Challenges Facing the Accounting Profession Today - 700 Words

Accounting Profession Today Objective The objective of this study is to explain challenges facing those in the accounting profession today. Secondly, this work will explain the rules for financial reporting in terms of where they can be located and noting the most important of the rules. Finally, this work will address what should be done to address an ethical dilemma and specifically one involving one student observing another accounting student cheating on a test. I. Challenges the Accounting Profession Faces It is reported that organizations face a growing challenge for the recruitment, development and retention of finance professionals due to the rapid changes taking place in the accounting profession according to the Association of Chartered Certified Accountants. Findings in the ACCA research report entitled A Changing Profession? The Evolution of Accounting Roles, Skills, and Career Aspirations polled more than 2,500 ACCA qualified accountants in 50 countries worldwide. Findings from the survey report a shifting profession, where new roles and skills are needed, and where the aspirations of accountants are becoming much more ambitious, particularly in emerging economies. (ACCA, 2010) In addition, confirmed in the report is the fact that more regulation and an increasingly complex business environment are changing accountants roles and skills making their work much more technically demanding ¦ (ACCA, 2010) Compounded the challenges associated with theseShow MoreRelatedThe Provision Of External Audit Services1513 Words   |  7 PagesOF EXTERNAL AUDIT SERVICES These days, people all over the world are facing difficulties in believing external audit services because of current drawbacks such as failure in corporation, current financial crisis as well as banking crisis. On the other hand, the professions in every country is trying their best to remove the doubts of the customers in every way to maintain their self - regulatory status. 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