Accountancy

Paper Summary:

This paper outlines the various methodologies of accounting practices and principles that are being followed in the United Kingdom. It provides an on-the-spot analysis of the Generally Accepted Accounting Principles followed in the UK, better known as the UK GAAP, and also looks at the various differences in accounting principles followed within the United Kingdom and the United States of America. It examines issues of key importance, with reference to both the UK GAAP and the US GAAP, and defines the role and scope of various bodies that regulate the practice and principles of accounting.

Outline
Introduction
Background
Literature Review
Aims and Objectives of the Research
Methodology
Data Analysis
Time Scale
Conclusion

From the Paper:

"Accounting has gained special and a very exceptional significance in the recent past. Until now it was a mere process that involved a series of cumbersome, time consuming and ongoing activities that related to bringing to book financial transactions related to companies across the globe. A good number of prescribed methods and standards needed to be adhered so as to make the "operation by the book" and largely acceptable. The year 2001 saw a string of nasty and well orchestrated financial scandals and trickery across the United States of America, in particular, and various other countries in general. In the light of these carefully premeditated nefarious designs being uncovered, the accountant and the bookkeeper, hitherto mere management functionaries who operated more with the pen and mind than a collection of principles and standards, were shot into the limelight and under the scanner of a few dozen investigating agencies and accounting firms."

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