This is the process of communicating business performances to stakeholders such as shareholders, directors and employees. The means through which this communication is done is financial statements. The statements give the monetary value of all the economic resources under the control of the management. The main areas of accounting that are normally applied in business entities are book keeping, accounting and auditing. There are various accountancy regulatory and certification bodies all over the world. These regulatory bodies enforce the use and adoption of similar methods relating to production of accounting information. These regulations are known as the international financial reporting standards. They ensure the adoption of similar rules that guide all fields of accountancy such as amortization of assets, valuation of assets and use of financial ratios. Various financial institutes have produced various cheap custom essays that offer insights in this area.