Accounting in Society Case Study Example | Topics and Well Written Essays - 1500 words

Accounting in Society - Case Study Example There comes the question of consideration whether the presence of the accounting standards is a good or bad thing. There have been several arguments, in though of Baxter, regarding the presence of the accounting standards because there can be commands as well as regulations which help to run life more smoothly while there is the requirement of flexibility in dealing with certain aspects. It should be considered about the benefits that prevail through the presence of the accounting standards because the standards lay emphasis on what should be done rather than why and how it should be done. Therefore, it is quite important to consider whether having the accounting standards is good or bad because at one side they may make life easy by providing a set of rules and on the other hand it may create life difficult by taking away the flexibility of an accountant. The history of the accounting standards began in the late 1930’s when the idea of accounting based on the standard came to light. United States and the United Kingdom were among the countries which were thoroughly involved in the development of the accounting standards at the start and gave the accounting standards some initial touches. The history of both the countries which brought us the accounting standards today is outlined below with their levels of development in both the United States and United Kingdom. The US based standards took a series of stages to develop and come into a shape. In the beginning, the process was initiated by the committee on accounting procedures in 1939 who issued Accounting research bulletins. The committee worked for around 20 years and issued 50 Accounting Research Bulletins. There was a lot of criticism on that committee and their work because they were accused of not relying on the research that much. Therefore, in its place an Accounting Principles Board came in