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Bibliography: Generally Accepted Accounting Principles

   

Added on  2021-06-14

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Running head: LITERATURE REVIEWLiterature ReviewName of the Student:Name of University:Author’s note:

LITERATURE REVIEW1Table of ContentsIntroduction................................................................................................................................2Objective....................................................................................................................................2Scope..........................................................................................................................................2Literature Review.......................................................................................................................3Conclusion..................................................................................................................................8Reference List............................................................................................................................9

LITERATURE REVIEW2IntroductionThe accountingfield has been experiencing a drastic changes presently. It is believe bymany critics that Generally Accepted Accounting Principles (GAAP) standards are obsolete.Global accounting is the accounting field that is becoming more important rapidly in alocation where the companies have international locations all over the world. Companiesdealing with finance faces several challenges when trying to adaptwith the requiredaccounting principles that are ununiformed across the world. Global accounting is a field thatis developing to address these issues (Chenhall & Moers, 2015). The practices of accountingare implicated deeply in the present financial crisis and in proposals for recapitalization of thefinancial institutions and stability of restoration of the global financial system. This essay willdiscuss the theoretical and methodological gaps in the research of accounting that explainsthe failure for the anticipation of the crisis and limit the ability to respond and analyse to it.ObjectiveThe accounting practice in the twenty first century is no longer a traditional ‘beancounting’, but now has to become a ‘hybrid accountant’ within the organization. They are atpresent facing intense challenges and are expected to adapt with rapid environmental changesof the business. The organisations demand for accountants who are more proactive, who arenow expecting to become part of the management and is prepared to accept the issues andchallenges that are forthcoming (Gunarathne & Lee, 2015). The purpose of this report is tohighlight issues faced by the modern global accountants in adapting with the onorganizational and environmental factors, which are the chief contributor to the vital issuesthat the accountants are facing at present.

LITERATURE REVIEW3ScopeThe constant changes in the organizational environment impact the changes inpractices of accounting. The advancement of the accounting practice has drastically alteredthe profession of Accounting. The conceptual framework that was established by the IFRS toshow how the task and role of accountants is impacted by the features drive to the changeboth organizational and environmental factors. The vast evolution of the profession ofaccounting is due to both organizational and environmental factors. External factors includesthe forces outside the organization like the environmental factors like the globalization,market competition and information technology advancements that leads to the changes inorganization’s activities. It also represents the techniques of the operations and managementthat would enable the accountants to survive and succeed in adapting to the changes in theirenvironment (McFarlin & Sweeney, 2014). On the other hand there are the internal factorsthat is directly influenced by the organization to change, which is known as organizationalfactors, these includes the style of management, activities that are customer-oriented andchange in the pattern of work. Both the factors have direct and indirect impact on the changesin roles and tasks of the global accountants within the organization. Therefore, bothorganizational and environmental factors are proposed by this study as major contributors toisuess that the accountants are facing in the recent years.Literature ReviewAs said by Guthrie & Parker (2016), it is a known fact that in the present globalmarketthere is a constant change in the techniques and procedures of the accountants at agreat speed and the faster it is accepted and realized by the organizations and the businessgroups it will be better for them to increase their operational efficiency. The accounting andprofessional services profession changing, standing and reorganizing in front of manychallenges of the modern world. The discussion deals with the various critical reviews and

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