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Accounting Roles, Standards, and Future Changes

Reflection

1) What is your opinion on the questions below?

A solid set of accounting standards is also part of an economy's infrastructure. Investors don't want to put up capital unless there's a system that communicates financial results. There also must be an element of trust in that system. In addition, external reporting is expanding covering more than the basic financial information. Stakeholders want more information as evidenced by the Global Reporting Initiative.

A lot of accounting related tasks used to involve the bookkeeping function, i.e. the recording and summarizing of transactions. Technology has freed up accountants to become more involved in analysis and planning. Accounting is also becoming a truly global profession. The skill is easily transferrable and the CPA designation has value even outside our own borders. Many accountants in large organizations function as consultants to, for example, development teams and production teams.

A few questions for reflection:

Have the knowledge you acquired changed your view of the role of accounting in business and the economy?

How do think accounting will change in the future?

Do you think you'll have any personal involvement with accounting?

Solution Preview

1) What is your opinion on the questions below?

A solid set of accounting standards is also part of an economy's infrastructure. Investors don't want to put up capital unless there's a system that communicates financial results. There also must be an element of trust in that system. In addition, external reporting is expanding covering more than the basic financial information. Stakeholders want more information as evidenced by the Global Reporting Initiative.

A lot of accounting related tasks used to involve the bookkeeping function, i.e. the recording and summarizing of transactions. Technology has freed up accountants to become more involved in analysis and planning. Accounting is also becoming a truly global profession. The skill is ...

Solution Summary

This solution discusses accounting as a profession, including the future trends in accounting and possible changes.

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