University Accounting Profession Reflection and Development

This assignment presents a student's reflection on the accounting profession, addressing key aspects such as its significance in contemporary society, contextual influences like globalization and ethics, and the expected interactions of an accountant with various stakeholders including employees, clients, and regulators. The reflection delves into the accountant's role in contributing to the community through accurate and relevant financial reporting, while also emphasizing the importance of ethical conduct and the essential skills required, including technical proficiency, analytical abilities, communication, and adaptability to technological advancements. The student also explores the expectations placed upon accountants by clients and colleagues, highlighting the need for ethical behavior and the provision of sound financial advice. The reflection incorporates insights from various sources, including professional bodies, and provides a comprehensive overview of the evolving accounting landscape.

Running Head: ACCOUNTING ASSIGNMENT
ACCOUNTING ASSIGNMENT
Name of the Student
Name of the University
Author Note

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Table of Contents
Reflection on Accounting Profession.........................................................................................2
Bibliography...............................................................................................................................5

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Reflection on Accounting Profession
1)
I think in the contemporary society and economy, the profession of accounting is
arguably most significant occupational group. Before going through the readings, I was in the
thought that accounting is just limited to technical aspects such as doing journal entries,
preparation and presentation of financial statement. However, later I came to know that
accounting profession is way beyond the technical aspects. The accounting profession
promotes, supports and develops the accountants all over the world. Their role is vital in the
protection of integrity and quality of accountants. In accounting profession, the accountant
performs functions of accounting such as financial statement or audit analysis. The
accountants can be either employed with large organization or accounting firm or they can set
up the individual practice (Qtxasset.com. 2020).
2)
In my perspective, there are various contextual factors, which exerts influences on the
profession of accounting. These factors includes globalization, ethics, and regulators such as
government, standard setting bodies of accounting such as “Financial Accounting Standards
Board” demands of labor markets, situations of economy, public perceptions of the
sustainability and technological development (Cimaglobal.com. 2020).
3)
In expect that accountant should interact with their fellow employees working with
them and company’s management. Further, apart from them, company interacts with the
stakeholders such as customers, suppliers and financiers. Moreover, they accountant also
makes interaction with auditors and the professionals, who are working in legal sectors such
as solicitor or the debt collector (Richins et al. 2017).

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4)
In my belief, an accountant plays significant role in contributing towards community.
Accountants are responsible to provide faithful and relevant information that is represented
accurately, so that the ultimate users gets information for making appropriate decisions.
Further, I think the factors such as corporate reporting development such as the integrated
reporting and re-emergence of the advisory and consulting services are expected for
contributing towards growth in the sector and community as whole. As stated in article by
“the Association of Chartered Certified Accountants” that technically specialized roles of
finance are getting increasingly common. It is because of increased complexity of business
and increasing regulation. Hence, the firms are required for focusing more on development
and delivery of the increasingly specialized knowledge (Qtxasset.com. 2020).
5)
The fellow employees and clients expects me as an accountant that I should possess
ethical attitude of working. As an accountant, I might face the situation for doing unethical
work for fulling self-interest. However, if I will do so, then it will not only destroy the
credibility as an accountant, but it will also destroy the reputation of business as whole.
Hence, the accountants are expected for working ethically that means providing of relevant
and faithful information as well as advice (Guthrie and Parker 2016).
6)
In my thought, accountants are expected for having good technical skills. Moreover,
apart from technical skills, they are required to possess analysis skills, organizing skills,
presentation and communication skills, adaptability skill, software knowledge and knowledge
of the relevant regulations and laws. The accountants are required to possess good organizing
skills because they manages various responsibilities. They are required to present and

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evaluate different information correctly and effectively. Any successful accountant is
required to have higher skills of presentation and communication. Moreover, with the
increasing innovations and complexity of the tasks, the accountants needs to have availability
as well as willingness for learning and getting used to the new things. They also needs to be
knowledge of different accounting software because it is the need of an hour. Lastly, they
needs to have adequate knowledge of the relevant regulations and laws for applying it in the
profession and advising clients (Cimaglobal.com. 2020).

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Bibliography
Cimaglobal.com. 2020. CIMA - Developments in the global accountancy sector . [online]
Available at: https://www.cimaglobal.com/Research--Insight/Developments-in-the-global-
accountancy-sector/ [Accessed 29 Feb. 2020].
Guthrie, J. and Parker, L.D., 2016. Whither the accounting profession, accountants and
accounting researchers? Commentary and projections. Accounting, Auditing & Accountability
Journal.
Qtxasset.com. 2020. [online] Available at:
https://qtxasset.com/cfoinnovation/field/field_p_files/white_paper/
Changing_profession_evolution_of_accounting_roles_ACCA.pdf [Accessed 29 Feb. 2020].
Richins, G., Stapleton, A., Stratopoulos, T.C. and Wong, C., 2017. Big Data analytics:
Opportunity or threat for the accounting profession?. Journal of Information Systems, 31(3),
pp.63-79.