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Defining financial accounting


Accountants and economists define financial accounting in different ways, but the most acceptable way of referring to accounting can be "Financial accounting can be defined as a process of designing and operating an information system for collecting, information in order to make financial decisions". Any serious investor should keep in mind that despite all the regulation in place, accounting as a tool is still subjective. In Vietnam, as in any other countries in the World, a corporation has the power to fire its auditor and that naturally may influence accounting decisions. Also, a group of corporations can try to block the introduction of new accounting standards that might reduce their reported earnings.


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