PowerPoint Presentation ( Recognition of Elements of Financial Statements)

Recognition of Elements of Financial Statements

Laura Pena Varona

Keiser University

Dr. Dahli Gray

Professional Accounting Research (ACG6816G3-103082021)

Abstract

The purpose of this research is to outline the history of financial statements based on the elements of financial statements. Early forms of financial statements can be traced back to Mesopotamia in cities near Tigris and Euphrates' rivers. Luca Pacioli is regarded as the father of financial accounting after publishing his first accounting book known as Summa in 1494(Beach, 2017). Financial accounting later developed into a serious profession in the 1930s after the USA government established a committee on accounting principles. Managerial accounting gives information about a company’s financial progress to the company’s managers, which help them plan strategically for the company. International accounting standards were established through the International standards committee's efforts that were first formed in 1973 (Hutten & Sessar, 2011). Financial statements in international accounting help inform foreign investors on the investment opportunity in a particular market. Accountants should conform to the code of ethics set out by their professional bodies

Keywords: Accounting, international, Standards and Principles

Recognition of Elements of Financial Statements

History

Early forms of financial statements can be traced back to Mesopotamia in cities near Tigris and Euphrates' rivers (Beach, 2017). Merchants used clay tokens as unique identifiers of their goods before giving them to the boatman. As of the year 2001, the Financial Accounting Standard Board (FASB), International Accounting Standards Board (IASB) (Hutten & Sessar, 2011), Internal Revenue Service (IRS) as well as the Institute of Management Accountants (IMA) are responsible for developing guidelines that inform sound accounting principles. According to the Governmental Accounting Standards Advisory Council (GASAC), recommended research on recognition and measurement concepts with regard to financial statements (Kidwell & Lowensohn, 2018). The policies helped carry out accounting in various disciplines such as financial accounting, managerial accounting, tax accounting, international accounting, and auditing. With the approval of the preliminary views on recognition of elements of financial statements in 2018 (Exposure Draft, 2018), the various accounting disciplines could easily group financial statements appropriately.

Financial Accounting

Financial accounting can be defined as the process of recording and summarizing a company's transactions by the use of financial statements. It gives a summary of a company’s revenue along with the assets acquired or liabilities incurred over a specified period. Any information made in financial accounting is historical in the sense that every financial statement contains data over a specified period.

Financial statements in financial accounting serve both internal and external purposes in a company. The role of financial statements in financial accounting is mainly to encourage strategic planning for the business, help in directing company resources efficiently as well as setting achievable goals. The financial statements created through financial accounting, give a clear picture of a firm’s financial health as well as business performance. By gauging a firm’s financial health and performance, goals are set and company resources are directed to the appropriate departments in the company.

Ethics

Upholding ethical standards in accounting is a necessary condition for all accountants and those aspiring to join accounting. According to the AIPCA and AGA code of ethics, the public interest is given more precedence to other issues (AGA Code of ethics, 2021). Other key issues that both sets of codes of conduct share include performing duties with the utmost integrity, displaying the utmost professionalism, and being more objective in the workspace (AICPA, 2021). Adhering to accounting ethics plays a critical role in protecting shareholders against fraud and misleading information. As in the case of the Enron scandal (Beach, 2017), ethics in finance has since become a crucial part of financial management.

Institutions such as the Securities and Exchange Commission were set up after the passing of the Sarbanes-Oxley Act of 2002 (SOX) following the scandals in financial management as a way of combating any future ethical crisis in finance (Beach 2017). Such groups have played a critical role in coming up with a code of ethics that should be adhered to by accountants when carrying out their duties. Accountants should conform to the code of ethics set out by their professional bodies. Having knowledge of accounting ethics plays a crucial role in enabling accountants to overcome ethical dilemmas. It also allows them to make the right choices that benefit organizations and the public in general.

Managerial Accounting

Managerial accounting deals with the provision of financial and non-financial information to managers. Similar to financial accounting, information given is helpful mostly internally. Governmental financial statements often depict budgets. Accounting for how finances are to be spent is important in managerial accounting. In financial accounting, budgets do not appear in the financial statements. The only difference is that information in managerial accounting is intended for managers in a firm. Information on Investments done by owners along with equities is very important in financial accounting. It plays a critical role in assisting directors within an organization to make accurate decisions. Managerial accounting was set up to help businesses determine prices following a sophisticated method that provided business owners with information (Berisha, 2017). Managerial accounting recognizes the elements of financial statements through collaborating with management in the decision-making process, coming up with expert advice on addressing the needs and dealing with challenges affecting organizations.

