Accounting is a key aspect which incorporates history of different activities, theories, framework, and model. It also entails the technological intervention. However, there is number of accounting challenges such as effect of modernization, increasing dynamicity and globalization. All these challenges are experienced by the corporation at the global level. There is need to focus on accounting functions to overcome the challenges (Prencipe, et. al., 2014). This research discusses a summary of the literature review as per the previous assignment. This literature review is about the challenges of accounting and respective measures for overcoming those issues. It also illustrates the research methodology as per the nature of research concern.
The primary objective of this research is to analyze the challenges and issue of accounting in an international corporation. Following objectives will be used to complete the key aim of this research:
There are certain issue and challenges of accounting hence company should be responsible to control and resist the accounting in order to run the operation and increase productivity. There is need of making frequent alteration in accounting practices in business. This research has a wider scope for an accountant to understand different approaches in an international company. It is also beneficial for accounting companies and readers to understand the set of accounting measures in international companies during the globalization. It has also created wider scope for human resources to manage the international accounting practices within an organization (Diener, et. al., 2015).
According to Bennett and James (2017), the role of financial accounting is to manage the economy by considering different aspects such as keeping financial records, summarizing and monitoring the financial data. The key purpose of financial accounting is to offer sufficient data to external stakeholders and presents information to investors, government entities and creditor. Global accounting facilitates both threats as well as opportunities to international accountants of the company.
In contrast to this, Sekaran and Bougie (2016) stated that the key challenge which impacts on the company is reporting of non-financial indicator, technological intervention, multiple-jurisdictional issues, diverse accounting standard, incompetent human resources and environmental issues. The key challenge which has been elaborated by the author is economic environmental issues. In the existing business phenomenon, traditional accounting is identified as primary accounting stream in a large number of the country.
In the view of Drucker (2017), the second major challenge is related to a financial instrument which created due to continuous enhancement and difficulties. Further, it could affect the accounting executives to carry out accounting function. Another challenge is increasing multi-jurisdictional reporting due to high amount of subsidiary of international companies. Since, there is need of adequate reporting hence it creates an issue for an accountant. It is becoming challenges for an accounting manager to develop an individual financial statement for all branches according to varied laws and regulation of that specific region and country.
In contrast to this, Ball et al. (2014) evaluated that one of the significant ways is execution and adoption of practices of Green accounting. This way is a significant accounting practice which is conducted for attaining environment-caring business. There is a large number of developing nation which uses traditional accounting. However, they should use innovative and new techniques of accounting practices.
Justification of research problem
In the current scenario, employees are not required to use traditional accounting practices. Further, they should use modern accounting practices in the business organization. This research is effective to demonstrate the challenges and remedial measures of accounting in business (Potter, and Soderstrom, 2017).
Literature gap and opportunity
Under the literature review chapter, a researcher will focus on the challenges of accounting in the business organization at the initial phase. Through this, a researcher could increase the opportunity to assess the ways to overcome the challenges of accounting in a business organization. Thus, this research will emphasize on meaning and concept of accounting in business. An investigator will not use a high amount of participants because there is the inadequacy of detail data about the challenges and remedial measures of accounting in business organization (Kihuba, et. al., 2016).
Primary question
Secondary question
The research design is beneficial to get feasible guidance in terms of pooling the beliefs and evaluate the findings with respect to research concern. There is certain sort of research design which could be executed by an investigator (Brusca, et. al., 2018). It is discussed as below:
In the qualitative research, an investigator will construct the general research question at the initial level. Later, an investigator will select the appropriate research topic by assessing different sites regarding research issue. After that, an investigator will create the theoretical knowledge and conceptual aspects to assess the findings and complete the research. The process is used to generate theories regarding challenges of accounting in the business and measures of overcoming the issues of accounting in international business (Guthrie and D. Parker, 2014).
Approaches to reliability and Validity
An investigator will execute the inductive approach. Since, this research relies on subjective nature of research concern. This approach will also allow an investigator to create a conceptual and theoretical framework with regards to research subject matter and improves the reliability and soundness of research result (Schaffartzik, et. al., 2015).
Sampling and Sample Size
Sampling is a procedure of selecting the respondents from a large number of people. An investigator will execute non-probability sampling method for performing the research because research issue is based on the qualitative nature. But, non-probability sampling technique will take maximum time period with high expenses because of using the open-ended questionnaire in an interview (Filipova, et. al., 2017). For conducting the interview, 5 accounting manager will be chosen from Woolworth’s limited corporation, which deals with accounting practices in the business.
Data Collection Method
Primary data collection tool will be used by an investigator to perform the research. This information would be collected by using the survey through a questionnaire. Therefore, it could be significant to acquire the detail facts and figures from the specified population. This tool could be also beneficial to obtain first hand and new information with respect to research concern (Guthrie, et. al., 2014).
Variables Specifications
There is a certain type of variable which could be implemented by an investigator like dependent and independent variable. Independent variable is challenges of accounting and the dependent variable is the business performance of Wesfarmers limited.
From the above diagram, it demonstrated that an investigator will create a theoretical understanding and hypothesis at the initial level. Later, an investigator will build the research aspects and designs associated with research issue. After that, an investigator will select appropriate channel and research matter. Subsequent, an investigator will choose the findings to meet the aim and objectives of research (Kihuba, et. al., 2016).
