Question

A scenario…there is a local accounting conference coming up. To break up the formal sessions you have been asked to be part of a debate titled ‘The core nature of Accounting has changed little since the times of Pacioli’. You are to prepare background notes on both the affirmative and negative positions.

Answer 1

1. Day by day changing trend in overall world have great impact on profession. All accounting businesses should keep it's self changing accordingly to provide better services.

Accountants are required to develop new methods and technologies such as Artificial intelligence to enhance and grow their business. Artificial intelligence used to handle large data, automation, logistics, customer services.

But there is also a negative thing is that it isn't smart enough and isn't emotional intelligence to know the context and impact of decision.

2. In U.S. , accountants hiring trend has slowing down now due to increased need for compliance. This result into increase in demand for compliance and audit professionals.

But the positive thing is that easy hiring procedure of accountants has over.

3. Due to changing trends, accountants should develop specific roles for future. Accountants will work like lawyers in future.

4. Change the way of accountants to interact with clients and customers and Convergence of collaborative technology that will help and boost work of financial professionals

Even the technologies has changed and boost the financial work but the negative thing is that the change is not easy and the problem is how to drive with changes. And there is no way without challenges.

5. Accountants can improve their own considerable capabilities using their device. Using technologies of smart devices accountants can conduct meeting with client's, and other business operations.

But also there is negative thing is that technologies are not without danger.

6. Accountants are required to build soft skill. Accountants are known more than other professionals about the business needs. Accountants should helps businesess to success.

But the negative thing is that how much it is beneficial is not predictable.

7. Increasing globalization creates more opportunities and challenges for accountants. Professional skills and technical skill will help to grow further.

But there is exist threats in business environment. Due to economical changes, government policies, political intervention.

8. Increased rules and regulations of taxation, laws, international taxation, financial reporting and their disclosure requirements have greatest impact on professionals. Professionals are required keep himself updated, required to acquire knowledge every time.

9. Due to money laundering and profit shifting expectations of stakeholders increased from accounts professionals. Accountants required to exercise due care and diligence. He should be more objective and integrated.