Question

what are the major challenges facing the accounting profession?

Answer 1

The major challenges which are being faced by the accounting profession are:

1) Technology changes : The changes taking place in the technology of keeping accounts and maintaining data have created a challenge for all accountants.

2) Knowledge Updation : The accounting field is changing with such a pace that new rules and regulations are brought to have a control accounting a concern. Keeping with all these rules and regulations is a challenge for the accountants.

3) International attitude : Now a days businesses are not confined to the national transactions but doing international businesses, so getting accounts updated with the GAAP rules and regulations.

4) Auditors requirements : The auditors are raising one or the other requirements to safe-guard their position from the various frauds and manipulations. So, complying with all their requirements is a challenge for now-a-days accountants.

5) Shareholders desires : The owner or shareholders of the concern wants the accountants to keep updating the requirements of shareholders share-holding and keeping the records of changes in holdings alongwith the daily share rate changes, which has become a challenge for the accountants.

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