An investigator will execute secondary research to carry out the investigation. This research will be conducted through different sources like offline and online websites, government publication, annual report and academic journal. This tool is implemented by an investigator to support the primary information as it could enhance the reliability of research result (Drucker, 2017).
From the above chart, it is depicted that an investigator will invent the data at the initial level. Subsequent, an investigator will choose the appropriate data from a range of choices. After that, they will increase their comprehension about the recoding, mean and frequencies of data. Later, data will be analysed by using Ms-excel software to depict the information through different charts, graphs, and tables. They will also assess the outcome and interpret it. As a result, it could be effective to attain the research objective in a targeted time framework (Prencipe, et. al., 2014).
Sampling and Sample Size
An investigator will choose the probability sampling method because it facilitates equal opportunities to their chosen respondents for sharing their beliefs and views with respect to subject matter. As a result, it could be significant to reduce the biases from survey through a questionnaire. An investigator will select 40 workforces for the survey through questionnaire who are engaged to perform the accounting practices in business. It could be essential for an investigator to collect the reliable and valid findings in less time because close-ended questionnaire structure would be entailed for this investigation (Sekaran and Bougie, 2016).
Reliability and Validity of Data
Validity depicts the degree by which viability of an investigation could be analyzed by quantitative facts and figures. For example, an investigator could execute the survey through questionnaire to analyze the challenges and remedial measures of accounting in business. Another approach is reliability which could be applied to determine the research trustworthiness. The qualitative facts and figures are analyzed by literature review to enhance the reliability and validity of an investigator in a significant way (Kenely, et. al., 2016).
There is certain research limitation which might be confronted by an investigator while conducting the research. These limitations could be lack of resources, cost and time. Another limitation is the small size of samples in conducting the survey through questionnaire. An investigator would be responsible for keeping the privacy of respondents. These limitations could impact on the result of research (Kihuba, et. al., 2016).
Conclusion
From the above interpretation, it could be summarised that accounting is defined as practices of recording and measuring the practices of business in quantitative form. Further, there are certain challenges of accounting in the business such as reporting of non-financial indicator, technological intervention, multiple-jurisdictional issues, diverse accounting standard, incompetent human resources and environmental issues. It could be also evaluated that business can use different measures for overcoming the challenges of accounting in business. These measures are execution and adoption of practices of Green accounting and innovative and new techniques. Further, both qualitative and quantitative research design would be applied by an investigator to acquire reliable result regarding the subject matter. An investigator will require 10 weeks for attaining the research in a systematic manner.
References
Ball, A., Grubnic, S., and Birchall, J. (2014) 11 Sustainability accounting and accountability in the public sector, Sustainability accounting and accountability, P. 176.
Bennett, M., and James, P. (Eds.). (2017) The Green bottom line: environmental accounting for management: current practice and future trends.UK: Routledge.
Brusca, I., Caperchione, E., Cohen, S., and Manes-Rossi, F. (2018) IPSAS, EPSAS and Other Challenges in European Public Sector Accounting and Auditing, In The Palgrave Handbook of Public Administration and Management in Europe (pp. 165-185). UK: Palgrave Macmillan, London.
Diener, E., Oishi, S., and Lucas, R. E. (2015) National accounts of subjective well-being. American Psychologist, 70(3), P. 234.
Drucker, P. F. (2017) The Theory of the Business (Harvard Business Review Classics). USA: Harvard Business Press.
Filipova, F., Atanasova, A., Georgiev, V., Stefanov, S., Hristov, I., Kalev, K., and Minev, M. (2017) Problems and challenges in accounting in connection with the concept of integrated reporting, Monographic library” Knowledge and business” Varna, (1), pp. 1-269.
Guthrie, J., and D. Parker, L. (2014) The global accounting academic: what counts!, Accounting, Auditing, and Accountability Journal, 27(1), pp. 2-14.
Guthrie, J., Evans, E., and Burritt, R. (2014) Australian accounting academics: challenges and possibilities, Meditari Accountancy Research, 22(1), pp. 20-37.
Kenely, M., Potter, B., West, B., Cobbin, P., and Chang, S. (2016) Digitizing Archival Records: Benefits and Challenges for a Large Professional Accounting Association, Archivaria, 82, pp. 75-100.
Kihuba, E., Gheorghe, A., Bozzani, F., English, M., and Griffiths, U. K. (2016) Opportunities and challenges for implementing cost accounting systems in the Kenyan health system, Global health action, 9(1), P. 30621.
Potter, B., and Soderstrom, N. (2017) Exploring the Challenges of Broadening Accounting Reports, The Oxford Handbook of Strategy Implementation, P. 419.
Prencipe, A., Bar-Yosef, S., and Dekker, H. C. (2014) Accounting research in family firms: Theoretical and empirical challenges, European Accounting Review, 23(3), pp. 361-385.
Schaffartzik, A., Haberl, H., Kastner, T., Wiedenhofer, D., Eisenmenger, N., and Erb, K. H. (2015) Trading land: a review of approaches to accounting for upstream land requirements of traded products, Journal of industrial ecology, 19(5), pp. 703-714.
Sekaran, U., and Bougie, R. (2016) Research methods for business: A skill building approach. USA: John Wiley and Sons.
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