Dissertation: The Role and Significance of Modern Accounting Practices

This dissertation examines the role and significance of modern accounting in economic development, particularly within emerging countries. The research begins with an introduction outlining the study's background, objectives, and structure. A comprehensive literature review explores the importance of modern accounting, its impact on overall economic development, effective strategies in emerging countries, and comparisons between accounting practices in the UK and US. The methodology chapter details the research approach, including data collection methods and analysis techniques. Findings are presented through data analysis, including frequency distribution tables and data interpretation. The discussion chapter analyzes the results, and the dissertation concludes with recommendations. The research uses both primary and secondary data to analyze the role of modern accounting in enhancing the working of different companies in the emerging countries, which helps in managing all the finance related transactions in a proper and systematic manner.

Dissertation & PHD Thesis
(THE ROLE AND SIGNIFICANCE OF
MODERN ACCOUNTING)

Table of Contents
INTRODUCTION...........................................................................................................................3
Background of the study.........................................................................................................3
Research aim, objectives and questions.................................................................................4
Rationale of the research........................................................................................................4
Dissertation structure..............................................................................................................5
LITERATURE REVIEW................................................................................................................6
Significant role and importance of modern accounting.........................................................6
The role of modern accounting the developing the overall economy....................................8
Effective strategies of modem accounting within the emerging countries...........................10
Comparison of modern accounting in UK and US country.................................................12
RESEARCH METHODOLOGY...................................................................................................15
DATA ANALYSIS AND FINDINGS..........................................................................................19
Frequency distribution table.................................................................................................19
Data interpretation................................................................................................................22
DISSCUSSION..............................................................................................................................34
CONCLUSION AND RECOMMENDATIONS..........................................................................36
REFERENCES..............................................................................................................................39
APPENDIX....................................................................................................................................43
Questionnaire........................................................................................................................43

INTRODUCTION
Background of the study
Accounting play a very important role in economic development. Accounting is referred
as a tool of communication for many companies and also helps in reflecting the progress of a
country in terms of economic and social development. Accounting can be defined as a process of
determining the events of financial nature, recording entries in Journal, and posting them into
their respective ledgers, summarising the final entries in the Profit and Loss account and Balance
Sheet (Balluchi, Lazzini and Torelli, 2021). In simple terms, accounting is needed in every
organisation so that all the finance related issues can be maintained in an effective manner and
for smooth functioning of business operations. With the changing technology, it is important for
the business organisation to bring change in the system of accounting so that all the business
operations can be done in a smooth and fast way (Bebbington and Unerman, 2018). Proper
management of accounts helps the business in gaining high profitability and success in the
competitive market. The main objective of accounting is keep a systematic record of all the
business related transactions in order to determine the profit or loss incurred within the
accounting period by Profit and Loss account. High quality of modern accounting is the key for
improving the overall transparency, facilitating the social control of international and domestic
investment, creating an effective investment environment which results in boosting the financial
stability. Modern accounting brings several changes within the working organisation because
with the help of technology and advanced accounting software the business can track financials
in a more effective way (Bartulović, 2021). It is important for the company to record each and
every transaction that goes in and out and this becomes more easy with the help of modern
accounting which makes use of technology related accounting software (Kostiunіk and Kуrуk,
2020). Modern accounting and standards of financial accounting mainly helps in enhancing the
public accountability and efficiency within the business organisation and this results in economic
development. The implementation of standards related to modern accounting helps in improving
the transparency and efficiency in both private and public sector in the economy (Xolmirzaev,
Juraev and Axmadjonova, 2021). Modern accounting is a key factor that help in assessing all the
financial transactions in a more efficient manner so that all the important decisions can be taken.
It is important for all the business organisation to adopt modern accounting because it helps in

