challenges facing accounting occupation Essay

Purpose and Qualifications

The accounting profession seems to be ever changing which is currently facing many challenges. It is a well-known truth that the world we all live in can be changing in a great velocity. The accounting profession will not make an exemption and it can become said that it can be constantly changing, reorganizing and standing in the front of many difficulties of the modern world. Nowadays, accounting specifications are undergoing the most significant reorganization in almost a century with all the Financial Accounting Standards Board's codification task. In addition , " the alteration to Worldwide Financial Credit reporting Standards that may be being receive claims from the Securities and Exchange Commission plus the FASB” (Edward, 2009). Besides these noticeable obstacles, I want to say that all of us still have a large number of challenges that individuals need to get over. For example , the convergence of GAAP with IFRS, more stringent government regulation, advancements in technology, ethics important issues, and Globalization. As an accounting practitioner, I do think we need to conquer these difficulties, find strategies to these problems and approach the career forward. The main Challenge

I believe the most important obstacle facing the accounting job is technology. Technology trend is overpowering and defining every single aspect of the modern world and economy. Technology and specialised software in accounting is usually not regarded as just a useful tool anymore, nonetheless it is seen as an important part of the accounting profession. " Improvements in technology offer accountants with new tools, but also present fresh challenges such as the need to provide information faster” (Scott, 2014). As the speed of information increases, so do the requirements for a more timely, up-to-date information. Accountants today happen to be being asked to do the do it quicker than ever before. This kind of trend is going to continue and can likely intensify as technology and the speed of marketing and sales communications continue to develop. " The fast pace of commerce...