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Accounting Profession Assignment

   

Added on  2020-03-23

6 Pages1132 Words549 Views
Accountants in the Profession 1ACCOUNTANTS IN THE PROFESSIONBy (Student’s Name)Professor’s Name College Course Date

Accountants in the Profession 2How does accounting profession engage with the community to add value to stakeholdersand oneself?The accounting profession should start by appreciating the global interest in sustainabilitythat has continuously evolved at a skyrocketing pace on very vast scope including but not limitedto shifts to integrated reporting as well as assurance on sustainability reports. Accountants mustbecome actively engaged crossways what is referred to as “the sustainability cycle” that movesfrom internal sustainability initiatives connected to strategic objectives to the engagement ofstakeholders on the basis of formal reporting with assurance. Accounting professionals must be motivated to become actively engaged in businesssustainability alongside role of accounting in its evolution. By engaging the practice of businesssustainability these professionals will be able to create greater long-run value. The professionalsshould emphasize on business sustainability encompassing a vast array of issues of stakeholdersincluding but limited to green agendas thereby enabling organization to take into accountmultiple groups of stakeholders when making decision to accomplish their strategies to allow theorganization, accountant himself and the community at large to benefit on the long-run basis(Lee, Song, Lee, Lee, and Bernhard 2013). As part of a vast accounting for sustainability cycle, the accounting professionals shouldbest understand sustainability by connecting it directly to business strategy and EMR to positionsustainability as a means to positively impact the profession and organization’s ability to createlong-run value to stakeholders. The professionals will create long-run value by effectivelymanaging key stakeholders via its consistent strategy application as well as timely internal andexternal communications. The professionals should engage stakeholders and link sustainability

Accountants in the Profession 3activities to strategy of organization to position management in a better position to balancestakeholders as well as shareholders interest simultaneously via more efficient processes. The community engagement must be viewed by the accounting profession as a goldenopportunity to contribute to community being served while making sure that core business,research and teaching remains relevant. They should seek to leverage the business knowledge,skills, and expertise in accounting as well as management to speak to societal challenges andpromote development economically and hence enrich the tuition and research. The professionshould adopt a two-way approach whereby accounting professionals engage communities with aperception to help them that provides opportunities to undertake more relevant/problem-directedresearch as well as information gathering which can be incorporated into as well as improve theprofession. The profession should also seek partnership with communities, business, professionalbodies, development sector and government in order to enhance the prevailing socio-economicdevelopment via staff expertise harnessing to speak to the needs of the society where necessary(Lawson, Blocher, Brewer, Morris, Stocks, Sorensen, Stout, and Wouters 2015). The professionshould determine the choice of community engagement projects by the community’s needs(however defined/identified), whether the accounting profession has pre-requisite expertise toappropriately respond. What are the strategies and development tools that are appropriate for an accountingprofession to sustain a competitive advantage in terms of employment and level ofcompetence? Accounting profession winners and losers will hugely be determined by the ability toattract, retain as well as develop future expertise and leaders. Workers with best talent and,

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