...Development Challenges Faced by Accounting Profession ACCT 5100 Professional Development Challenges Faced by Accounting Profession Introduction Accounting has evolved, like many other professions, over time and is playing an increasingly significant role in today’s business environment. The key accounting practices are still identify, measure and communicate the economic condition of an entity with both inside and outside stakeholders. Accounting professionals have widened their attention beyond technical skills to incorporate social implications over the past several decades. Over the past few years, the whole world witnessed the impact of modern advances in information technology, globalization, and many other factors, all of which increased the public awareness of changes in global business environment and also brought many challenges to this profession. In response to these difficulties, modern accountants must develop a broader range of knowledge and skills to better perform their financial responsibilities. This paper examines several key challenges concerning the profession: 1) independence, 2) globalization and IFRS, 3) knowledge and skills gap. Challenges faced by accounting profession Independence and objectivity Independence is not a new issue faced by accountants; however, it has been and always will be one of the biggest challenges faced by this profession. Accounting to the research done by Beverley, Barry...
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...Development Challenges Faced by Accounting Profession ACCT 5100 Professional Development Challenges Faced by Accounting Profession Introduction Accounting has evolved, like many other professions, over time and is playing an increasingly significant role in today’s business environment. The key accounting practices are still identify, measure and communicate the economic condition of an entity with both inside and outside stakeholders. Accounting professionals have widened their attention beyond technical skills to incorporate social implications over the past several decades. Over the past few years, the whole world witnessed the impact of modern advances in information technology, globalization, and many other factors, all of which increased the public awareness of changes in global business environment and also brought many challenges to this profession. In response to these difficulties, modern accountants must develop a broader range of knowledge and skills to better perform their financial responsibilities. This paper examines several key challenges concerning the profession: 1) independence, 2) globalization and IFRS, 3) knowledge and skills gap. Challenges faced by accounting profession Independence and objectivity Independence is not a new issue faced by accountants; however, it has been and always will be one of the biggest challenges faced by this profession. Accounting to the research done by Beverley, Barry...
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...ACT 564 Homework Problem 1.1 Information technology is continually changing the nature of accounting and the role of accountants. Write a two-page report describing what you think the nature of the accounting function and accounting information system in a large company will be like in the year 2020. When thinking about the future of accounting and the accounting function and accounting information system, it is hard to imagine what it will be like in the future. We have come so far in such a little time technology wise. The year 2020 isn’t that far off into the future if you actually think about it and so much is bound to change! Though as a side note, if I started thinking about the Mayan calendar and how they believe the world will end on December 21, 2012. If this is true, will there even be the year 2020 to look forward to? I can remember my cousin, who is an accountant, doing all her work on paper and in a book. She always stayed late to make sure she wouldn’t get behind on her work. Now ten years later ninety percent of her work is all on the computer. Not only does this save her time but it can also make things easier when automated. In the next eight years, I believe that ninety-eight percent will all be done on the computer. The only thing that will need to be hands on or on paper will be backup copies in case something happens to the computer database. I expect large companies will only need maybe two accountants once everything is almost automatic...
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...not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section 1: Comprehensive Cases 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 1.10 1.11 1.12 Enron Corporation Just for FEET, Inc. Jamaica Water Properties Health Management, Inc. The Leslie Fay Companies Star Technologies, Inc. Lincoln Savings and Loan Association Crazy Eddie, Inc. ZZZZ Best Company, Inc. United...
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...1: CAREERS TODAY Part 1 - The Environment, Career Issues and Trends The Importance of Education and Experience In the current economic environment, education is becoming increasingly critical to career success. While employment rose for Canadians with university and college educations, 651,000 fewer jobs existed for those people without high school qualifications. Unemployment rates in the U.S. exceed 10% for those with less than a high school diploma and approximately 2.5% for college graduates.1 When professional designations (i.e., accounting, engineering) are taken into account, the data on employability and income is skewed in favour of the professional, relative to those who possess only a post secondary educational background. However, in order to maintain a competitive edge, individuals must continue to invest in their development throughout their careers. Specifically, with respect to the future for business and accounting positions, “growth due to the increasing number and complexity of business operations will be offset somewhat by corporate restructuring and downsizing of management, resulting in average growth for executive, administrative and managerial occupations. Because these workers are employed throughout the economy, differences in rate of expansion for individual industries will produce varying rates of employment change — job seekers with previous work experience, specialized training, or graduate study have an advantage in competition for jobs.”2 ...
