If accountants dont have the right amount of time to

Info icon This preview shows pages 3–4. Sign up to view the full content.

View Full Document Right Arrow Icon
the new rules and be able to work with it. If accountants don’t have the right amount of time to switch to IRFS it could cause mistakes and they will have to amend those financial statements. The slow transition that is accruing now is helping student to become for familiar with the principles of IRFS and when the switch does happen it will go smoothly for young accountants. The other problem from the switch could be if the drag out the transition for an extended period of time. The board needs to set a time frame that is reasonable and makes sense so that everyone involved will be able to make the switch in the time allotted. Mrs. Anne most difficult time as a student came when she was taking cost accounting. She didn't do every well on her first time and had to take it again. I am currently taking cost accounting I could relate to the problems she had with the material. Cost accounting is difficult class because it deals with manufacturing problems which you have to use the c ost of the problems to solve. The professional problems that Mrs. Anne has to deal with are explaining to her clients why they have to pay taxes even though they made less money from the prior year. Clients think that because they worked less in the current year or made less money that their taxes should match the decrease, but tax laws and practices are not that simple and it cause some confession with her clients. The accounting profession is one that continues to grow regardless of the economic situation in the country. All corporation need to know where their money goes and how to cut cost when demand slows. Investors need accountants to prepare a reliable financial statement so they can determine if the company is profitable or if it is not a good investment. Mrs. Anne thinks that the profession will boom over the next five years as people and corporations will need to focus more on tax planning for future years during the this recession.
Image of page 3

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full Document Right Arrow Icon
Image of page 4
This is the end of the preview. Sign up to access the rest of the document.

{[ snackBarMessage ]}

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern