Accountability is the acceptance of responsibility for one’s actions. This implies a willingness to be transparent, allowing others to observe and evaluate their work.
In the US financial world, accountability includes the requirement that public corporations provide accurate financial reports to all stakeholders.
Regardless of the profession, there are various ways to be accountable in the workplace, including setting deadlines, delegating tasks, assigning accountability, and rewarding success.
Accountability can help generate trust from outside investors, loyalty from employees, and higher company earnings.
In recent years, increased attention has been paid to other elements of corporate responsibility, such as ethical behavior, environmental impact, commitment to diversity and fair treatment of employees.
Accounting policies are the procedures a company uses to prepare financial statements. Unlike accounting principles, which are rules, accounting policies are the standard for following those rules.
Acquisition accounting is a set of formal guidelines describing how the acquirer should report the assets, liabilities, non-controlling interests and goodwill of the acquired company.
Performance Based Management (ABM) is a means of analyzing a company’s profitability by looking at every aspect of its business to determine its strengths and weaknesses.