Ethical and Legal Obligations

Financial statements are a tool that management can use to discuss, evaluate, and formulate financial decisions to maximize and ensure the financial security of the company. Many of today's businesses have stockholders who have a financial stake in the company, as well as, senior company officers who own company stock and have a personal and financial interest in the value of the company. The pressure to reflect maximum profit and value for stockholders, as well as serve greedy individual agendas, has created unethical and criminal accounting activity in corporate society. This has caused much public skepticism and mistrust of the accounting field and the financial sector, and has led to an increased awareness by governing boards and governmental agencies.
Marshall, McManus and Viele (2004) state "in a broad sense, the theory of accounting is the process of identifying, measuring, and communicating economic information about an organization for......

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Title: Ethical And Legal Obligations
Approximate Word Count: 1158
Approximate Pages: 5 (250 words per double-spaced page)

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