First, standardized accounting procedures must be followed with regard to financial statements, annual reports, and basic accounting principles. Financial statements and non-financial information should incorporate diversity reporting in line with generally accepted accounting principles as well as international reporting financial standards. Following every rule and the set principles will reflect a true and fair view of financial statements and any non-financial information given as reports (Warren & Jones, 2018). Secondly, full disclosure of all information that is material should be included in the financial reports to avoid misleading stakeholders while taking care of going concern principle. As Martínez ‐ Ferrero, Garcia ‐ Sanchez and Cuadrado ‐ Ballesteros (2015) noted, revenue should be recognized when it is earned regardless when it will be received as per the accrual concept. All financial reports should indicate the time period in which they were prepared for them to remain relevant to the users.
As an accountant, I will comply with basic accounting rules and procedures to transact any formal business that affects the organization at large. I will adhere to the rules and accepted principles of accounting to maintain financial information of my business to the standard needed for them to be useful to any user who may need to peruse them (Reid, 2018). I will ensure disclosure of any financial information that will be useful to make decisions either by a third party or any other person interested in my private business. I will also apply the accrual basis of accounting in my business as it is the simplest accounting concept to use in running a business. In my personal life, I will use the accounting knowledge to account for my personal spending by keeping a personal record of how I have spent financial resources.
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References
Martínez‐Ferrero, J., Garcia‐Sanchez, I. M., & Cuadrado‐Ballesteros, B. (2015). Effect of financial reporting quality on sustainability information disclosure. Corporate Social Responsibility and Environmental Management , 22 (1), 45-64.
Reid, W. (2018). The meaning of company accounts . Routledge.
Warren, C., & Jones, J. (2018). Corporate financial accounting . Cengage Learning.
