CONTEMPORARY ACCOUNTING

“Develop a passion for learning. If you do, you will never cease to grow.” — Anthony J. D’Angelo

As implied by the title, certain current accounting concerns are discussed in this article. The main subject matter is problems with financial accounting. The regular reporting of an entity’s financial situation and performance through financial statements provided to outside users is known as financial accounting. This definition is quite simple, yet financial accounting is neither simple nor straightforward. As this text demonstrates, there are numerous and complicated impacts on financial accounting, and applying financial accounting principles and methods in particular circumstances frequently poses special difficulties.

Financial accounting provides most of the public information about commercial (and non-business) entities that people rely on to make decisions, and accounting is frequently referred to as the “language of business.” If the financial accounting information presented is inaccurate, this could have serious negative effects on the public, business managers, and accountants themselves in addition to shareholders.

Contemporary Accounting provides students with an engaging introduction to modern accounting principles, issues and practices. An endeavour has been made to place this version in the hands of the academic community after realising the pressing need to publish a relevant book on contemporary accounting that is tailored to satisfy the special requirements of students at numerous universities. Despite the technical nature of the subject, the unique feature of this volume is the clarity and simplicity with which all topics are presented. The most recent advances have been covered, and most importantly, it is student-friendly. We are certain that this book will serve as a guide for students pursuing further education in the field of business and management.

Despite our best efforts, there may still be some inaccuracies in the book even though we were careful enough to write and review it. If any readers spot such a mistake, please let us know. In order to improve the book’s clarity in future versions, we welcome readers’ helpful feedback and recommendations.