GLOALISATION ON ACCOUNTING

Running Head: GLOBLISATION ON ACCOUNTING
GLOBLISATION ON ACCOUNTING
Name of the Student
Name of the University
Author Note

1GLOBLISATION ON ACCOUNTING
Table of Contents
Introduction................................................................................................................................2
Research Questions....................................................................................................................2
Research Methods......................................................................................................................3
Current Findings on the Topic...................................................................................................5
Researchable Gaps in the Area..................................................................................................9
Reference..................................................................................................................................11

2GLOBLISATION ON ACCOUNTING
Introduction
The significant procedural and technological advancement can have deeper impact on
the professionals across various industries. Globalization helps in opening new opening new
opportunities for the international trade and business relationships and helps in boosting
modernization as well as access to services, jobs and products in the less developed nations.
However, from accounting point of view, increase in the business relationships and trade that
crosses the border also creates new set of challenges for the internal accountants.
The trends of new technology require the professionals to shift traditional and long-
held styles of working to reap the benefit of these new set of strategies. Although internal
business department such as information technology goes through the changes on more
frequent basis, the other departments such as accounting do not. In era of globalization, the
accountants should be agile and flexible for leveraging trending and new ways of doing
things, so that their productivity and efficiency can be improved. Further, future of
accounting is impacted heavily by the various factors such as changes in industry and
government standards, advancement of technology and other factors. It is because of this
reason, research on it become important. Hence, this paper aims to do literature review on the
impact of globalization on accounting.
Research Questions
What is the impact of globalization on accounting regulations and Systems?
In the process and progress of globalization, accounting has been greatly affected. It
has potentially impacted harmonization of standards of accounting and audit, financial
services, financial coordination, financial reporting and control of the dispersed subsidiaries
of the companies. For instance, accounting practices of the transnational companies,
international taxation and transfer pricing are some of the evidences for doing debate on

3GLOBLISATION ON ACCOUNTING
globalization. The companies have gained immense globalization pressure for reporting their
activities and responsibilities of environment. Further, globalization has forced for
establishing single set of the financial reporting standards. The formulation as well as
promulgation of the IFRS are outcomes of the private, public and regulation interests, which
represents international concerning debate concerning globalization issues.
What impact does globalization have on accounting professional and best practices of
accounting?
The globalization has not only affected accounting functions, activities, practices and
responsibilities, but it has also influenced job responsibilities and behavior of accountants and
the other professions of accounting, for instance best accounting practices and accounting
professionalism. It is because of ever changing requirement of global world, the future
accountants need to possess the perspective, which influence both internal and external
environment. The market continues to change because of the fast-paced journey of the
information making globalization, which is an important factor in accounting.
Does Financial Globalization help in improving productivity and efficiency of
organization?
The technology innovations have catapulted financial district into globalized market.
It has had great influence on the way business is conducted by the businesses. Globalization
has been a boon to the business, its consumers and overall economy. It leads to reduction in
cost and helps in achieving economies of scale. In both developing and developed countries,
globalization helps in spreading new technologies and provides new economic opportunities
to the organization for improving its productivity as well as its efficiency.
Research Methods
Chi Square Test