International Accounting

International accounting refers to a discipline within accounting that applies specific accounting standards relevant to the U.S and Overseas companies. International accounting standards were established through the International standards committee's efforts that were first formed in 1973 (Hutten & Sessar, 2011). Financial statements in international accounting help inform potential foreign investors on the investment opportunities in certain markets. Recognition of the elements of financial statements plays a critical role in promoting transparency and accountability in the global financial markets. The standards also enable potential investors to make informed economic decisions on investments, assuming international accounting also plays a critical role in reducing the expenses associated with reporting and regulation. Global financial reporting has been supported by organizations such as the Securities and Exchange Commission (SEC), which calls for convergence accounting standards (Larson, 2007). Moreover, the European Union requires investors accountants to embrace the International Financial Reporting Standards (IFRSs) stipulated by the International Accounting Standards Board (IASB) (Hutten & Sessar, 2011).

Tax Accounting

Tax accounting refers to a discipline of accounting that focuses on taxes rather than financial statements. Such accounting is governed by the internal revenue code, which specifies the specific procedures companies should adhere to when carrying out tax returns. According to the National Center for Education Statistics (2003), governments ought to provide financial reports that are deemed relevant as well as reliable so as to remain accountable. Tax authorities are able to assess a firm’s financial situation with ease. Through financial statements, the firm’s accountants are able to evaluate the firm’s tax situation. Its primary role is to keep track of all funds related to firms and individuals even when they are exempted from paying taxes. There are three types of tax accounting: individual tax accounting, business tax accounting, and tax-exempt organizations (Atwood, Drake & Myers, 2010). Individual tax accounting focuses on areas such as incomes, investments, and gains losses. Moreover, organizations that are tax exempted should file tax returns to create an environment of accountability.

Auditing

Financial audit refers to a careful examination and analysis of financial statements in an organization to ensure they are a correct representation of the transactions that took place. Auditing is carried out internally by the employees or externally by a certified public accountant. Financial statements are very important in auditing. According to the National Center for Education Statistics (2003), for the government to achieve accountability, various needs and objectives, have to be satisfied. Among the needs to be met include, legal and budgetary compliance, short-term financial position and liquidity. As information on elements such as assets, liabilities, revenue, expenses losses and gains help clarify how resources are utilized and whether or not there is a hint of misappropriation of funds. Government audits are also conducted specifically to ensure firms do not misrepresent their taxable income (AICPA, 2021). Lenders require all companies to carry out an external audit, which is a part of their debt agreement. Financial statements have proven useful in auditing over the years as many firms have quarterly reviews on employee performance as well as business performance. Such reviews keep the company managers and shareholders updated on the progress of the firm.

Hypotheses

The elements of financial statements are the primary building blocks for reporting items in the financial statements. The elements provide criteria for evaluating the consistency in reporting financial statements among the finance specialists and accountants (Greg, 2020). Elements of financial statements are also the key concepts that guide the auditors in ascertaining that financial and accounting rules have been followed duly by the reporting firms. This report aims at outlining the governmental issues emerging in the process of recognition of the elements of financial statements.

The governmental accounting issues related to financial statements' elements revolve around reporting the government funds' information. Reporting of the information about government funds has not been effective based on previous surveys (Saleha, Tharindra, & Claire, 2020). The difficulty of maintaining fiscal accountability makes reporting government financial statements to be ineffective.

Consistency of the concepts of government financials, the short-term perspective's consistency and the guidelines for dealing with complex transactions are the major issues surrounding the elements of the gorvenment's financial statements.  The current concepts are based on a modified basis of accounting for reporting, but they do not have a conceptual foundation (Carmela, Enrico, & Ileana, 2020). Moreover, there is difficulty in reporting complex transactions such as those involving derivatives. Furthermore, the periods of recognizing transactions do not favor short-term transactions.

The issues above are relevant to my topic because they provide the dilemma in recognizing the elements in the government's financial statements. The issues highlight the crucial issues that should be addressed to ensure adequate reporting of the government's financial statements. My colleague's postings are relevant to the topics because they identify the fundamental issues regarding the objectives and study topic.

