Contemporary Issues in Accounting

Running head: CONTEMPORARY ISSUES IN ACCOUNTING
Contemporary Issues in Accounting
Name of the Student
Name of the University
Author’s note

CONTEMPORARY ISSUES IN ACCOUNTING1
Executive Summary
The report tends to revolve around the contemporary issues of accounting and their
applicability in the business practices all over the world. In this respect, three papers have
been chosen which talk about the issues that are faced by the organisations while taking into
account the contemporary accounting. In the first paper, the problems that the higher
authorities of the companies have faced regarding the contemporary issues are stated. In the
second paper, the topic is slightly deviated and the focus is on the practices that have been
adopted by the companies in maintaining sustainability and ethics into their businesses. In the
third paper, the change in the motives of the companies have been described about how they
are bringing on ethical practices and sustainability into their investments. From all the papers,
the agreements and disagreements have been pointed out along with the disparities of their
coverage. At the last section a concluding statement is provided regarding the significance of
the issue in the recent business world.

CONTEMPORARY ISSUES IN ACCOUNTING2
Table of Contents
Introduction................................................................................................................................2
Discussion..................................................................................................................................2
Main issues or themes of the articles.........................................................................................2
Agreement of the articles...........................................................................................................4
Disagreement of the articles.......................................................................................................5
Coverage disparity.....................................................................................................................6
Significance of the contemporary accounting issue...................................................................7
Conclusion..................................................................................................................................8
References..................................................................................................................................9

CONTEMPORARY ISSUES IN ACCOUNTING3
Introduction
The primary focus of the report is centred on a single topic of discussion. The topic
chosen for the preparation of the report is contemporary issues in accounting. It is to be noted
that accounting includes two types. One of them is the internal accounting and the other one
is the external accounting which is also regarded as external financial reporting. It is
noteworthy that the companies depend on the annual reports for addressing to the general
public. However, it is evident that the companies also rely on the economy, community and
the environment for the daily operations of their businesses. These elements not only include
financial reporting but are also concerned with the corporate governance and the corporate
social responsibilities of the companies. While performing this job, the companies face
certain significant issues. Keeping this fact in focus, three articles have been chosen which
discuss about the above phenomenon. The report begins with a brief definition of the issue
which relates to the three chosen articles. Further the report moves on to providing
agreements and the disagreements of the three articles. The report further talks about the
coverage disparities that are highlighted in the three articles and in the final section the
significance of the contemporary issues are discussed. In this part the importance of the issue
to the various decision makers of the organisation are also stressed upon.
Discussion
Main issues or themes of the articles
In the first article that is chosen for the paper, the issue that is taken into consideration
is the lack of proper definition of success due to ignorance of the contemporary highlights.
The article puts emphasis on a case where the founders and the sole owners of a particular
company are finding themselves in hard situations due to negligence of the contemporary
factors of accounting (Harvard Business Review 2019). As a result they could not locate