making the hand written work into systematic computer work so that all the business operations
can be performed in a proper and scientific manner (Teru, Idoko and Bello, 2019).
Research aim, objectives and questions
Research aim
To analyse the role of modern accounting in economic development for the emerging countries.
Research objectives
 To determine the significance and essentialism of modern accounting
 To analyse the role played by modern accounting in economic development
 To evaluate the strategies used within modern accounting by emerging countries for
economic development.
Research questions
 What is the major importance and vitality of modern accounting?
 What are the functions executed by modern accounting in development of economy?
 What are the major strategies of modern accounting that are used by different countries
for development of economy?
Rationale of the research
The main purpose of carrying out this investigation is to identify the key role of modern
accounting in enhancing the working of different companies in the emerging countries. Modern
accounting is important for every business because it helps in managing all the finance related
transactions in a proper and systematic manner (Dellaportas, 2019). The existing research also
defines different strategies which are related to modern accounting for emerging countries for
better transaction handling within the business organisation. The researcher mainly focus on
fulfilling two types of objectives that are primarily known as personal and professional
objectives. In context of personal objectives, the researcher will gain knowledge about the
different techniques of accounting which help business in managing all the financial transactions.
On the other hand, in context of professional objective, the researcher will gain skills and
knowledge about the importance of accounting in the company and also helps in gaining career
growth in the future.

Dissertation structure
The current investigation is based on determining the role of modern accounting the
development of economy in the emerging countries and its impact on the performance of the
business organisation. The selected topic is wide so that all the detailed information can be
covered about the five chapters within the research for reaching out the final conclusion.
Information covered in the five chapters are defined as under:
CHAPTER 1: INTRODUCTION: Under this chapter the researcher will provide details
regarding the selected research topic. This is considered to be an important chapter because it
helps in overviewing about the detailed about the topic so that other chapters can be carried on in
an effective manner. In this the researcher also explains about the research topic and its aim and
objectives that has be achieved by the researcher.
CHAPTER 2: LITERATURE REVIEW: In this particular chapter all the related information
about the topic will be collected and analysed in a detailed manner so that authentic information
can be gained. This topic also helps in delivering detailed information from different authentic
sites so that research can be completed in an effective manner. This collected data is based on
secondary data for gathering right information.
CHAPTER 3: RESEARCH METHODOLOGY: Under this chapter, the researcher will use
several methods for gathering right and detailed information about the topic in a proper way. In
the present research the researcher will use primary and secondary sources for collecting
information related to the selected research topic. Quantitative data is used for analysing
detailed information.
CHAPTER 4: DATA ANALYSIS AND FINDINGS: Under this particular chapter, the
researcher will gather information from number of respondents and so that view pint of different
people can be acquired. This helps the researcher in interpreting the data with the help of
questionnaire.
CHAPTER 5: CONCLUSION AND RECOMMENDATION: Under this particular chapter
the researcher will summarise all the data in an effective manner so that the research can be
completed within the given time period. Basically, the recommendations are also provided in this
particular chapter so that proper accounting can be done within the organisation.

LITERATURE REVIEW
Significant role and importance of modern accounting
As per the view of Hermawan and Delvy (2021), accounting can be defined as a process
of recording business related transactions which incurred in the business for better maintenance
of finance. Accounting generally plays a very important role within the business organisation
because it helps the manager in tracking income and expenses, provide investors, government
and management with the quantitative financial data which helps in making the business-related
decisions. This helps in running the financial transactions in a more effective manner so that they
achieve their business goals and objectives. Accounting not only helps in recording the financial
transactions in a systematic manner but also provides different information for government and
business organisation in order to operate the business smartly and efficiently. This is considered
to be an important method that helps in running the business operations in a more successful and
nice manner. Modern accounting helps in dealing with the financial transactions in an
appropriate manner and this is results in gaining success and high profitability in the competitive
business environment. It is the process of consolidating the all the financial data to make it
understandable and clear for all the shareholders and stakeholders within the business
organisation. The main objective of accounting is to report and record all the financial
transactions related to business, cash flows, and financial performance. It is important for the
business organisation to use modern accounting software so that all the finance related work can
be completed in an effective and timely manner. Accounting is needed in every organisation
because it helps in managing all the finance related transactions in a proper in order to reduce
errors and omission of transactions. With the help of modern accounting the work of accountant
can be done in less time and this results in increasing their working efficiency and effectiveness
in order to achieve high growth in the market. Technology has improved the working culture and
position of the business in a positive way and this helps in connecting with more number of
customers and contacts of business with the help of internet. In order to gain success in the
business market, the manager need to ensure that they are using modern accounting methods or
tools for supporting the financial tracking (Sadowska and Wójcik-Jurkiewicz, 2020). Modern
accounting helps in making the transactions in an effective manner so that they work in a
productive manner and focus on making other finance related strategies for better management

