Accounting Profession today and tomorrow

Accounting Profession today and tomorrow - technology and...

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Accounting like any other profession is affected by several causing factors. One factor is the constant changes and updates with Generally Accepted Accounting Principles (GAAP) and the requirements of the International Financial Reporting Standards (IFRS). Second cause is the economy. Due to the fact that government had to bail out so many financial institutions it updated and changed some of the regulations when it took reins in their hands. Some of these financial institutions did not follow proper rules and regulations and ended up with failing and eventually had to get bailed out by our own government. Third cause is the constant change in technology. Some of the duties that accountants performed in the past are easily replaced by
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Unformatted text preview: technology and individuals can do it themselves instead hiring an accountant to do that. One good example is an individual tax preparation. Free software is available online and you can do it yourself, even for free. Since economy has its own cycle, I believe that things will improve economically. Some of the future challenges I can face is the constant change with regulations and technology. Following rules and regulations of GAAP, IFRS, and Sarbanes-Oxley Act will be a future challenge for me, but it will be a great experience. Accounting itself will always have its challenges, but having right knowledge and right tools will help me become a successful Accountant....
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