Question

How do you think social and economic changes will shape the CPA profession in the next decade.

please provide at least 2 paragraph explanation. and reference also.

Answer 1

The next decade will be a period of continuous transformation for the accounting profession that will lend to greater opportunities for their growth and productivity.

Accounting and tax professionals will find themselves moving beyond preparing financial reports and tax returns and they will take up more consultative roles to navigate the global marketplace for their clients.

Social and economic changes will Creates New Opportunities: Specialization and collaboration will lead to increased opportunities for CPA professionals, who will work across global borders to meet their client needs.

Technology Changes the Accounting Profession: Automation of data collection rises along with technology expansion, the focus of accounting will shift from computation to consulting. Thus CPA professionals role will be more focused on analyse of business information, support decisions and provide strategic advice to their clients.

Technological enhancement enhances Client Relationships and Service: Social media and mobile technologies will change the way accounting and tax professionals conduct business and attract new clients. It will be crucial for practitioners to manage their Web and mobile presences to establish firm reputation and brand.