Question

What skills are needed by accountants to address the standards for both GAAP and IFRS? How can accountants acquire these skills?

Answer 1

an accountant should know about Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards.(IFRS).The US GAAP framework defines an asset as a future economic benefit. and The IFRS framework defines an asset as a resource from which future economic benefit will flow to the company.

  Generally accepted accounting principles (GAAP) refer to a common set of accounting principles, standards, and procedures issued by the Financial Accounting Standards Board (FASB). Public companies in the United States must follow GAAP when their accountants compile their financial statements. GAAP is a combination of authoritative standards (set by policy boards) and the commonly accepted ways of recording and reporting accounting information. GAAP aims to improve the clarity, consistency, and comparability of the communication of financial information.

  The International Financial Reporting Standards (IFRS) are accounting standards that are issued by the International Accounting Standards Board (IASB) with the objective of providing a common accounting language to increase transparency in the presentation of financial information

skills you need to nurture as an accountant

1. Adaptability

The accounting industry is changing rapidly. The role of the accountant is becoming more of an advisory one as technology automates processes and removes the need for paper. Clients have new expectations, and accountants can now collaborate and work with their customers in real time.

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2. Openness

Honesty is highly valued in the accounting world. Accountants and the firms they work for pride themselves on adhering to the highest ethical standards and always treating their clients with honesty and integrity.

3. Strategic decision-making

Automation of many administrative tasks means accountants have more time to focus on the strategic decision-making side of their role; and clients know this.

4. Information technology expertise

Accountants should look to be knowledgeable in general IT and accounting software, especially when it is likely your client will know how to use it too.

5. Communication

Clients and colleagues can communicate with you at any time they want to from anywhere in the world. Accountants need to be willing to interact with people across all mediums, from phone to video conferencing. It is a good idea to master social media as well as the more traditional email.

6. Creative problem-solving

Change is likely to bring about challenges as well as positives. Therefore, firms need accountants who can think outside the box and come up with effective ways to solve new problems

7. Customer service skills

For accountants working in public practice, it is essential to be able to build a strong relationship with current customers, in order to retain them, as well as being able to attract new customers.

8. Industry knowledge

his can be achieved by embarking on key training from education providers like AVADO to help you break into the profession successfully, and then being hungry to continue building knowledge. Take courses to achieve higher qualifications and gain new skills. Take note of news which will affect your industry, and never stop learning!