of finance used within the organisation. This helps in doing the work with the help of computers
and this reduces the paper work as all the entries are done with less time mentioned in the
accounting software. With the help of advanced technology business organisations fulfils their
basic needs and this also helps in reaching out a greater number of customers so that all the
account transactions need to be recorded. In simple words, modern accounting basically means
that they are using accounting software and technology programs in order to system-ise the
financial tracking. Accounting helps in various different ways which are defined as under:
 Helps in analysing the business performance – Accounting helps in evaluating the
performance of the business in an effective manner so that they develop high growth and
success in the market. With the help of modern accounting, the business can keep proper
track of all the related transactions of the business in a proper and systematic way in the
business organisation (Wu and Wang, 2020). It is important for the business company to
make use of modern accounting so that all the work can be completed in a timely manner
and for gaining high profitability within the business market.
 Helps in creating budgets and future projections – With the help of modern
accounting, the company can create budgets in an effective manner and future projections
in an effective manner. Business projections and trends are generally based on
maintaining the historical data for maintaining the business operations in an effective and
efficient manner. Modern accounting software helps in completing the work in a timely
and effective manner and this results in creating the related budgets properly without any
misconception. Budgets help the business organisation in making the all the finances in a
proper way so that all the departments work in a better way for increased profitability and
productivity.
 Helps in making decisions – Modern accounting helps in making the financial decisions
in a proper way and this results in gaining high variability and reliability within the
business market (Saud, Chen and Haseeb, 2020). Proper and effective decisions help in
dealing with the uncertain situation and this results in gaining success in the competitive
business market. Making financial management decision is important for the business
organisation because this helps in making productive decision about the company budget.
 One hub for all the financial needs – A modern accounting system heps in developing
the business transactions in an effective manner so that they develop high accounting

methods. With the help of accounting the business can deal with the business
organisation so that they develop better accounting needs and transactions so that they
gain importance in the working (Kwilinski, 2019). It is important for the business
organisation to implement accounting software so that they attain all the business
objectives and goals in a proper manner. Digital accounting helps in opening up the
opportunities in order to hire outsourced book-keeping and different accounting teams so
that proper transactions can be maintained within the business organisation.
 Training employees about the need of modern accounting - Technology helps in
improving the process of accounting more better so that all the business transactions can
be done in the right manner (Latan and et. al., 2018). Outsourcing accounting and book-
keeping is considered as an effective way to free up the time of the business so that no
confusion can be created for attainment of the new objectives and goals of the business in
an effective and efficient way. It is the responsibility of the manager of the company to
train and develop their employees about the new accounting software so that they attain
objectives and goals in an efficient manner.
The role of modern accounting the developing the overall economy
As per the view of Steccolini (2018), modern accounting plays an important role in
improving the economic development. Accounting is not only limited to recording of business-
related transactions but also business organisation in taking all the important decisions, providing
all the relevant information to different users so that they make short- and long-term planning
according to that. The main purpose of accounting is to give true financial information to the
perspective stakeholders of the business organisation that are regarded as managers, creditors
and investors. Accounting generally helps in summarising and measuring the activities of the
business organisation and in communicating all the results to the management and other different
related parties. Modern accounting helps in providing software that make the work of positing
entries in a more easy and effective manner and this helps in dealing with the practices in a better
way. It is important for all the business organisation in not only maintaining the business
transactions in an effective manner but also helps in attaining objectives and goals of the
company. There are various methods of accounting which are defined as profit and loss account,
balance sheet, ledger account and many more so that they do all the entries related to the
business in an appropriate manner (Shokiraliyevich, 2021). Accounting helps in tracking all the

