Financial accounting is basically a specialized branch of accounting which works for keeping a track over financial transaction of a company. With the use of standardized guidelines, recording and summarizing of financial transaction is done, and then presentation of financial reports such as income statement and balance sheet is done (Deegan, 2013). Moreover, financial accounting plays an essential role in keeping a track over all the financial transaction occurs in an organization. This helps the organization in identifying the revenues and expenses and how much profit or loss company is experiencing. Further, this report mainly focuses upon the role of financial accounting in World Vision Company. Furthermore, this report describes the trends and issues in financial accounting and also it describes the solutions for standard accounting problems which arise in the modern accounting environment. Moreover, the report analyses these trends and issues in a critical way (Choi and Meek, 2011).
As it is known that financial accounting in a firm is used for recording, summarizing and maintaining financial transaction carried out in a company throughout the year (Weil, Schipper and Francis, 2013). By using this technique a firm can find out the expenses it has done and how much income it has gained. By presenting an income statement and balance sheet an organization could come to know about its financial position. However, with change in time, new trends in this accounting got added and the way of handling this accounting has changed completely. Thus, latest trends have been added to this accounting according to the modern accounting environment, whereas, this change has also brought issues along with it. Thus, this section defines the analysis of trends and issues in financial accounting:
There are multiple trends came into accounting which has changed its face completely and has changed the way of doing business. In the very beginning, accounting was done manually. Then accounting was done half on computers and half manually. Later, the trend came of doing accounting work entirely using computers and then internet got introduced which gave new way to accounting as well. In a similar manner, latest trend have been introduced in the market which must be adopted by the companies in order to carry out the financial work in a more effective manner (Horngren and et.al., 2012). However, it must be analyzed that whether the latest trend is effective for the company or not. For that aspect, critical analyses of the latest trends have been done as follows:
In every operations of a firm, some or the other issue get arise and these issue continue to come while introducing change. Similarly, while bringing change in accounting operations and coping up with latest trends, issues also come along. Therefore, company has to keep a track over these issues every time in order to avoid them (4 Key Accounting Issues, 2017). However, there are certain issues which are avoidable and some issues are unavoidable which create hindrance while carrying out this activity in an efficient manner. Some of the latest and emerging issues have been described as follows:
These are some of the issues in accounting which is emerging this year and are faced by the accountant while carrying out functions of accounting.
There are several accounting issues arising in the modern standard accounting and they are creating problem for the accountant in carrying out the accounting function in an appropriate manner (Beatty and Liao, 2014). These issues have been listed above and to get rid of those issues, some of the solutions have been described below. By following them, company or accountant can avoid such issues which hinder them in carrying out the functioning of accounting. Some of the solutions have been described as follows:
From the above report, it has been concluded that accounting is the major function which is to be carried out in every organization for keeping a track over its revenue and expenses and to calculate its profit/loss. Therefore, it is important for the firm to stay updated regarding the latest trends and issues emerging in the modern environment. Further, it is also concluded that numerous trends have been emerged and which impacts the most to the organization. Moreover, there are certain issues emerging in accounting world which have been solved by giving appropriate suggestions to the World Vision Company.
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Choi, F.D. and Meek, G.K., 2011. International accounting. Pearson Higher Ed.
Weil, R.L., Schipper, K. and Francis, J., 2013. Financial accounting: an introduction to concepts, methods and uses. Cengage Learning.
Horngren, C., Harrison, W., Oliver, S., Best, P., Fraser, D. and Tan, R., 2012. Financial accounting. Pearson Higher Education AU.
Beatty, A. and Liao, S., 2014. Financial accounting in the banking industry: A review of the empirical literature. Journal of Accounting and Economics, 58(2), pp.339-383.
Weygandt, J.J., Kimmel, P.D., KIESO, D. and Elias, R.Z., 2010. Accounting principles. Issues in Accounting Education, 25(1), pp.179-180.
Schroeder, R.G., Clark, M.W. and Cathey, J.M., 2011. Financial accounting theory and analysis: text and cases. John Wiley and Sons.
Deegan, C., 2012. Australian financial accounting. McGraw-Hill Education Australia.
Williams, J., 2014. Financial accounting. McGraw-Hill Higher Education.
May, G.O., 2013. Financial accounting. Read Books Ltd.
Hoskin, R.E., Fizzell, M.R. and Cherry, D.C., 2014. Financial Accounting: a user perspective. Wiley Global Education.
Sharma, A. and Panigrahi, P.K., 2013. A review of financial accounting fraud detection based on data mining techniques. arXiv preprint arXiv:1309.3944.
4 Key Accounting Issues. 2017. [Online]. Available Through <https://www.accountingweb.com/aa/standards/4-key-accounting-issues-to-watch-in-2017>. [Accessed on 15th September, 2017].
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