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management accounting
By Chen Wei Gee (B1200006)
Ng En Ling (B1402955)
Teh Jo Yee(B1401086)
Wong Jo Ann (B1500087)
In term of accountability, what
new practices involved in later
20 centuries?
th
(Boxwell, 2017)
first computerised accounting system
1953 was implemented by Arthur
Anderson Consultancy
(Boxwell, 2017)
TIMELINE FROM LATE 20TH
CENTURIES(MALAYSIA)
The Malaysian Institute of
1958 Certified Public Accountants
(MICPA) was established
Examples:-
Expenses
Waste of Time and
Resources
Not my job
(Tanner, 2016)
Basics of Accountability:
Code Of Ethics For Professional Accountants
(IFAC, 2010)
Basics of Accountability:
Code Of Ethics For Professional Accountants
Professional
Competence Respect the
Acting diligently to maintain Confidentiality confidentiality of
and Due professional knowledge and
care information acquired as a
skill at the level required to
ensure that a client or result of professional and
employer receives competent business relationships and
professional service. A should not disclose any
professional accountant such information to third
should comply with relevant parties without specific
laws and regulations and to authority.
avoid any action that
discredits the profession.
(IFAC, 2010)
Factors Affecting The Accountability
Of Accounting
Accountability
of Accounting
All the stakeholder should perform their best to uphold the accountability and they
should consider it as an accountability corporate social responsibility.
Concern? Accountability?
Present era of Accounting
Subfields are typically defined by the audience an accountant reports to:
outside investors (financial accounting), employees (managerial accounting),
tax authorities (tax accounting), citizens (governmental accounting), or
regulatory agencies (regulatory accounting).
Importance:
GAAP helps businesses maintaining consistency in their appearance of
financial information.
GAAP prepared statements are not only for a specific time duration, it is
also kept on a daily basis.
It can increase the stakeholder trust.
Establishment of MASB in Malaysia
Under Financial Reporting Act 1997, the MASB has authority to set financial
reporting standards and issue statements of principles for financial reporting in
Malaysia.
The standards issued or adopted by the MASB are legally binding upon any
published financial statements. An amendment to the Companies Act in 1998 has
also made it a statutory requirement that the accounts of a company must be
prepared in accordance with the approved accounting standards issued by the
MASB, and the directors are responsible for ensuring such compliance.
MASB(Malaysian
Accounting Standard
Board)
Degree of openness and thoroughness so that the approved accounting standards
issued reflect the inputs from all affected parties, and are in line with the
harmonisation effort at the international level.
signifies the efforts to have a well-guided standard setting process, and better
preparation of financial reports.
to ensure that companies provide quality and reliable financial statements, thereby
promoting greater accountability and transparency.
Did these practices increase or
decrease the discretion of
accountants?
Methods apply on the awareness
on responsibility and accountability
Awareness that can be applied on
responsibility and accountability
the fact or state of having a job to deal with and
Responsibility accountable or blame for something (Oxford dictionary,
2017).
(Mypersonalimprovement.com, 2017)
(Warwick Business School, 2016)
Ethics Awareness
Defined as the ability and willingness to determine ethical and moral
contexts and dilemmas
It is one of the important awareness for accountant and auditor
They are responsible to act ethically
When applied on decision making, it produces good business practices
Business ethics are important for accountant/auditor as it gain public
trust, accountable to stakeholders, proper usage of resources to
avoiding accounting fraud.
Boxwell, A. (2017). Accounting History - A brief history of accounting. [online] Businessaccountingbasics.co.uk. Available at:
https://www.businessaccountingbasics.co.uk/accounting-history.html [Accessed 3 Sep. 2017].
International Federation of Accountants, & International Ethics Standards Board for Accountants. (2010). Code of
Ethics for Professional Accountants. International Federation of Accountants. [ONLINE] Available at:
https://www.ifac.org/system/files/publications/files/ifac-code-of-ethics-for.pdf [Accessed 31 Aug. 2017].
MICPA. (2017). MEMBERS' HANDBOOK-History of Accounting & Auditing Standards. [online] Available at:
http://www.micpa.com.my/micpanew/member/handbook-history.asp [Accessed 3 Sep. 2017].
Tanner, W. (2016). How to Create a Culture of Accountability in the Workplace. [online] SoapBox. Available at:
https://soapboxhq.com/create-culture-accountability-workplace/ [Accessed 3 Sep. 2017].
References
Sood, S. (2006). Setting the financial accounting standards in malaysia: the malaysian accounting standards board
(masb) and the accounting profession. [online] Lincoln University Digital Thesis. Available at:
https://researcharchive.lincoln.ac.nz/bitstream/handle/10182/2260/sood_mcm.pdf;jsessionid=A16
AC3C93F6F325006D521FD3E02D802?sequence=5 [Accessed 3 Sep. 2017].
PWC. (2013). Towards a new era in government accounting and reporting. [online] Available at:
https://www.pwc.com/gx/en/psrc/publications/assets/pwc-global--ipsas-survey-government-
accounting-and-reporting-pdf.pdf [Accessed 3 Sep. 2017].
Bloomfield, R. and Hirshleifer, D. (2017). Accounting | Ethical Systems. [online] Ethicalsystems.org.
Available at: http://www.ethicalsystems.org/content/accounting [Accessed 3 Sep. 2017].
References
Warwick Business School. (2016). How can self-awareness benefit your career?. [online] Available at:
http://www.wbs.ac.uk/news/how-can-self-awareness-benefit-your-career/ [Accessed 3 Sep. 2017].
Mypersonalimprovement.com. (2017). Types of Responsibility and Developing Self Awareness. [online]
Available at: http://www.mypersonalimprovement.com/typesofresponsibility.shtml [Accessed 3 Sep.
2017].
UC San Diego. (2015). Ethics Awareness: Overview. [online] Available at:
https://blink.ucsd.edu/finance/accountability/ethics/overview.html [Accessed 3 Sep. 2017].