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...1. Introduction: Financial accountancy (or financial accounting) is the field of accountancy concerned with the preparation of financial statements for decision makers, such as stockholders, suppliers, banks, employees, government agencies, owners and other stakeholders. Financial capital maintenance can be measured in either nominal monetary units or units of constant purchasing power. The central need for financial accounting is to reduce the various principal-agent problems, by measuring and monitoring the agents' performance and thereafter reporting the results to interested users. Financial accountancy is used to prepare accountancy data for people outside the organization or for those, who are not involved in the mundane administration of the company. Management accounting, provides accounting information to help managers make decisions to manage and enhance the business. In short, financial accounting is the process of sum-arising financial data, which is taken from an organization's accounting records and publishing it in the form of annual or quarterly reports, for the benefit of people outside the organization. Financial accountancy is governed not only by local standards but also by international accounting standard. 2. Role of Financial Accounting: • Financial accounting generates some key documents, which includes profit and loss account, patterning the method of business traded for a specific period and the balance sheet that provides a statement, showing mode...
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...Department of Accounting A Graduation Research Proposal Presented to the Faculty of Commerce The Islamic University of Gaza Prepared By Mosa zuhair al-nassan Mosbah al-shaghnobi Mohammed Nabaheen 120091941 120092552 120102597 Supervisor's name Mr. Salah Shubir 3102 I I A Holy Qur'an Verse A Holy Qur'an Verse } وَقُل اعْمَلُوا فَسَيَرَى اللَّهُ عَمَلَكُمْ وَرَسُولهُ وَالْمُؤْمِنُونَ{ سورة التوبة– اآلية 105 صدق اهلل العظيم I Dedication Dedication We dedicate this work to our lovely Palestine, to second home of Islamic university, and to our parents, who sacrificed everything in their life for us, and also we thank them for pushing us to success. For all of Those, Who are inspiring us and see us on our way. II II Acknowledgement Acknowledgement In the beginning, we thank Allah for giving us the strength and health to let this work see the light and our parents for their help and support. Our Prophet Mohammed said: “Who doesn’t thank people he doesn’t thank Allah”. We want to thank everyone help and participated in making this study starting from our honorable: Mr. Salah Shubair. Who put a lot of faith in our capabilities and encouraged us to complete this study. We thank all of our teachers in the faculty of commerce and our colleagues and friends for their support . III Abstract Abstract The study aims to discuss and evaluate one of the accounting problems, which...
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...Management Accounting PRACTICE OF MANAGEMENT ACCOUNTING TITLE Value Chain Analysis for Assessing Competitive Advantage CREDITS This statement was approved for issuance as a Statement on Management Accounting by the Management Accounting Committee (MAC) of the Institute of Management Accountants (IMA). IMA appreciates the support of The Society of Management Accountants of Canada (SMAC) in helping create this SMA and extends appreciation to Joseph G. San Miguel, of the Naval Postgraduate School, who drafted the manuscript. Published by Institute of Management Accountants 10 Paragon Drive Montvale, NJ 07645-1760 www.imanet.org Special thanks are due to Randoif Holst, SMAC Manager, Management Accounting Guidelines, for his continuing project supervision and to the members of the focus group (including MAC members Dennis Daly and Thomas Huff) for contributing to the improvement of the final document. Copyright © 1996 Institute of Management Accountants All rights reserved Statements on Management Accounting PRACTICE OF MANAGEMENT ACCOUNTING Value Chain Analysis for Assessing Competitive Advantage TABLE OF CONTENTS I. II. III. IV. Rationale . . . . . . . . . . . . . . . . . . . . . . . 1 Scope . . . . . . . . . . . . . . . . . . . . . . . . . 1 The Value Chain Defined . . . . . . . . . . . . .1 Competitive Advantage and Customer Value . . . . . . . . . . . . . . . . . . .2 V. The Role of the Management Accountant . . . . ...
