Challenges and Solutions in Financial Accounting Management: A Case Study of BDO Global

This report discusses the problems associated with financial accounting management and the solutions adopted by BDO Global. It covers the challenges faced in implementing accounting standards, methods adopted for efficient implementation, and solutions procured for meeting the challenges. The report also discusses the planning of the project and the identification of parameters for success. The subject is financial accounting management, and the course code and college/university are not mentioned.

WEEK 6

Introduction
The report majorly discusses the problems associated with the management of financial
accounting. To ascertain a specific model of the problems and the ways by which the
shortcomings have been met through BDO Global. The adoption of plans that have been adopted
to meet the shortcomings of the project has also been discussed.
Problem statements
The major problem that has been faced by the financial accounting systems is the notion
accordance of proper standards of accounting. Thus, there is a lack of trained accountants in the
world accounting systems to conduct proper justice to the systems.
Project objectives
The major objectives that were formulated for the projects were as follows:
 Ascertaining the challenges faced for implementing the accounting standards in the
global accounting world
 Methods that were adopted for the adopted for the efficient implementation of the project
 The solutions that were procured for meeting the challenges of the Capstone project.
Capstone Project- first report
Advanced level research
While conducting the research works for the Capstone project, many accounting companies have
been considered to analyze the research issues. There is certain contemporary relating to the
issues of the problems of the financial accounting. After analyzing the AICPA website, there is
various information that can be inferred about the structure of the accounting systems in
Australia1. Therefore, it is imperative for the organization of the management companies to work
on the internal structure of the companies to progress. Considering, one of the Australians top
1 Craig Deegan and Michaela Rankin, "THE ENVIRONMENTAL REPORTING EXPECTATIONS GAP: AUSTRALIAN
EVIDENCE" (1999) 31(3) The British Accounting Review.

financial company BDO Global there were certain problems that were identified during the
conducting of a project. For the problem of the troubleshooting of the structures in the
organization, there are GAAP conversations were conducted for the procurement of the fault
lines. The major drawback is the lack of information about the complex technical accounting
procedures. Therefore, adoption of the new accounting formulations should be availed to the
organization.
The major problem is faced that the financial companies don't make their reports according to the
notions of the IASB. Therefore, there are various problems which are faced due to ascertaining
the taxations and the accounting procedures of the companies. However, for the intention of
acquiring a certain level of strict managerial organization in every accounting organization, there
are certain procedures that seem to be adopted. Therefore, accounting organizations majorly fail
to meet the parameters of the international standards of accounting. Improper maintenance of the
standards may lead to the mismanagement of the accounting firms.
Planning of the project of BDO Global
Thus, to meet these shortcomings, various methods can be adapted to meet the desired outcomes
of the project. Thus, the major intention of the project is to meet the requirements of the
accounting standards so that it can accord to the principles of accounting measures. Thus,
managerial problems can be solved by taking into concern the major parameters affecting the
problems of the adoption. Training sessions should be conducted by the authorities of the
accounting standards to adopt the various companies with the notions of the AASB accounting
standards. Considering the reports of the gargantuan Australian accounting company BDO
global, there has been the major implication of the project2. Although the network weirdly
covers great procurement of the services around the world, it should also take into concern about
the methodologies that are being adopted for the procurement of the information. In such a big
set of the business, there are also other major concerns that have been taken into concern like the
integration of internet accounting stands through the framework of AASB. Thus, it saves both
2 C.W. Nobes, "A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF FINANCIAL REPORTING PRACTICES"
(1983) 10(1) Journal of Business Finance & Accounting.

time and the effort of the accounting teams to ascertain the major parameters of the accounts
department
Identification of the research capacity and elasticity of expansion
There are various reasons for the maintenance of such stands of the accounting. Complex
measures of the accounting help for the production of the authentic collection of the information.
Proper management of the accounting principles is an important adaptation that needs to be
implemented for the best results of the organization3. It majorly manages the data handling of the
diverse forms of the companies. Consolidating the groups of the finance to maintain harmonious
relationships with the internal and the external group is essential for the company to grow and
prosper for its future generation.
Assisting parameters to solve the problems
Shortage of the accountants is a major drawback that the United Nations has prescribed. Thus the
procurement of efficient accounting terms is the biggest challenge. In 2015 the company grossed
over 5.6% as compared to other years after implementing these measures of the company. Thus,
improvement in the training and empowerment of the professional agreement is imperative for
the implementation of the objective of the entire Capstone project.
3 Lorenzo Dal Maso et al., "The Influence Of Accounting Enforcement On Earnings Quality Of Banks: Implications Of Bank
Regulation And The Global Financial Crisis" [2018] Journal of Accounting and Public Policy.

