FINANCIAL ACCOUNTING POLICY AND PRACTICE Essay Example | Topics and Well Written Essays - 1750 words

FINANCIAL ACCOUNTING POLICY AND PRACTICE - Essay Example The economic sector is keen on financial institutions and government; accounting is seen as an economic asset. Theoretically speaking, financial accounting and reporting is objective, neutral and political through the standard setting process is influenced by external factors with different interests. The activities in the economic sector affect directly the accounting practice of corporations. The standard setter regulator in accounting is either a government-controlled institutions or independent agencies. These two bring up the regulated and non-regulated theories (Marchetti, 2012). The unregulated approach states that the market and its mechanism determine the production and regulation according to its needs. The Agency Theory is introduced here, which is the relationship between principals and agents and helps with resolving problems that exist in the agency, these problems arise from inefficiencies and incomplete information. The unregulated approach, also known as free market approach contributes to positive accounting as it requires lower or higher standards to recognize losses or ga ins in contract markets. A regulated market, also known as the controlled market, is where the government controls the forces of supply and demand, which includes who is allowed to enter the market and what prices are charged (Mclaney, 2009 p. 56). According to Mclaney, E. (2009), free market economies have a freedom to innovate which allows the business owners to bring new ideas, new products, and new services. In the unregulated market, the customers make decisions on which products succeed or fail because they decide on which product to use and on what. The primary objective of a free market economy is to make a profit. The companies sacrifice worker safety, when a free market economy gets out of control, the consequences can be damaging. This includes; lost income, unemployment, and homelessness. Many of these failures come from those with short-term

Communicable Diseases for District of Columbia, Maryland, and Virginia Assignment

Communicable Diseases for District of Columbia, Maryland, and Virginia - Assignment Example Health officials moved with speed to intervene such that by 16th November, the number of deaths significantly dropped to 5,000. The epidemic was one of the worst in the American history. The influenza had a high virulence hence not easy to contain. The influenza is believed to have been transmitted by sailors in Norfolk (Dinh et al., 2006). About 200,000 people were reportedly infected within the first month of the outbreak. The District of Columbia was hit by the dengue fever epidemic in late September, 2010. By October 1st, 160 cases had been reported. The dengue fever spread exponentially such that by October 8th, about 2000 people had been infected with the flu. 450 victims of dengue fever were reported by mid October (Modis et al., 2004). By the third week of October, 750 people had been infected with the virus. The dengue fever was feared to become a pandemic in the rural areas and along the border. It took the intervention of the health and State authorities in Columbia to warn the people about the high prevalence of the fever along the borders since the disease is mostly transmitted through water and humidity (Gubler, 2002). To effectively contain the disease, there was need for the government of Columbia to work hand in hand with the authorities in regions neighboring Columbia. There was an Ebola outbreak in Reston, Virginia in 1989. An outbreak spread relatively fast; however it was nonlethal to humans. Several lab monkeys died, though. Many people tested positive. It was a unique Ebola outbreak in the U.S. history. Although the Ebola virus could only kill monkeys, it was a major health scare (Geisbert et al., 1992). Fortunately, the U.S. authorities were able to move with speed to contain the Reston virus. Patients exposed to the virus never really got sick. Many Americans viewed the Reston crisis as a health horror. Health officials who tried to contain the situation were exposed to the virus, albeit