ERIC PAUL SUSADA

1. Explain the objective of the World Congress of Accountants for 2014.

The objectives of the World Congress of Accountants are:
1. to exchange views with other accounting and finance professionals from around the world this
will help accountants to enhance further more knowledge on the latest trends of accounting.
2. debate current issues and trends in the profession this will help to improve more on their
knowledge and skills in terms of accounting by the collaboration of different ideas coming from
international and national accounting setters, accounting organization and commerce groups
and to come up with the best result that can be applied to their work.

2. Explain the hindrances of transparency and why it is one of the hottest problems in accounting
field?

Transparency in accounting has been a controversial issue in recent years largely due to events such as
corruption, undeclared tax payments and the latest financial crisis. Many of the accountants have to
hide the real financial information or even sometimes manipulate figures because they wanted to save
more.

3. What do you understand the by gateway and why it is important to accountants?

Gateway can be best describe as a website where in all inputs coming from different accounting
organization around the world can be posted on its page and be viewed by all member anytime and
anywhere. Through this innovation everyone have an easy access on the latest trends of accounting and
the same time can also impart their knowledge.

4. Cite a situation in your organization that describes supplementary financial measure and how it’s
affects the operation.
As I’m working in academe and a centralize system of governance of UM have we do not have a access
to our financial statement. But the best example that I can give to a supplementary financial measure is
the Student Assessment. On our Student assessment there is a supplementary financial reporting format
where in all the schedule of fees are all itemized. This is very helpful in the sense that students can look
into on what they are paying for.

5. Explain the statement, accountants create money.

In literal way of thinking accountants cannot make money because only the Bangko Sentral can do it.
But on deeper understanding and in connotation accountants can create money in the way that they
have the full knowledge with regards to the full operations of the business and by any means they can
manipulate the financial reports which is in favor of the management. By this they can provide on their
financial report with less income rather different from the actual.

6. Why international standard for auditing are important?

International standard for auditing are important is because financial audit report must have unity. Like
in our country we have standard that we need to follow in order to avoid confusions. For auditing report
users they can have a good comparability of their reports because they are using the same standard.
7. Why IFAC recommends accrual based financial reporting?
Accrual based financial reporting follows the principle that revenue or income is recognized when
earned regardless when the payment is received and expenses or losses is recognized when incurred
regardless when it is paid. IFAC promulgated this recommendation to focus on actions aimed at
promoting accountability, sustainability, and growth especially in government sector.

8. Why professional accountants in business is important.

Professional Accountants in business is important is because it performs several functions that can be
useful running the business such as implementing and maintaining operational controls, providing
analytical support for strategic planning and decision making, ensuring that effective risk management
processes are in place.