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How do feel the accounting standards can be modified

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Reference no: EM13708943

Write in regular text. "Some people believe that the audit industry has fallen out of touch with the realities of business.

They believe that accounting standards were developed for a manufacturing environment and are not fitted for our modern needs.

As a result, they contend that financial statements have turned into a game in which all companies try to match earnings forecasts set by financial analysts." (Albrecht, 2008) Questions:

- Do you believe these statements are true, or do you think that they are too cynical? Explain your answer.

- How do feel the accounting standards can be modified for our modern needs?

- Please respond to a classmate who has a different opinion than you regarding these statements and respond to the issues raised.

Reference no: EM13708943

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