Introduction
The section focuses on planning a project that can help in identifying the success of BDO global
company so that improvement can be made in the organisation. Planning a project requires
assistance from the stakeholders and it is important to identify parameters that can be based on
the project. At the same time, it is also necessary to understand the factors that can help in the
completion of non-maintenance of conduct so that external problems faced during the application
of accounting techniques can be made.
Capstone Project- final report
Planning of the Project in BDO Global
Thus, there were various adoptions that were made by the BDO global company to ascertain the
improvements in the organization. The management of the company has adopted certain
technological advancements that have helped the organization to develop its standards. However,
there were certain shortcomings that were met during the implementation of the project4. The
major factors undertaking the major cause is the training of the accounting standards on a vast
scale of the employees. Providing training purposes to the accounting systems for bringing
efficiency in the systems of the managements entails procurement of large costs. Thus the
organization has faced a large rise in the total cost of the organization to take into control the
various factors affecting the organizational structure. After the introduction of the AASB
framework to the standards of accounting in the BDO organization, most of the financial
accountant was unable to decipher the proper justification of the standards. The total number of
accounting firms following the AASB framework was comparatively lower than the IASB
framework. Non Maintenance of conducts that are managed by the codes of the accounting
authority lacks the velocity of the systems.
Identification of parameters of the project
4 Ruth D. Hines, "Financial Accounting Knowledge, Conceptual Framework Projects And The Social Construction Of The
Accounting Profession" (1989) 2(2) Accounting, Auditing & Accountability Journal.

There were various external problems that were faced during the associating of the project. The
major businesses of the BDO are the procurement of accounting information of various types and
amend them to ascertain certain accounting statements the procedure of procuring information
about the category of headings. However, there were certain other components that added to the
nonperformance of the framework. The low key performance of the accounting firm is for
reasons such as the enlarged cost procurement. However, the orientation and the on job training
results in the increasing costs of the organization5. Thus the managerial shortcomings can be
overcome by the integration of proper application of technical knowledge. Thus, with the
emphasis that has been majorly laid on the structure of the accounting organization, it is equally
imperative for amending the shortcomings of the standards. The amount that will be produced in
the process of the training should be brought down by the practice of the employees as the
trainers of the projects6. The managerial efficiency of the accounting organization has been
called upon to improve its quality of work. There are many challenges that are met by the
accounting system in the world level due to the multidisciplinary parameter which establishes
disincentive in the organization about learning the new standards of accounting. Therefore, it is
indeed imperative on the case of both accountants and the organization to effectively
communicate with each other to satisfy the standards. Incorporation of ability used in the
completion of the project
The presentation that should be maintained during the execution of the project should be kept in
mind during the processing of the project. There is another component which is imperative for
the execution of the entire project which is considered as the marginal efficiency of the
organization. In the Australian standards, the procurement of the programmes in the educational
cornered is very imperative. Solving of the problems of the organization is very important for the
organization as a whole7. Thus, the major factor that is governing the parameters of the project is
5 Mary E. Barth, "Global Financial Reporting: Implications For U.S. Academics" (2008) 83(5) The Accounting Review.
6 Elias Bengtsson, "Depoliticalization Of Accounting Standard Setting—The IASB, The EU And The Global Financial Crisis"
(2011) 22(6) Critical Perspectives on Accounting.
7 Patricia J. Arnold, "Global Financial Crisis: The Challenge To Accounting Research" (2009) 34(6-7) Accounting,
Organizations and Society.

