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Financial Reports and Ethics: StarbucksStudent:Professor:Course title:Date:Financial Reports and Ethics: StarbucksFinancial reports of corporations are vital consumer reports. According to the American Institute of Certified Public Accountants (AICPAs), the users of financial reports are the entities whom the entire endeavor of fiscal reporting has to benefit. Accurate reporting of a company’s financial information is of major importance given that the consequences of misreporting could be immense and even bring down a company. For instance, if the issuers of the fiscal reports of Enron had had the welfare of users of the fiscal reports as their main goal in its fiscal reporting, then the corporation may have survived its difficult moments and thrived. The financial reports may have informed the users all that they needed to know. Accounting information has to be beneficial to people, and financial reports must be prepared taking into consideration the intended needs of the users.Starbucks effectively and efficiently applies the principles of reporting truthful fiscal statements, which include giving reasonable assurance towards transactions as well a careful management from Starbucks’ top leaders. In addition, over the past 3 years, Starbucks has maintained effective internal control over its fiscal reporting. The fundamental purpose of fiscal accounting and fiscal statements is basically to offer quantitative fiscal information regarding a company that is of benefit to the users of the financial statements, especially creditors and owners, in making financial decisions.As said by the Financial Accounting Standards Board (FASB), fiscal reporting is meant to offer information which is valuable in making financial and business decisions, and its goals arise from the needs of the parties for whom the financial information is intended. Nonetheless, some financial reporters have forgotten or overlooked their responsibilities to the users. It is notable that the average financial reporter thinks of himself/herself as being too busy applying the rules specified by GAAP to think about whether or not the reports that he/she produces or audits are most informative to the users. Financial reporters have the responsibility of producing fiscal reports which provide and describe plainly each of the information that the users of the fiscal reports.