¶ … Future of Accounting
The business world is in a period of change, with accounting a major part of that business world. As one report says, "Accounting is the language of business. It is and always will be the analysis of how money is used by businesses, nonprofit organizations, governments and individuals" (Insight). As the business world changes, accounting must change to continue to meets the needs of businesses. This is one of the areas that will greatly influence the future of management accounting. To understand this issue further, the current and future trends in accounting will be investigated. This includes considering the changes in the work environment for accounting employees, trends in accounting roles and future opportunities for accountants, and future skills of accountants that will be in high demand. Considering these three areas will show where business accounting is headed and how best accounting professionals can prepare for these changes.
In the future, the work options for accountants is expected to change considerably, with accountants having much more flexibility in how they choose to work. One report on the future of accounting predicts that by 2010, work models will be diverse. This report states that,
Some models already allow considerable flextime and flex location, empowered by technology. Other models will feature expanded/reduced hours to accommodate family and work/life issues or personal preferences" (Insight).
The same report also states that advancement will be based on experience and achievements, rather than time. As the report says, "Many models will be similar to an independent contractor relationship with either an individual or a team" (Insight). This relationship is one where accountants will be treated more like partners than employees, with them expected to contribute significantly to the organization. While this...
Accounting Theory Over the year, the world scholars continue to evaluate the economics of the world to understand their functioning. In this course, they developed the subject of accounting to assess the frameworks of financial principles. The accounting theory in discussion involves reviewing the historical foundations of financial reporting and creating new models of reporting the financial developments and exchanges (Richards, 2009, p. 17). Accounting theory evolves continually; thus, there are
Computers on the Accounting Profession / Future of Accounting Profession Computers are widely used today in the field of accounting; computing hardware (e.g., printers) and software find extensive application in the profession, as do security options, which are employed for the purpose of protecting client-related information. All accountants, including auditors, need to be tech savvy to remain competent in the future. Mobile devices, such as smartphones, laptops, tablets, etc. are
Loyalty to the client was clearly placed above loyalty to the overall public good and the standards of the profession. "Enron paid Andersen $25 million for its audit…and $27 million for 'consulting' and other services" which meant that Anderson had a substantial financial stake in retaining Enron as a client (Kadlec 2002). The Enron case illustrates the difficulty of self-policing within the industry. Today, providing additional services besides the
Accounting Systems There are many ways in accounting to get the job done right but two basic approaches give accountants a foundation to work upon. The purpose of this essay is to examine the differences between manual and computerized accounting systems. This essay will explain the history and development of both types of systems and will break down the advantages and disadvantages of them as well. Explanation and History of the Manual
Accounting Ethics Ethics of Accounting There have been breaches in the ethics of accounting in recent times. With that in mind, evaluate whether or not the current trend in the regulation of business establishments is favorable to ethical behavior. Supply supportive evidence to your answers (Jeter, 2003). The generally accepted principles of accounting and the standards of auditing in contemporary practice stipulate that the financial statements of any establishment should contain the following
Accounting and the Public Interest: The accounting profession is not only an integral aspect of the society but it also plays a critical role in the nation and the corporate sector. As a result, this profession is expected to serve or contribute towards the public interest. The ability of the accounting profession to contribute towards the public interest is determined in the context of its standard setting process and legislation. In
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