Writing an accounting essay 300-400 words as the file shows.

ESSAY # 1 Conceptual Framework for U.S. GAAP with influences of IFRS What is the objective of financial reporting? It is to provide decision useful information about the reporting entity that serves the needs of owners, equity investors, and creditors as well as regulators and other users. Definition: Economic activity is carried on through specific units or entities. Any report on the activity must identify clearly the particular unit or entity involved. An early theorist for U.S. accounting, Paton maintained that all returns to investors (both dividends and interest) were distributions of income, and consequently he espoused the entity concept rather than the prevailing historical proprietary concept due to owners and proprietors serving as managers. D.R. SCOTT, another U.S. accounting theorist, recognized the business practice switch from owner-operators to external owners and investors. He saw it requiring improved financial reporting to meet investor needs. Scott was actually an economist who supported Paton's earlier acceptance of the entity view or theory. Scott went on to emphasize that accounting must meet the needs of external users. This view is an example of why Scott was considered an outsider (no pun intended), because the historical view was that accounting should be designed to benefit the firm's management or proprietor, so aligned with the views of the proprietary theory. REQUIRED: Prepare an essay in good form to discuss the Entity Principle of Reporting espoused by our early theorists, Paton & Scott, and reinforced by U.S. GAAP as demonstrated in the ED (Exposure Draft) highlighted in Chapter 2, on pp. 70-71 of the text. Consider the relevance of the Entity Principle to financial reporting of U.S. businesses, describing example situations the Entity Principle impacts, like acquisitions of going businesses, parent-subsidiary relationships, Joint Ventures or others that might be appropriate. Apply your knowledge of U.S. GAAP, citing (ASC) from the sources used in class as well as others you have to support your position and discussion