Forensics Accounting

The article, Curbing occupational and financial reporting fraud: An alternative paradigm by Ogoun and Obara discusses the alarmingly increasing rate of occupational fraud, specifically fraudulent financial reporting (Ogoun & Obara, 2013). To address the increasing difficulty of containing the issue, the authors suggested a post ante approach to addressing fraudulent financial reporting. This is based on the notion of preventive maintenance for equipment in the military, which are deemed considerably better than the post mortem methods that may have irreversible repercussions. The article can influence the research project by describing the role and significance of standards in addressing fraudulent financial reporting.  

The article, The Impact of Applying Modern Financial Analysis Tools on Detecting Fraudulent Practices in Financial Statements of Listed Banks - An Analytical Study by Al-Halabi (2018) strives to discover the effect of applying modern financial analysis tools to detect fraudulent practices in financial statements of listed banks at Damascus stock exchange. Modern tools, for instance, quantitative statistical models, can better comply with accounting standards to seek fraudulent business practices effectively compared to traditional tools. The study suggested a method of identifying fraudulent accounting practices by decreasing the gap between the tax-centric income and the accounting-centric income, as well as applying the benchmarking strategy, for instance, the Sarbanes Oxley Act. The article can influence the research project by highlighting the role of standards in identifying accounting fraudulence.    

My mentor describes the importance of a code of ethics in decision-making regarding the treatment of employee behavior. The code of ethics generally highlights how employees should behave to encourage a professional, safe, and productive workplace environment (Hayes, 2021). Failure to comply with the code of ethics may result in punitive action towards the violating employee. Further, since the code of ethics clearly states the rules for an employee’s actions as well as the resulting consequences of those actions, it guides a manager or leader when deciding on how to respond properly to an employee who breaks it. 

Governmental Accounting

The Governmental Accounting Standards Board (GASB) released its concepts statement for public review. The exposure draft describes and defines elements of financial instruments, which are building blocks of authoritative accounting guidance (GASB 1). GASB’s proposal employs a hierarchy to determine recognition and evaluate whether the elements of the financial statements are assets, liabilities, or resources. Whereas the concepts are not authoritative, they inform accountants, auditors, the public, and board members on accounting and reporting guidance. 

GASB’s exposure draft proposes a hierarchy of recognition in which financial items are evaluated based on existing definitions of assets and liabilities and resource inflows as well as outflows. GASB’s advice equips financial statement preparers with knowledge for identifying these changes in resources (Oulasvirta 1). Since due process followed before issuing exposure drafts for public participation, comments were invited on different matters outlined in the financial concepts statement. As such, the survey is, meant to identify aspects of the government financial statements with which the audience agrees or disagrees.

The proposed hypothesis:

H1: The concepts statement improves the decision-making processes of users and allows for the assessment of government accountability

Investigating the impact of the statements on the decision-making processes of users and assessing government accountability will help ascertain that financial reports reflect current realities. According to Tysiac, survey findings could be used to define objectives in the reporting model more clearly and justify the complexity of the new guidance (1). It is based on this justification that individuals will be invited to contribute their views on a free version of survey monkey. The survey will collect data for use in analyzing and discussing the topic from all of the major accounting perspectives.

In retrospect, the analysis of survey results will help explain different viewpoints for understanding financial statements and interrelated objectives for establishing consistent financial reporting and accounting standards. The survey findings will achieve this by weighing whether the concept statements provide alternative and well-reasoned financial reporting and accounting standards applying to Government Financial Statements. Although the new reporting financial reporting model will allow for greater conceptual consistency compared to existing models, the results of this study could ensure that its application is clear to stakeholders.

Analysis Results of Data using IDEA Software

Analysis Results of Survey

Potential Impact of Excel on Decision Making

In the preparation of government financial statements, sound and evidence-based decision-making are required to enhance the credibility, reliability, and relevance of financial statements. Software, particularly, SurveyMonkey.com and Excel could be of significant importance in facilitating decision-making in the preparation of government financial statements. SurveyMonkey.com, for instance, could impact decision-making concerning government financial statements by enabling the gathering of reliable data from the targeted audience. This is because the SurveyMonkey.com software has resourceful features such as customizable surveys, AI-powered insights, statistical analysis tools, and automated expert solutions (SurveyMonkey.com 1), which can help in gathering and analysis of relevant data to be used in decision making during the preparation government financial statements.

