Hi, need to submit a 3000 words paper on the topic Discuss the role of accounting in recent banking scandals: what were the issues of accountability, representation and control that led to these scand

Hi, need to submit a 3000 words paper on the topic Discuss the role of accounting in recent banking scandals: what were the issues of accountability, representation and control that led to these scandals. inancial report should convey details about the economic resources of the entity, claims attached to the resources, all transactions and any other event or circumstances that may alter that information. The usefulness of the financial report depends on its qualitative features (Young, 2006). The study examines the roles of accounting in the recent banking scandals using case studies of JPMorgan and insider trading involving Nomura Group in Japan.

According to Young (2006), accountants have the responsibility to prepare financial statement for use by other stakeholders in making economic decisions. The roles of accountants involve data collection, recording, ensuring accuracy, analyzing and presenting financial statement to the stakeholders whenever it is required. The principal objective of financial accounting is to deliver pertinent financial information to users of that information such as creditors, business managers, government, employees, consumers, suppliers, investors, financial analysts, etc. for effective decision making (Saravanamuthua & Tinker, 2003). However, the dissemination of accounting information should be done to the relevant stakeholders and those concerned must avoid sharing information with unintended users as was in the case study of Nomura Group discussed below (Ezzamel et al., 2004).

Due to the complexity of businesses the accounting standards require uniformity in a preparation of financial statement in order to promote comparability of financial statements across the firms operating in the same industry (Young, 2006). This implies that accountants should follow the standard procedure of preparing, recording, analyzing and presenting financial statements (Young, 2006). The need for uniformity of accounting information was also necessitated by complexity of a business environment requiring multiple accounting approaches such as mergers, acquisitions, sales-leasebacks, consolidations, research, goodwill, etc. (Young, 2006).