Questions:
What Are Some Of The Important Challenges Faced By The Accountant Professionals?
What Are The Challenges Faced By The Business While Adjusting With The Change In Market?
Challenges To Manage Global Business In The Current Time
Are There Any Advantages Or Disadvantages Related With The Usage Of Financial Statement?
Any decision maker in the current time understands that the industry is going through varied ranges of transformations and it also impact this transformation which is hitting all in a single act and with entirely new kinds of crucial business challenges. The practices in accounting are primarily implicated in the present financial crisis and in the process of recapitalizing the institution as well as balancing the stability to the international financial system (Teittinen et al., 2013). The report will discuss the methodological as well as theory based gaps in accounting research that widely explains the failures to predict the future and also restricts the capacity to evaluate as well as respond to it appropriately.
The objective the report is to decide the overall effectiveness of financial accounting and its challenges faced by it in a current global environment.
The significance of the based financial accounting in the business cannot be just overlooked. The overall scope of the report will aim at many challenges and issues faced by accounting industry while working in the current sensitive global environment (Sudaryanti et al., 2015). It is important to understand the role of accounting in a number of organization that is working on the global platform.
The management accountants in the last century are not a part of the concept of bean counting however now the role has transformed to hybrid accountant within a company. People are now facing fierce competition with loads of challenges and are further expected to adapt with quick transformation in a business environment (Stubbs et al., 2014). The organization looks for an accountant who is more proactive by nature since they are now expecting to become a major role of management and also all ready to deal with the challenges (Van et al., 2017). The report discusses the issues on organizational as well as environmental characteristics which further are believed to be a significant contributor to the important issue faced by accountants in the present time. There is an existence of a concept based framework which was developed in varied forms that the relationship between an accountant and his roles, works and features driving towards the transformation that leads to the challenges faced by the accounting managers (Frezatti et al., 2014). It is important for the now to comfortably adapt to all the current changes to be more competitive and ready for the future. Normally many factors can impact the changes to the present state of accounting profession (Stubbs et al., 2014). Also, multiple features are always causing the changes which includes the environment of the organization and factors like customer attentions, globalization and quick change in technology becoming the part of it (Bartram et al., 2014).
The accounting process consists the evaluation of human nature which is also mixed with research with the assistance of gaining clarity about the nature of using the accounting based information. Therefore this kind of research will help in forming a detailed form of the survey through a questionnaire that will have some crucial open ended and closed ended doubts (Albu et al., 2014).
The quantitative research is done with the help of well-structured survey in the form of the interview which is conducted with a similar number of respondents on the phone along with face to face interaction (Adenike et al., 2016). This further will make sure that every interview will have a similar set of queries. It is important to understand that comparisons that exist between different kinds of organizations (Rathee and Kapil, 2015).
The case will ask people who are obviously above the age of 18 which means are major. This further can be done to make sure the opinions taken on the challenges of the global organization in some institutions can be covered in all possible ages. The sample taken in the study is a representative of the population that can be explored, and therefore the findings are based on sample related population that can be analyzed and also represented the population of study (Rathee and Kapil, 2015).
The study will take random sampling techniques. The method has a huge population, and it is also challenging to recognize every member of the population. The complete process of sampling is done in one step with every subject selected in an independent manner of other parts of the populations (Jacobs, 2016). The word random has very selective based meaning, and one can’t just collect the answers at one place and form a random kind of sample (Rathee and Kapil, 2015). The technique helps every member of the complete population has an equal opportunity to select it as a subject.
The various variables selected for the research can be divided into two categories which are dependent variables as well as independent variables. The dependent variables are those variables that are part of the researchers who show interest in taking part of it, and then there are independent which get impacted by the dependent variables (Osborne et al., 2014). The variable in the dependent category will base the research on factors like gender, age and other physical factors of the respondents. On the other hand, independent variables will consist of the basic nature of the business and whether it can be used the standard accounting guidelines with the level of impact of many financial statements.
The data will obviously be collected through respondents through various email addresses while there is other that can be delivered by hand and by each assistant in research. The participants will be asked to answer the questions of the questionnaire and the responses taken from the questionnaire and the data collected from it will be entered in excel file to analysis it properly (Brusca et al., 2016). The data here will further be exported into a varied version of SPSS based on data analysis software; it is evaluated and presented by using descriptive statistics like mode based percentages or method of standard deviations.
The data collected will be summarized which will be an outcome and will further be presented in the form of charts, tables or graphs (Thrane et al., 2017). Also, there will be many linear based regression model utilized to answer the effectiveness of many financial based reporting for the organization taken as a sample here (Brusca et al., 2016). There are so many bases for control the impact on some variables, and it will also provide information based on the impacts of many independent variables.
Conclusion
In the current business environment, some management accountants are experiencing crucial transformation in the form of role and work (Edwards, 2013). This is why, the competent and trusted place in an organization, many management based accountants can proactively be part of leadership and operational based alignment with improvement. These variables are now accountable as the internal consultant to the business. It is further expected to work closely with all kind of managers at the top level and operational (Brusca et al., 2016). They also help the management in providing important information in the decision making. It also consists of many issues that pertain to many value added operations and the fast moving culture need them to properly adapt to so many changes that are unexpected. They cannot be regarded as conservative accountants. One of the greatest challenges of the accountant at the present time is related to preparing the globalization in the international market. The concept of globalization with the intense or fierce competition with ever changing regulations by government and innovation with the use of technology that led to a transformation in a current market environment which the has substantial impact on the company. Many organizations have initiated going international by taking the business operations to become more and more voluminous and complicated to address. But with the advent of technology, there are much innovative software and another kind of tools that have been developed to help the management accountant in dealing with the work (Brusca et al., 2016). This further shows or exhibits that the business environment in the current time functions without the help of any technology. The future of accountant also depends on how they are adapted and responded with some emerging technologies.
The overall usage of different tools in this research is also related to the threat based on the concept of reliability as well as the validity of the outcomes. For the sake of primary data evaluation for validity and reliability will help in finding out the same outcome and can be reproduced. At the same time, there is secondary data, and there will be no requirement of conducting the test.
Some of the important drawbacks of the research method will research regarding having long time-based efforts needed. Also, the research will also need more and more resources to collect enough data so that it can answer the set-out research questions and doubts related to it (Brusca et al., 2016).
Reference
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