ACCOUNTING CHALLENGES:
A Global Perspective
Amber Welch
May 17, 2014
BU481

Introduction
Herbie Hancock once said, “Globalization means we have to re-examine some of our ideas, and look at ideas from other countries, from other cultures, and open ourselves to them. And that’s not comfortable for the average person”. Globalization pivots on the strength of the business behind it, the focused efforts by accounting and manageability of an industry of leadership, and standards that when faced with challenge, must meet the rising needs of the world. Born from the necessity of standardization, the hurdles of international business, and the wave pool that is the global economy, today, accounting at all levels faces challenges unlike any ever seen in history. To understand how to continue to move forward and face these challenges, it is important to first examine the standards in accounting, and to explore the differences in U.S. standards versus worldwide standards. To look at the development process and the governing bodies surrounding this change, and then examine what change will bring, and whether it is attainable. For continued growth, understanding the modern realm of international business and the changes being seen in accounting leadership as well as the growth of technology, and the mounting concern for ethics in the world environment is as vital as any other component. It is important to explore the economy of the United States versus the world, the impacts of these economies, and how the current political and conflict-areas impact international business, and also what lies ahead. Accounting is an area that is broad and necessary, bringing both the components of business and finance with it, but it also encompasses a large amount of challenge as the world of business continues to move toward a global economy, and understanding those challenges will be