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...Table of Contents 1.0 Abstract 2 2.0 Introduction 2 3.0 Questions and Answer 3 4.0 SWOT Analysis 12 5.0 Recommendation 13 6.0 References 14 1.0 Abstract In December 2005, two years after this case was written, the telecommunications industry consolidated further. Verizon Communications acquired MCI/WorldCom and SBC Communications acquired AT&T Corporation, which had been in business since the 19th Century. The acquisition of MCI/WorldCom was the direct result of the behavior of WorldCom's senior managers as documented above. While it can be argued that the demise of AT&T Corp. was not wholly attributable to WorldCom's behavior, AT&T Corp.'s decimation certainly was facilitated by the events surrounding WorldCom, since WorldCom was the benchmark long distance telephone and Internet communications service provider. Indeed, the ripple effect of WorldCom's demise goes far beyond one company and several senior managers. It had a profound effect on an entire industry. 2.0 Introduction Between July 2002 when WorldCom declared bankruptcy and April 2004 when it emerged from bankruptcy as MCI, company officials worked feverishly to restate the financials and reorganize the company. The new CEO Michael Capellas (formerly CEO of Compaq Computer) and the newly appointed CFO Robert Blakely faced the daunting task of settling the company's outstanding debt of around $35 billion and performing a rigorous financial audit of the company. This was a monumental...
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...CHAPTER I THE PROBLEM AND REVIEW OF RELATED LITERATURE Introduction Graduating from college does not mean finishing in a particular field, rather it is the beginning of a real journey in the life of students. Performance in the school can be measured not only through awards received during graduation or through grades obtained, rather through works where he maybe after graduation. One of the concerns that a teacher, particularly in the college, ought to have is about his former students’ whereabouts after graduation. How are they employed now? It is not a simple case of deriving psychological satisfaction, through, from knowing for instance that a former student has hurdled a government examination or has obtained a high-paying job, or have established a viable business of his own. Perhaps what is important to him is the concern for his former students’ current situation and the disturbing possibility that failure might have filled the path of some of them. A teacher has to care. He is a torch-bearer of a system. The educational system which has the obligation from time to time to assess its performance in order to serve better the goods of society, his former students included. Changes however are a natural part of any system because education is an on-going process. A school system however satisfactorily cannot remain static. It is a living organism keenly sensitive to political, social and economic changes. A graduate’s performance is a reflection of the school from...
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...The changing temporary work force: Managerial, professional, and technical workers in the personnel supply services industry by Rick Melchionno “ orking smarter” has become the slogan of the ’90s for cost-conscious companies. One way many businesses have embraced the phrase is by using temporary workers—and not just for clerical tasks. Temporary workers are in positions previously filled by permanent employees, such as managers or scientists, and many have skills that did not exist even a few years ago. Demand for temporary workers in managerial, professional, and technical occupations is greatest in industries such as financial services, health care, telecommunications, and information technology. © Photos courtesy of Olsten Corporation (background and top left) W Although highly skilled temporary workers are common today, they were not always the norm. The first “temps” received little or no training to help businesses with short-term clerical projects such as collating and inventory control. The next wave of temporary workers required a few more skills to perform secretarial and administrative duties—including typing, filing, and answering phones—to fill in for absent staff members. The image of temporary workers doing repetitive, low-skilled tasks has grown as outdated as black and white television. Higher skilled workers, ranging from laboratory technicians to lawyers, increasingly make themselves available for temporary assignments. Companies recognize the...
