Question

Assuming you and your colleagues are attending the retreat, go to the Accounting Ethics Discussion, and complete the following tasks:

• Discuss why integrity, honesty, and transparency are essential in financial reporting. Give credit to any sources or real world examples you use to support your statements.
• GAAP are the general rules, regulations, and guidelines that accountants in the United States follow to ensure their practices are legal and ethical. Explain to your colleagues why GAAP is so useful. Give credit to any sources or real world examples you use to support your statements.

Answer 1

Solution:-

Ethics was in the accounting:-

Books of accounts are the gadgets utilized by the partners of any foundation to comprehend and check the general prosperity and money related soundness of the establishment.
The partners incorporate the investors, obligation holders, workers, colleagues, the executives, controllers and network when all is said in done.
The administration demonstrations a trustee for the benefit of the proprietors (value holders) of the organization and maintain the business.
The partners may or not be engaged with the everyday business of the organization however need to guaranteed of the capacity of the directors to maintain the business.
The books of accounts give an apparatus to these partners to get a target see in the money related strength of the organization.
As there is an inalienable irreconcilable situation between the proprietors, which are the capital suppliers, and the executives, which is the trustee for the establishment, the books of accounts give an unprejudiced and sound strategy for making a decision about the execution of the administration just as the business.
Given such significance of budgetary detailing, it is basic that the announcing is fair-minded, genuine and straightforward.
Any deceptive as well as unlawful changed made to the budgetary detailing will make a bogus impression about the organization in the brains of the partners.
This may give an impermanent alleviation to any issue that the administration might confront yet nor an answer. In the event that, and when any inconsistency in monetary announcing gets uncovered, it diminishes the certainty of the every one of the partners all in all on the organization just as the money related revealing framework.
The material and non material expenses of these practices in long run are tremendous. A great case of this is the Enron case. They announced the financials falsely, which made an extensive stun to the network all in all, not simply the investors in the organization.

US GAAP has concocted a lot of standards for everybody to follow in money related announcing. This has given a standard against all the financial reports can be looked at.
They give a base required revealing standard. Be that as it may, the organization and the administration can give any extra data.
In the money related existence where each organization has a motivating force to feature positive data and cover any negative data, the US GAAP makes a dimension playing field.
It gives the principles every one of the organizations need to hold fast to with the goal that no single player may change the money related answering to misdirect the financial specialists.
Affirmation by the administration that they have pursued the standard depicted by GAAP makes a confirmation in the brains of the partners about the organization.
GAAP gives lawful and moral remaining to the monetary announcing.
Without it, we won't most likely contrast any with organizations on money related premise.
It likewise advances the development of budgetary markets in the nation. One approach to see it is to look at the business sectors which have a string money related announcing measures, for example, USA, with those where such solid norms don't exists, for example, less created countries in Africa or Asia.