Write a brief article on the “Contemporary issues in Accounting”.

Expert Solution

Before discussing about “Contemporary issues in Accounting” one should understand the contemporary issue it refers to an issue that is currently affecting people or places and that is unresolved.

Accounting as a whole is changing day by day and getting affected by external factors.Some of the contemporary issues in accounting are staying updated with the new technology at the right time,for becoming the first mover for adaptation of new opportunity, it can be done by proper research of market and upgradation to new software and providing proper trainning.Talent retention- In a diverse and competitive market place it is becoming difficult to retain talent.Consistency in accounting practice- this issue is related to maintain consistency for a period of time so,that better results can be obtained.Next issue is thinking of changes that can improve the accounting system it is not necessary that we wait for external changes a business can also take innitiative for effective results.Proper planning and budgeting - this issue states that one should focus on proper planning and budgeting in accounting and should keep a check on regular basis,Cyber security of accounting data- as the technology updated and all the traditional way of recording and accounting of transactions are replaced by systems there is a fear of some breaches that can be controlled by cyber security.

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ekkarill92 answered 1 year ago

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