The Future of Accountancy and Education Needs

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Accounting is basically a commerce-based subject essential for business organizations. The knowledge and concept in accounting or accountancy assist a firm to arrange, verify, and represent their financial data. In the coming years, the accounting profession is expected to bring significant changes in professional organizations and educational institutions. According to the Association of Chartered Certified Accountants (ACCA) research—Drivers of Change and Future Skills, some of the key changes, expected to be encountered by the year 2025 include:
  • Evolving Smart And Digital Technology: Nowadays, accountants are increasingly using smart technologies to enhance their traditional ways of working. Smart software systems such as cloud computing are being used to support the trend toward outsourcing services. In the coming years, the more use of social media via smart technology will improve teamwork, disclosure, engagement with stakeholders and broader communities. Social media channels including Facebook, Twitter, and Google search will disclose more data than any corporate assurance report. Furthermore, stakeholders will use tools to interpret “big data”.
  • Globalization: The increasing prevalence of globalization is the key element that is not only affecting accounting, but also business practices across the board. The continued globalization is expected to create more and more opportunities and challenges for members of the accounting profession. Even in the education sector, globalization has influenced several changes. Students are now exposed to problems that occur in the global market and how to solve them.
  • New Regulations: Increased regulation and related disclosure rules will have the greatest impact on the accountancy profession in the coming years. At the global level, experts are predicting that greater regulation will affect all accounting professionals in the coming years. As per a report on the future of accountancy entitled ‘Drivers of Change and Future Skills’, the Association of Chartered Certified Accountants (ACCA) says improved regulation and stronger governance will have the utmost impact on the accounting profession in the coming years. ACCA also predicts that intergovernmental tax action to limit base erosion and profit shifting (BEPS) “will affect all members of the profession” while “fairness in tax will continue to rise in prominence” throughout the world. The association also points to increased emphasis on tax transparency and greater government tax action and information sharing.
Looking at the expected change in the field of accountancy, future accountants will increasingly require education in digital technology, most importantly the knowledge of cloud computing and the use of big data. With globalization, accounting professionals must have an updated knowledge of the outsourcing of accounting services. Moreover, the professionals in this field must be well-acquainted with the knowledge of evolving regulations such as new forms of corporate reporting, tax regulation, integrated reporting regulation, and many more regulations.
According to ACCA, knowledge of digital technologies is the key competency area where professional accountants have skill gaps. As per the association, accountants need more knowledge in the transformation of new disclosure regulations, new forms of disclosures, and understanding of the interconnectedness of financial and non-financial reporting.
Conclusion:
These days, many educational institutions are developing curriculums for accounting students in line with their future needs. More and more universities are developing or incorporating new units such as cloud computing, big data, digital technology, integrated reporting, carbon emission accounting, and so on for accounting students. If you are looking for Accounting Courses in Ahmedabad, make certain to choose one that offers courses that are aligned with the future requirements in the field of accountancy.
Source: https://accountingcoursesahmedabad.wordpress.com/2020/01/06/the-future-of-accountancy-and-education-needs/

Comments

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