important for the procurement of the reports do the accommodation. However, there is a certain
measure that can be adopted for the proper and better outcomes. For meeting the challenges of
the organization, and new human resources can be adopted. Adoption of this measure can lead to
the proper structuring of the organization. A firm can prosper and grow if it adopts the strategy
of the implementation of proper resources as it lowers the average costs of the firm.
Conclusion
The major inferences that are drawn after the completion of the report are proper to ascertain of
the challenges that are met during the establishment of the project. The major challenge is the
instilling the new standards according to AASB framework which is entirely different from
IASB structure. The costs were incurred during the procurement of organizing certain training
workshops during the procurement of information. However, by the method of the benefit and
the costs analysis reports conducted it signified the importance of the adoption of the accounting
standards. It also signifies the importance of the managerial efficacy which is very important for
the growth of the organization.

Reference list
Footnote: Patricia J. Arnold, "Global Financial Crisis: The Challenge To Accounting Research"
(2009) 34(6-7) Accounting, Organizations and Society.
Your Bibliography: Arnold, Patricia J., "Global Financial Crisis: The Challenge To Accounting
Research" (2009) 34(6-7) Accounting, Organizations and Society
Footnote: Mary E. Barth, "Global Financial Reporting: Implications For U.S. Academics"
(2008) 83(5) The Accounting Review.
Your Bibliography: Barth, Mary E., "Global Financial Reporting: Implications For U.S.
Academics" (2008) 83(5) The Accounting Review
Footnote: Elias Bengtsson, "Depoliticalization Of Accounting Standard Setting—The IASB,
The EU And The Global Financial Crisis" (2011) 22(6) Critical Perspectives on Accounting.
Your Bibliography: Bengtsson, Elias, "Depoliticalization Of Accounting Standard Setting—
The IASB, The EU And The Global Financial Crisis" (2011) 22(6) Critical Perspectives on
Accounting
Footnote: Lorenzo Dal Maso et al., "The Influence Of Accounting Enforcement On Earnings
Quality Of Banks: Implications Of Bank Regulation And The Global Financial Crisis" [2018]
Journal of Accounting and Public Policy.
Your Bibliography: Dal Maso, Lorenzo, et al, "The Influence Of Accounting Enforcement On
Earnings Quality Of Banks: Implications Of Bank Regulation And The Global Financial Crisis"
[2018] Journal of Accounting and Public Policy
Footnote: Craig Deegan and Michaela Rankin, "THE ENVIRONMENTAL REPORTING
EXPECTATIONS GAP: AUSTRALIAN EVIDENCE" (1999) 31(3) The British Accounting
Review.
Your Bibliography: Deegan, Craig and Michaela Rankin, "THE ENVIRONMENTAL
REPORTING EXPECTATIONS GAP: AUSTRALIAN EVIDENCE" (1999) 31(3) The British
Accounting Review

Footnote: C.W. Nobes, "A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF
FINANCIAL REPORTING PRACTICES" (1983) 10(1) Journal of Business Finance &
Accounting.
Your Bibliography: Nobes, C.W., "A JUDGEMENTAL INTERNATIONAL
CLASSIFICATION OF FINANCIAL REPORTING PRACTICES" (1983) 10(1) Journal of
Business Finance & Accounting
Footnote: Ruth D. Hines, "Financial Accounting Knowledge, Conceptual Framework Projects
And The Social Construction Of The Accounting Profession" (1989) 2(2) Accounting, Auditing
& Accountability Journal.
Your Bibliography: Hines, Ruth D., "Financial Accounting Knowledge, Conceptual Framework
Projects And The Social Construction Of The Accounting Profession" (1989) 2(2) Accounting,
Auditing & Accountability Journal
Footnote: C.W. Nobes, "A JUDGEMENTAL INTERNATIONAL CLASSIFICATION OF
FINANCIAL REPORTING PRACTICES" (1983) 10(1) Journal of Business Finance &
Accounting.
Your Bibliography: Nobes, C.W., "A JUDGEMENTAL INTERNATIONAL
CLASSIFICATION OF FINANCIAL REPORTING PRACTICES" (1983) 10(1) Journal of
Business Finance & Accounting