

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