¶ … 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 becoming key accounting tools, helping professionals with managing client services, as well as their everyday workloads. Technology will enable greater flexibility with regard to how, when and where job tasks are performed. On-site presence will lose its importance, as the aforementioned tools permit (and usually require) anywhere, anytime work (Branwell, 2015).
Within five years from now, the accounting industry, in particular, will witness a shift towards cloud-enabled technology. This is because tools like cloud-connected tablets and smartphones will allow companies to offer clients the facility of a 24/7 pocket-accountant. Information technology will be increasingly integrated into accounting systems over the coming five years. Accounting will witness a revamp, with accounting companies implementing cloud computing applications and systems, together with mobile and social computing, sophisticated analytical tools, and larger data sets. Intuit states that...
However, they have also changed the face of the accounting profession in a way that will affect the education and conduct of accountants in the future. In the future, the accountant will have to do more than to balance the books. In order to understand the potential educational requirements for accountants in the future, we will examine how they have changed historically and then apply the changes that have
However, when a shock happens that changes that pattern, the information is no longer relevant. In periods of turmoil, only the most up-to-date information is relevant. The usefulness of the information wanes quickly as the behavior of the company becomes more erratic. After a period of erratic behavior and change, the company may be forced to make internal changes that affect the way they do business. They may make
Accounting There are several career options within the accounting field. An accounting education provides the basic knowledge that can serve as a useful springboard for any number of different careers within the field. Some of the many options are identified by the Bureau of Labor Statistics in their Occupation Outlook Handbook (2015). One career within the profession is as an auditor, and another is as a managerial accountant, but there are
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
This process has been ongoing since then. One of the major differences between the two standards is going to be that whereas GAAP emphasizes rules, the IFRS is a principle-based approach. Implementing a principles-based approach has significant implications for American tax practice. Many of the specific differences between the two systems will have a direct impact on tax practice. In IFRS, LIFO is prohibited and inventory write-downs may be reversed
(Ibid.). Major Changes in the Accounting Profession The financial scandals proved to be a turning point in many ways for the accounting profession. The public outcry forced the legislatures to reexamine the regulatory environment for businesses, resulting in the enactment of the Sarbanes-Oxley Act in July, 2002, which is the most significant accounting legislation since 1933. It also forced the accounting professionals and their organizations such as the American Institute of
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