The K Word

Executive Summary The foundation of any profession lies within its ethical boundaries. After major corporate collapses, accounting scandals and the great depression, the accounting profession has witnessed a paradigm shift in how it is regulated. The accounting profession has been subjected to constant scrutiny which has led to a credibility crisis. Pertinent to the objectives, this research discusses the ethical and professional attributes of practicing accountants and how corporate collapses have led to major reforms in the accounting profession. This research also provides discussions of ethics as a foundation for the accounting profession and how it has become a back-bone for reporting and decision making. Keywords: corporate collapses, expectation gap, ethics, negligence Literature Review Corporate Collapses and Scandals The accounting profession is heavily regulated by their governing bodies and is subjected to ethical guidelines for professional conduct. “Since account

The accounting standards does not provide a specified definition of heritage assets but it is generally understood that such assets tend to be found at places such as museums or exhibition centers. However, there has been a lot of controversy on whether heritage asset should be included in the financial statements for reporting purposes or not. For every argument in support of whether heritage asset should be in the financial statements, a valid counter-argument is provided as to why it should not be presented in the financial statements. Pertinent to research journals on heritage assets, this reflection discusses my views on why I disagree with ideas presented in the journal, how I reconcile my personal views in relation to the conceptual framework and my views outside the scope of the hints provided. While reading the journal article ' Knowing the price of everything and the value of nothing: Accounting for Heritage Assets' by Kearins and Hooper (2003), I disagree with the