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Standards for comparability are a bedrock principle of many political and corporate institutions. Managers are measured by how they perform against standards of performance. Therefore, enabling them to be evaluated in an effective manner. On a much larger scale, accounting standards allow us to effectively compare and predict a company over time, and against other similar companies in the marketplace. By “bending” these rules, many accountants have betrayed the oath and guiding principle of their profession. The have undermined the integrity of the entire profession and at the very least destroyed the credibility in their institutions financial records. Unethical behavior is very common, and very troubling. It is the short-term gain, at the sacrifice of long-term credibility. As more and more cases come to light, investors will slowly loose confidence in accountants and the information they provide. The problem is, if you can’t trust an accountant, who can you trust? We keep the capitalist system moving forward by ensuring capital is distributed appropriately; if that money is misallocated because we misrepresent the facts, then the entire foundation of our society is at risk. I for one will not lead a life of financial gain at the cost of professional integrity.
Approximate Word count = 765
Approximate Pages = 3.1
(250 words per page double spaced)
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