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First name: Isra
Last name: Batrukh

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Accounting is the backbone of business around the world

02/02/2012 12:08:11

Accounting is the backbone of business around the world

With the introduction of corporations and development of agency concepts, managers become responsible for fair presentation of financial statements, safeguard of assets, efficient use of assets, and so achieving strategic goals of business. In particular, financial statements should give true and fair information about the financial positions, results of operations, and cash flows. To do so, companies need effective system that introduce information and produce financial reports useful in decision making.

These statements will be introduced to external users including government, stockholders, creditors, suppliers. These users employ financial statements to measure profitability, liquidity and solvency. On the other side, company can prepare financial reports internally used by managers for evaluating, comparing, taking corrective actions, and making decisions, this represents managerial accounting.

Financial reporting process have become global need for several decades. In every country, every company must prepare financial statements give a true and fair view of the financial position or fairly presented. Therefore, all companies listed in stock markets have to release quarterly, semiannually, and annually financial reports to attract investments in order to finance their operations. So, these statements should be prepared on the basis of accounting standards, and these standards differ from country to country. For example, U.S. GAAP differ from accounting standards adopted in Germany, Argentina, France, China, Italy, and many other countries. These countries differ in their economic structure, level of development (developed, developing, poor countries), level of education, legal system, political system, and culture. In recent years, the world economy has become more internationalized.

In recent years, the world economy has become more internationalized. Following this, it has become more common for companies to raise funding on an international market. This internationalization also includes investors who are looking to invest in an international market, and in that way spread their investments and risks. It can be very costly and time consuming to raise capital on an international market because the accounting principles are different from country to country. Hence, the demand for international accounting system has increased.

For our business School at Al-Quds University, it has offered accounting discipline since 2002. In particular, most of the accountants who work in the local Palestinian businesses are our graduates. They are well trained and educated in accounting. Furthermore it adopts the following accounting textbooks to be taught in both bachelor and master programs;

International Accounting, 7/E, 2011

Governmental and Nonprofit Accounting: Theory and Practice, Update, 9/E, 2011

Accounting Information Systems, 11/E, 2009

Financial Statement Analysis 12th Edition, 2011

Intermediate Accounting, IFRS edition, Vol.1, 1st edition, 2011

Intermediate Accounting,  IFRS edition, Vol.2, 1st edition, 2011

Financial Accounting Theory and Analysis, text and cases, 10th edition, 2010

Financial Accounting, IFRS, 1st edition,2011

Cost Accounting, A Managerial Emphasis, 13th edition,2009

Auditing and Assurance Services, An integrated Approach, 13th edition, 2011

Accounting research, Tools and Strategies, 7th edition,2010

Taxation Accounting

No one can deny the role of business disciplines in Economics development, especially accounting.

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