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Importance of Accountancy profession despite economic changes

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Text Preview Grace Ramos
Michael Mitra TTh 4:10 – 5:40 February 13, 2014

Accounting Profession: Going Beyond Economic Changes
The Accounting profession has a wide scope of practices which enables them to function in many areas in our economy. While it works on various extents, accounting profession influences the financial market. According to the International Federation of Accountants (2007), professional accountants contribute across all sectors of the economy through public practice, private firms, profit or non-profit organizations, and even academic institutions. Having such functionalities come great responsibility in maintaining its public value. “The way that individual accountants apply accounting, reporting and auditing standards has a powerful impact on the stability of financial markets” (Association of Chartered Certified Accountants, 2011). Accounting includes processes such as recording, classifying, summarizing and interpreting financial information. One procedure that is common to this profession is the Accounting cycle. There are ten steps to this cycle. Step one begins with analyzing transactions. Step two – journalize. Step three – Post. Step four – prepare unadjusted trial balance. Step five – adjust. Step six – prepare adjusted trial balance. Seven – prepare financial statements. Step eight – close. Step nine – Prepare a post-closing trial balance, and Step Ten – Reverse (Ballada, 2011). Following the same procedures, standards and principles, the cycle goes on and on. Can this customary accounting activity adaptable enough to meet the changing needs for a sustainable economy in terms of financial stability? “At its simplest level, Accounting is still about summarising and totalling up the financial values and transactions associated with a business or some other enterprise” (Ryan, 2004, p.4). Are these capabilities flexible enough for an accounting profession to adapt in the economic changes? Changes that are taking place throughout the world – globalisation, the power of finance, crises – and to adapt to them by anticipating their effects, discovering new paths for the creation of wealth – advanced technologies, marketing, design, services – in both large companies and Small Medium Enterprises (Centrale Paris, n. d.). Jui and Wong, KPMG Huazhen’s Partner and Director (2004) presented that “professional accountants in business are a key pillar in organizations helping to create and sustain value and growth. Their ability to continue to fulfil these roles in the face of constant environmental changes is vital to their continued relevance”. The expertise of a professional accountant is needed for an economy to become sustainable and progressive. Although the Accountancy Profession in general is procedural and iterative in nature, it is still capable of adapting to the changing needs of our economy because of its prominence in improving business financial management, assisting industries with corporate strategy, and giving reasonable assurance to investing public. Accounting professionals organize themselves around various specialties such as Auditing, Financial Accounting, and Management Accounting. According to the American Accounting Associations, “an audit is a systematic of objectivity obtaining and evaluating evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between the assertions and established criteria and communicating the result to the interested users” ( as cited in Salosagcol, Tiu, & Hermosilla, 2011). “Financial accounting is primarily concerned with the recording of business transaction and the eventual preparation of financial statements intended for the internal and external users” (C. M. Valix,... Show More

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