Introduction:
Regarding the accounting standards that are being
maintained globally, it is interesting to note
that there are differences in the manner in which
the UK accounts operate. It must be noted that
there are significant advantages as well as disadvantages
in these processes. In contrast to the IAS, UK
accounting standards appear to have standards
of another plane. This is to say that they operate
in a domain of their own. However, this is something
that is interesting to study because of the provisions
that these methods may provide.
In contrast to the IAS, it must be asserted that
UK accounting methods may provide more room for
improvement in the field of accountancy as it
is a system that operates quite independently.
Hence there is need for studying the system closely
in comparison with the IAS standards in particular
areas. An example of this is the way that pensions
are handled in the UK.
Hypothesis: It is interesting
to handle Pensions accurately, and in a fair manner
so that retirees are fairly dealt with. In UK
since the standards of accounting in this matter
differs considerably, it would be interesting
to examine exactly how and according to what method/formula
pensions are handled. Knowing this is an interesting
exercise because of the fact that pensions do
not remain steady; they are liable to change with
the passage of time and depending on the standard
of living. Though this is not to say that the
standard of living fluctuates variably in Britain,
but it is assumed that pensioners should be protected
in case of fluctuations in time to come.
Research Plan: In order to study
how pensions are handled in the UK, it feasible
to study records of renowned organizations that
have been in the market consistently. In addition
to studying the accounts of these organizations,
as a control measure it is also advisable to study
the accounts of few organizations that are just
about surviving.
A combination of these two types of firms would
give one a good idea of how everything is controlled.
In addition to this, it is worth interviewing
few pensioners. Perhaps they would be able to
provide some technical views that are being ignored
or could be implemented in UK accounts processes.
Objectives and Significance: By following the
research plan above, there is every chance that
one would be able to detect what is actually done
with accounts of pensioners. Their gains and loses
can be deciphered through thee processes. In assessing
two different types of organization, it is easier
to assess what standards are being followed.
Also, by interviewing few pensioners, one can
get a better view of how pensioners feel. Some
of these pensioners might have technical backgrounds
in accounts and might be able to provide the researchers
with worthwhile information too. With all the
information deciphered from the research, the
researchers may then compile and translate it
all, and present it as a finished piece of research
with sound conclusions.
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