business transactions like all the income and expenditures which are incurred within the business
and posting them ion correct order in the book of accounts. In simple words, accounting can be
defined as the process of recording, evaluating and reporting expenses and income so that all the
resources of the business in an appropriate manner. With proper management of all the business-
related transactions the company can keep proper record of all basic transactions in an effective
manner in order to achieve high profitability. Accounting mainly helps in preparing the financial
statements by the accountants in order to manage the business activities within the business
organisation. Business owners can help in monitoring the activities of the business by referring
all the financial statements of the company in a proper manner. It serves the society in allowing
the efficiency of all the resource allocation in competing interests in a proper and effective
manner. The quality of all the business transactions and in maintaining the credibility of the
financial reporting of the company so that they develop accounting within the business in a
proper way (Beer and et. al., 2019). Accounting is an important method that help in dealing with
all the business transactions for posting the entries in the right ledger and this helps in better
maintenance of all the finance related transactions. In order to gain competitive advantage in the
business market it is necessary for understanding all the business-related activities in a proper
manner so that the financial figures can be maintained in a proper manner. This helps in
managing and leveraging their strengths in a more efficient and effective manner within the
economy.
According to the point of view of Bekun and et.al (2021) modern accounting is the term
that is using the technologies and software programs for maintain the financial tracking
systematic. In other words, modern accounting is defined as the modern techniques and
application that is use to manage and record the financial transaction. Modern accounting is
helps to provide many opportunities such as smart working, fast and effective working, helps to
record day-to-day transaction and many more (Chowdhury, E.K., and et.al., 2022). In relation to
economic development, modern accounting plays a vital role because it is the key to improve the
facilitating, transparency the mobilization of the international or domestic investment. In current
times, modern accounting is one of the most necessary terms in the development of economy
because it is providing many advantages to the economy. Modern accounting helps the
organisation to achieve the goals and objectives. Modern accounting can help to manage the all
the financial term of the organisation which is the benefit to maintaining the economy growth.

Modern accounting is the collection of techniques that is helping the overall accounting system
to develop the process of financial transaction. the term of accounting helps to record overall
information about the company but with the help of modern accounting it is easy to solve large
calculation. Modern accounting is helps to create the sound investment environment which is
helps to develop the economy. Modern accounting can drastically change the overall system and
process of economy development (Antonini, Beck, and Larrinaga, 2020). It is helping the
country to value the trade in monetary value with the world. Modern accounting is playing a vital
role in developing the economy because it is supporting the accounting system by computerised
everything.
In the opinion to Baloch and et.al (2021) Modern accounting is one of the most important
and vital term because it is provided computerised and digital technologies to the accounting
system which manage and store all the things easily (Brambor, and et.al., 2020). Modern
accounting is necessary for all the companies and organisation in today generation because it is
helps to provide effective and smart working, increasing the performance, save time and money
and many more. In context to economic development, modern accounting contributes many
drastic changes to the economy such as it is helps to change the financial transaction process, all
the process of accounting is computerised. Modern accounting is helps to develop the economy
by providing the technologies and techniques that is helping to control the overall activities. In
the current times, modern accounting is necessary for fast working, smart working, saving time,
solve the large calculation easily and many more. The role of modern accounting in economic
development is to improving the transparency, facilitating the domestic and international
investment by mobilization. Modern accounting is changing the system as modern system and
helps the organisation to develop and improve the productivity and performance (Sharma, and
Sharma, 2020). Modern accounting is helps to develop the economy by changing the overall
system digitally and computerised which is helps in smart working.
Effective strategies of modem accounting within the emerging countries
As per the point of view of Joni, Ahmed, and Hamilton (2020) modern accounting is play
a vital role in every company or organisation because it is helps to make the system digital by
add on technologies and techniques. It is helps to makes the accounting system digital. It is an
important term which is helps in smart working, fast working, effective working and many more.
There are many strategies of modern accounting for emerging countries such as total quality

