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Raymond John Chambers (16 November 1917 – 13 September 1999), was an accounting academic who worked at the University of Sydney from 1953–1999. His research sought to provide an evidence-based reform of financial reporting and accounting practice. [1] Chambers was selected by Dick Edwards as one of his Twentieth Century Accounting Thinkers. [2]
The philosophy of accounting is the conceptual framework for the professional preparation and auditing of financial statements and accounts.The issues which arise include the difficulty of establishing a true and fair value of an enterprise and its assets; the moral basis of disclosure and discretion; the standards and laws required to satisfy the political needs of investors, employees and ...
Earnings management, in accounting, is the act of intentionally influencing the process of financial reporting to obtain some private gain. [1] Earnings management involves the alteration of financial reports to mislead stakeholders about the organization's underlying performance, or to "influence contractual outcomes that depend on reported accounting numbers."
Accounting standards are currently set by the Financial Accounting Standards Board and were historically set by the American Institute of Certified Public Accountants (AICPA) subject to U.S. Securities and Exchange Commission (SEC) regulations. [7] Auditors took the leading role in developing GAAP for business enterprises. [8]
Financial engineering is a multidisciplinary field involving financial theory, methods of engineering, tools of mathematics and the practice of programming. [3] It has also been defined as the application of technical methods, especially from mathematical finance and computational finance , in the practice of finance .
Financial modeling is the task of building an abstract representation (a model) of a real world financial situation. [1] This is a mathematical model designed to represent (a simplified version of) the performance of a financial asset or portfolio of a business, project , or any other investment.
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The use of a unit of account in financial accounting, according to the American business model, allows investors to invest capital into those companies that provide the highest rate of return. The use of a unit of account in managerial accounting enables firms to choose between activities that yield the highest profit. [citation needed]