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Chapter No: 3

"To gain a complete picture of how accounting works in a country, we must pay attention to the accounting standard-setting process, the resulting accounting standards, and actual practice".

The sentence has been found highly crucial the most significant one in the chapter because it covers the most important and crucial thing or points about gaining the real and complete picture of accounting and its concepts work or undertaken in a state (Barth, Landsman, & Lang, 2008). As well as it is the states the realistic and key components which should be kept in mind while obtaining that how accounting and its concepts work in a state, country or particular region.

Chapter No: 4

“Companies competing for funds may voluntarily provide information beyond what is required in response to the demand for information by investors and others”.

In chapter four of the book, the chosen sentence is extremely significant because of the sentence researches about the fact which mostly occur in today's competitive business world. In detail, the sentence is a significant because it shapes that most or even all companies happily and willingly provide their business information to investors for the purpose to raise funds but it may harm the business badly because the provided information can be used in wrong way by any outside body which may be an investor or might be a competitor (Margolis, & Walsh, 2001).

“The idea is that companies that have a good understanding of their internal financial affairs and prepare sound projections can better avoid financial difficulties”.

The sentence has been found less significant because the understanding of internal financial concerns and projections only on the basis of the internal financial condition cannot help companies to entirely avoid financial difficulties. While external and environmental affairs play a huge role too which cannot be ignored by the companies in any condition (Margolis, & Walsh, 2001). Because if both (external and internal) affairs are not understood then the companies may face huge troubles.

References

Barth, M. E., Landsman, W. R., & Lang, M. H. (2008). International accounting standards and accounting quality. Journal of accounting research, 46(3), 467-498.

Choi, F, & Meek, G. (2010). International Accounting, 7th edition. Upper Saddle River, N. J.: Pearson Education. ISBN: 9780136111474

Margolis, J. D., & Walsh, J. P. (2001). People and Profits: The search for a link between a company's social and financial performance. Psychology Press.

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