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Principles Of Accounting: Ethics In The Future

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Question:

Discuss about the Principles of Accounting for Ethics in the Future.

 

Answer:

Accountant Skills and Ethics in the Future

The future of the accountants would more complicated, complex and typical because they would be required more innovative, dynamic and effective skills and ethics in order to perform various functions related to auditing, accounting, and financial. In addition to this, it is also important to know that, the future would be uncertain for the accounting people and they have to perform a number of challenging tasks and functions in more complicated business environment. For example, in the future, there would be tight competition, up-gradation in the technology, changes in the accounting rules and standards, more competitive and globalized economy. These factors would affect and force the accountants to acquire different accounting skills and ethics. For example, in the future, the accountants would have to follow Technical and ethical competencies in order to perform their tasks. It means they have to conduct their financial and accoutring functions by defining specific standards. In the same way, they have to maintain the highest standards of integrity, independence and scepticism in the future (Lobo, and Zhao, 2013).

Apart from this, the future would also enforce the accountants to become more intelligent. For instance, with the help of the intelligence ability, the accountants would have to gain depth knowledge in order to solve more complicated problems. They would have to think strategically and positively in order to conduct their functions in the future. The future would also require more creativity by the individual accountants so that they could be able to use existing knowledge and information in the new situation to overcome the accounting issues or challenges. Along with this, it is also important to know that, the accountants would have to focus on becoming more and more emotional intelligence in order to regulate and manage complicated standards and norms in the area of accounting (Humphrey, 2008).

 

Moreover, technological advancement in the future would also force the accountants to be more innovative and digital quotient. It means they would have to work on the new and innovative technologies by replacing the existing. For example, the accountants would have to aware about the applications, concepts, roles and principles of emerging digital technologies in the future and they have to conduct their practices and role as per the technology (Riahi-Belkaoui, 2004). At the same time, it would be more essential and valuable for the accountants to strictly and effectively adopt the ethical codes of conduct, practices, standards, norms and policies in conducting their accounting functions. Additionally, due to the tight competition and highly globalized economy in the future, the accountants would have to improve their ability to access and anticipate the upcoming trends accurately and effectively by extrapolating existing trends and facts, and filling the gaps by thinking innovatively (Libet, 2002).

Moreover, in the Morden world of technologies, the accountants would also have to improve the decision making and situation handling skills effectively. For case, the future would require to effectively and adequately understand the needs, wants, expectations, and desire of customer in conducting of accounting transactions and preparing financial statements. But these future skills would be more beneficial, effective, valuable and significant for the accountants. For example, by acquiring these skills and ethical knowledge, they would be able to fulfil their long term objectives and day to day functions as per the organisational policies and standards. Moreover, these future skills would also provide significant opportunities to the accountants in accessing the current market trends and situations. They would be able to more satisfy their customer and internal & external stakeholders (Hodge, Kennedy, and Maines, 2004).

On the other hand, these skills would allow them to take strategic decisions to overcome various complicated business decisions. In the same way they will be able to work in any kinds of business situation. At the same time, these skills would also help the accountants in improve their current knowledge and skills. Moreover, these skills would also improve their ability to effectively compete in the market. For example, they would be able to understand how to achieve competitive scope or advantages from the more competitive and globalized economy. Overall, it can be said that, the accountants should focus on improving their future accounting skills in order to attain their objectives effectively (Porter, and Norton, 2008).

 

References

Hodge, F. D., Kennedy, J. J., and Maines, L. A., (2004). Does search-facilitating technology improve the transparency of financial reporting? The Accounting Review 79 (3), pp, 687–703

Humphrey, C., (2008). Auditing research: A review across the disciplinary divide. Accounting, Auditing & Accountability Journal 21 (2), pp, 170 – 203.

Libet, B., (2002). The timing of mental events: Libet’s experimental findings and their implications. Consciousness and Cognition 11 (2), pp. 291–299.

Lobo, G. J., and Zhao, Y. (2013). Relation between audit effort and financial report misstatements: Evidence from quarterly and annual restatements. The Accounting Review, 88(4),pp, 1385-1412.

Porter, G., and Norton, C. (2008). Financial Accounting: The Impact on Decision Makers (6thed.). USA: Cengage Learning.

Riahi-Belkaoui, A. (2004). Accounting Theory. USA: Cengage Learning EMEA.

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