Business & Ethics & Law A-8

Business & Ethics & Law A-8 - Legal,...

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Legal, Ethical, and Technological 1 Running head: LEGAL, ETHICAL, AND TECHNOLOGICAL CONCERNS OF ACCOUNTING AND FINANCIAL REPORTING OF BUSINESS Legal, Ethical, and Technological Concerns of Accounting and Financial Reporting of Business Shranda Y. Caldwell Grand Canyon University Prof. Mestman July 25, 2010
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Legal, Ethical, and Technological 2 Legal, Ethical, and Technological Concerns of Accounting and Financial Reporting of Business Introduction Recently, accounting professionals have been subjected to enormous pressure from changes in size and importance of financial markets. The primary means to communicate the financial impact of organizational activities and transactions of a company is the third financial reporting system. The reporting system provides communication through various forms of financial information as a prospectus forecasts, annual reports, press releases and other financial institutions. Balance is the main source of information to third parties. This paper will discuss the legal, ethical, and technological concerns of the business accounting and financial reporting processes. Legal Concerns The major obstacle to widespread participation of banks in reporting projects is concern about potential legal liability. Such liability could take several forms. The primary concern is the possibility that the bank may incur civil and/or criminal penalties for violation of federal and state laws regulating the disclosure of personal financial information. Banks are also fearful that a customer may bring an action for damages against the bank for revealing private information. In states that have enacted or considered enacting mandatory reporting laws covering banks,
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Business & Ethics & Law A-8 - Legal,...

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