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...The Crucial Roles of Professional Accountants in Business in Mid-Sized Enterprises Professional Accountants in Business Committee International Federation of Accountants 545 Fifth Avenue, 14th Floor New York, New York 10017 USA The mission of the International Federation of Accountants (IFAC) is to serve the public interest, strengthen the worldwide accountancy profession and contribute to the development of strong international economies by establishing and promoting adherence to high-quality professional standards, furthering the international convergence of such standards and speaking out on public interest issues where the profession’s expertise is most relevant. This publication was prepared by IFAC’s Professional Accountants in Business (PAIB) Committee. The PAIB Committee serves IFAC member bodies and the more than one million professional accountants worldwide who work in commerce, industry, the public sector, education, and the not-for-profit sector. Its aim is to enhance the role of professional accountants in business by encouraging and facilitating the global development and exchange of knowledge and best practices. This publication may be downloaded free-of-charge from the IFAC Web site at http://www.ifac.org. The approved text is published in the English language. Copyright © September 2008 by the International Federation of Accountants (IFAC). All rights reserved. Permission is granted to make copies of this work provided that such copies are for use in...
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...1(d).Value Chain Analysis: A Way to profit improvement & cost Reduction Learning Objective 1. how to identify the value added activity 2. how to rectify the non –value added activity 3. application in profit planning & cost reduction INTRODUCTION Competitive advantage for a company means not just matching or surpassing their competitors, discovering what the customers want and then profitably satisfying, and even exceeding their expectations. As barriers to inter-regional and international trade are diminishing and as access to goods and services are growing, customers can locate after identification and «the best of what they want, at an acceptable price, wherever it is in the world. Under growing competition and, hence, rising customer expectations, a company's penalty for complacency becomes even greater. A strategic tool to measure the importance of the customer's perceived value is value chain analysis. By enabling companies to determine the strategic advantages and disadvantages of activities and value-creating processes in the market place, value chain analysis becomes essential for assessing competitive advantage. Value analysis or value engineering is one of the most widely used cost reduction techniques. It can be defined as a technique that yields value improvement. It investigates into the economic attributes of value. It attempts to reduce cost through ...
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...DEGREE OF DOCTOR OF PHILOSOPHY IN THE SCHOOL OF ACCOUNTING AND LAW OF RMIT UNIVERSITY, MELBOURNE, VICTORIA, AUSTRALIA ii DECLARATION I certify that: Except where due acknowledgement has been made, this thesis is mine alone; and The work has not been submitted previously, in whole or part, to qualify for any other academic award; and The content of the thesis is the result of work that has been carried out since the official commencement date of the approved research programme. THOMAS R. ROWLES iii TABLE OF CONTENTS Chapter Introduction 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Introduction Purpose of the Study Sombart’s Hypothesis An Alternative Model; Entrepreneurial Decision-making Context: The Industrial Revolution and ‘Profit’ The Changing Nature of ‘Investment’ The Great Depression of 1873-96 Intellectual Introspection Irving Fisher and the Conception of Capital and Income 17 17 17 23 25 26 30 32 34 34 35 36 38 38 38 39 43 46 49 50 51 54 55 1.10 Research Issues Identified 1.11 Summary Derivation of Research Issues 2.1 2.2 Introduction Evidence from Extant Accounts 2.2.1 Fixed Assets in Mercantile Accounting 2.2.2 The East India Company 2.2.3 Fixed Assets and Early Industrial Accounting 2.2.4 Capital Asset Accounting After 1870 2.2.4.i Renewal Accounting 2.2.4.ii Double-Account System 2.2.4.iii A Rejected Hypothesis 2.3 Steam and Iron: the ‘Railway Age’ iv 2.3.1 ‘Loco motion’: An Evolving Technology 2.4 2.5 2.6 2.7 Research Issues Methodological...
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...|MANAGING PUBLIC | | |SECTOR RECORDS | | | |A Training Programme | | | |Managing | |Financial Records | |[pic] |[pic] | | | | |INTERNATIONAL |INTERNATIONAL RECORDS | |COUNCIL ON ARCHIVES |MANAGEMENT TRUST | Managing Public Sector Records: A Study Programme Managing Financial Records ...
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