management, value-based management, activity-based management, balance scorecard, non-
financial performance measures, strategic management accounting and many more. There are
some strategies which is used for emerging countries such as use of technologies, computerised
everything, digital payment method and many more (Velte, Stawinoga, and Lueg, 2020). these
strategies help to increase the productivity and profitability of the countries. Difference-different
countries has different-different strategies of modern accounting which aims to focus on the
smart and effective working. Countries developing the strategy of modern accounting for their
work which is helps in effectiveness and efficient. Modern accounting strategies helps to develop
the countries by providing many opportunities and advantages in financial transaction. The
strategies of modern accounting help to manage the overall system digitally. The strategies of
modern accounting help the companies to record and collect the overall data that is help them in
future. It is a most important term, as it is helping in smart working. There are some countries
and they used modern accounting as per the requirement. The strategy of modern accounting is
to provide reliable and valuable data in a time and solve the large calculation of financial
transactions. All the financial transaction is done from with the help of accounting but modern
accounting is helping in smart and effective working. Every company or industry uses modern
accounting because the strategies of modern accounting solve their problems and issues easily
(Rashid, 2020). Modern accounting is playing a critical term in emerging countries because it is
providing many opportunities to collect the information and records by applications and
techniques. Modern accounting is necessary for the modern world and change it for the better
world. The collection of technologies and application makes the accounting modern for the
companies, organisation, people and countries. Modern accounting also known as the digital
accounting because all the activities of modern accounting were presenting digitally and it is
helps in financial transaction country to country. It is becoming the most important term for all
the countries, as it is helps them effective working and fast working.
According to the view of Berrone and et.al (2020) there are many strategies related to
modern accounting. Modern accounting refers to the important term which is use technology and
accounting application such as software programs for manage and support the financial tracking.
In relation to emerging strategies in countries, there are some few strategies related to modern
accounting such as expanding through profits which is helps to earn more profitability and
productivity, accelerating income that is helps to make the growth for the economy of the

country, building strategic business relationships where it is helps to build the strong bond or
connection between the countries, diversifying business operation which is helps to calculate the
business diversifying operations and streamlining current production operation to know about the
currents trends and production operation of the countries. Using the right technology is helpful
for the modern accounting. Application of software and hardware and technologies helps to
make the accounting system modern and powerful to record and calculate the financial
transaction easily (Dicko, Khemakhem, and Zogning, 2020). These all strategies make the
modern accounting more productive and effective. Modern accounting helps to analysis and
calculate the cost estimations, operation ratio, financial statements, production reports and many
more accounting terms. Accounting system play a vital term in the calculation of financial
transaction where every country uses modern accounting for their effective and smart work.
Modern accounting helps to calculate larger data in a time that is why it is used by countries for
their operation and function of business. Modern accounting is the term of accounting
management that manage the all the things and activities easily by calculating and recording the
information for the future terms. The strategies is related to modern accounting helps to make the
countries accounting system modern and digital which is the advantages for the countries to
increase and improve the performance and productivity digitally. Modern accounting is
important for the book-keeping, ledgers, journals, cash and commerce economy. It is helps to
make the system better and more modern which is the benefit for the overall accounting system.
Modern accounting is so helpful for the new and improved ledger which is the important part for
the accounting. The modern accounting system is the one of the most important terms for all the
countries and industry for the better improvement in the accounting system (Nguyen, and et.al.,
2020). The strategies related to modern accounting helps to increase the productivity anf
performance of the countries. It is helps to improved the economy growth and develop the
economy for the future growth. the overall modern accounting system is necessary for the
modern world and activities which is provide many technologies to gain the more opportunities
in the term of accounting system which is solve the large calculation and large data within the
time or in a period time.
Comparison of modern accounting in UK and US country
Accounting can be defined as a process of assessing and documenting financial activities
within the UK and US organisations (Kajüter and Schröder, 2019). It is important for all the