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If accountants dont have the right amount of time to

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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 cost 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.
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The firm offers many online courses and yearly training classes to keep their CPA's up to date on current accounting issues. Mrs. Anne also spends time researching new laws that have
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If accountants dont have the right amount of time to switch...

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