            Microsoft Excel can be of significant importance in facilitating decision-making in the preparation of government financial statements. According to Jusoh and Ahmad (23), excel can be used in the analysis of data, therefore, the results obtained can be used in decision making during the preparation of government financial statements. In another aspect, Olusegun (781) argues that excel is a vital component of the information and decision-making framework and acts as a valuable auxiliary tool that can be used in the preparation of budgets, financial modeling, forecasting, foreign exchange analysis, and trend analysis among other aspects. These processes supported by excel provide useful information that could be used in decision making, particularly during the preparation of government financial statements. Budgets, for instance, help in decision-making about appropriate fiscal policies that can be implemented in the preparation of government financial policies. Therefore, SurveyMonkey.com and excel are resourceful software that if used appropriately could have a positive impact on the preparation of government financial statements.         

Potential Impact of SurveyMonkey.com and Excel on Decision Making

Concept statements affect decision-making on the recognition of elements of financial statements in various ways. GASB statements offer a conceptual framework to the research objectives. The records provide the basic principles for establishing consistent standards of financial reporting. Based on the survey results, 96.67% indicated that organizations should have consistent financial and accounting recording standards. The data help GASB in determining the importance of considering alternative approaches to creating financial reports. They enable the accounting profession, such as the auditors, to understand financial models and the techniques of reporting (Grüber, 2014). The statements address the measurement focus and determine the items to report. Analysts can assess the measurement by focusing on economic resources and accrual accounting (GABS Exposure Draft, 2021). In this regard, the financial statements can be identified when data meets definition requirements.

The topic of recognizing elements on accounting data relies on financial records to help examiners identify business cash flow and balance sheets. Measurement focus in recognizing elements entails the specific statements that identify data reported in the accounting records. Based on the survey, 60% of the participants agreed that accountants should use the accrual method to measure revenues by incorporating profits after earnings. The related accounting basis identifies when to report the selected items. (Dvořák & Poutník, 2018). They facilitate the element definitions based on resource measurements.

Concept statements can impact decision-making regarding the research topic in various ways. The report will help in identifying financial records and variables during data analysis. Based on my survey result, the concept statement will help analyze the financial position of companies based on their in their balance sheets. The records will facilitate the research topic by identifying assets and liabilities.

Potential Impact of Concepts Statements on Decision Making

Accounting involves the examination and preparation of financial documents quickly and accurately. These financials are the core to any decision-making process in a company, and as such, accounting services are in constant demand. The persistent need for financial documents and analysis makes the entire accounting process time-consuming and tedious. However, with the ushering of the new millennium, the world has observed unprecedented technological advancements in all aspects of life (Gotthardt et al., 2020). Most jobs have automated many of their routine services. Developers have also invented life-like technologies that provide fast data analysis capacities, whose calculations and results have high accuracy levels and precision that regular human beings cannot replicate. The accounting field has also experienced this drastic shift from paper-journal and ledger accounting to computer-based processes (Ashok & MS, 2019). As a result, several aspects of bookkeeping, financial reconciliations, and account updates have all gone digital. The industry is constantly shifting towards an automatic process that is replacing most of the job duties of accountants.

Specifically, an emerging trend is the introduction of Robotics and Artificial Intelligence (AI) to improve accuracy and perform complex tasks (Ashok & MS, 2019). Robotics technology is designed to self-manage, self-diagnose, self-configure, and self-tune, without human intervention. These aspects make it attractive to the stakeholders within the industry who feel the intelligence could be critical in eradicating the flaws of the traditional accounting systems (Ashok & MS, 2019). The system can also handle large volumes of data within a short period, making financial analysis and decision-making much faster. Most companies, therefore, have significantly reduced their operational costs directed towards working hours paid to employees. Finally, the systems can easily use predictive algorithms to forecast future performances to help businesses alter strategies for maximum success.

While it is true that automation has reduced the routineness and inaccuracy in accounting, the industry has been facing challenges when it comes to the automation of services that require human intervention. Most accountants are apprehensive about the automation of certain aspects, as it could lead to the loss of their jobs. Additionally, most stakeholders are reluctant on how intelligent the Robotics systems are, due to their over-reliance on structured data and lineal thinking. For instance, most systems cannot recognize handwritten information or apply multi-dimensional thinking, which may result in the exclusion of vital information during the accounting process. Furthermore, the systems have limited capabilities in mimicking human behavior and are, therefore, unable to fully achieve human oversight (Syed, 2020). The computer-based system is oblivious to suspicious patterns that are easily identifiable to humans, potentially leading to widespread financial damage if unchecked.

The issues with robotics are also specific to different accounting practices. In auditing, Robotics faces the challenge of capturing the professional opinions offered by internal and external auditors, who are tasked with reviewing internal company activities and the businesses' financial activities based on the available financial information respectively (Ashok, 2019). Regarding management accounting, the system cannot contextualize information and hence cannot effectively assist the management with data for future decision-making. The Financial and Accounting and Information Systems require a specialized knowledge-based mechanism that follows the specified systems to report and disclose financial data, which the system cannot imitate (Ashok, 2019). Lastly, tax accounting prefers the human touch in providing tax advice due to its ability to contextualize data. The concerns, therefore, raise an important question regarding how effectively the accounting industry can implement Robotics and to what extent these implementations should go to strike a healthy human-machine balance in the field.

Policymakers and business owners are still debating on the best implementation approach. Experts disagree on the forms the policies should take as no one is certain of the threats and impacts of the technology. The lack of uniformity in the acceptable Robotics systems is a contributing factor to this indecisiveness as each company faces a unique challenge based on the technology that they choose to implement. Despite the confusion, however, the United States has implemented several laws that attempt to govern AI’s use within the country. They include:

Agency Law: Although AI programs are self-learning and autonomous, the company is responsible and liable for any decisions that they make when acting within the employment scope (Stankovic et al., 2017). The creators of these programs are therefore subject to the law for the actions and decisions of the program

Product Liability: The law views Robotics systems as services and not products. As a result, their malfunction is seen as a design defect and company failure to direct appropriate uses (Stankovic et al., 2017). Accounting firms are, therefore, accountable to their customers. This move encourages the use of Robotics with human supervision.

Enterprise Liability: The law allows customers to claim malpractice if misadvised by AI-based technologies (Stankovic et al., 2017). Due to its oversight in some aspects, this policy forces companies to incorporate people in the decision-making process to provide performance context and reduce such claims.

While this paper provides a look into the challenges of incorporating Robotics in the accounting field, it does not offer real-life cases that wholesomely assess the impact of the technology. It heavily relies on scholarly works that provide an impersonal industry view. More research should, therefore, explore real case scenarios, to have unique examples of the challenges and insights of AI in the accounting world.

In summary, the AI field is making impressive advancements in creating technology that mimics human judgments. However, the accounting industry is still clearly grappling with how best to approach the implementation of Robotics. However, the unanimous viewpoint from accountants, the government, and other stakeholders are that it should not fully replace humans, whose perspectives are still vital and offer a much-needed perspective during the decision-making process.

Conclusion

Financial statements are very important in every business. By providing a clear picture of a company’s financial health as well as business performance, financial statements encourage strategic planning. Financial statements also assist in directing company resources appropriately and setting realistic goals. FASB as well as GASB Concepts Statements play a crucial role in setting standards and objectives that are to be used during financial reporting. They enable the board to develop sound accounting principles that can be applied across all the accounting firms. Tax accounting has become a crucial part of financial reporting as financial statements provide a clear picture of a firm’s financial situation to the tax authorities. Even in tax exemption situations, involved parties have to carry out tax accounting.

For instance, in financial accounting, records taken are used to track the losses and gains of a business. Managerial accounting, keeps a detailed account on a firm’s expenses while international accounting is important in providing transparency. In governmental institutions, managerial accounting often depicts budgets in the financial statements as a way of being accountable and reliable. Auditing and tax accounting are crucial in ensuring there is no misrepresentation of financial statements to evade taxes or otherwise. Audits also provides investors with a clear perspective on how finances are used in the business they have invested in. Ethics being the most important discipline as it prevents businesses from making unethical decisions

Recommendations

The research indicates that recognizing financial statements and their history is critical in coming up with sound accounting principles. I would recommend the elements of financial statements to be taught to every aspiring accountant. I would also recommend that every firm incorporate an understanding of the elements of financial statements and the role they play in each business. As governmental institutions continue to acknowledge the role of financial statements and the importance of accountability, public schools should teach these elements of financial statements in accounting.

Summary

· Financial statements are important in every discipline in accounting.

· Various elements of financial statements such as assets, liabilities, revenue, losses and gains are crucial in both tax accounting and auditing as they provide clarity on the money flow in a business.

· Accounting has developed international accounting standards that make it easier for investors to get information.

· Following the approval of the preliminary views on recognition of elements of financial statements, the principles of accounting may easily provide financial statements with the utmost transparency.

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