Challenges Facing the Accounting Profession Today

700 Words3 Pages
Accounting Profession Today Objective The objective of this study is to explain challenges facing those in the accounting profession today. Secondly, this work will explain the rules for financial reporting in terms of where they can be located and noting the most important of the rules. Finally, this work will address what should be done to address an ethical dilemma and specifically one involving one student observing another accounting student cheating on a test. I. Challenges the Accounting Profession Faces It is reported that organizations face a growing challenge for the "recruitment, development and retention of finance professionals" due to the rapid changes taking place in the accounting profession according to the Association of Chartered Certified Accountants. Findings in the ACCA research report entitled "A Changing Profession? The Evolution of Accounting Roles, Skills, and Career Aspirations" polled more than 2,500 ACCA qualified accountants in 50 countries worldwide. Findings from the survey report "a shifting profession, where new roles and skills are needed, and where the aspirations of accountants are becoming much more ambitious, particularly in emerging economies." (ACCA, 2010) In addition, confirmed in the report is the fact that "more regulation and an increasingly complex business environment are changing accountants' roles and skills making their work much more technically demanding"¦" (ACCA, 2010) Compounded the challenges associated with these
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