The research proposal intends to analyze the importance of accounting education and its issues. In the past few years, globalization in business along with advancement in technologies has led to several changes in the way the accountants carry out their work. It is important to research this topic as it will help to know the facts behind this profession shifting from traditional accounting job activities to high- valued added activities that involve- improvement of procedure, long- term planning and goods profitability. Due to change in accounting education system in various economies, new challenges have raised specially for the accountants. This is because the business owners of the enterprises have huge expectations from these accounting experts in respect of their ability to perform accounting decision- making jobs. Globalization of the markets and information technology are the main factors that require several changes in accounting education system and research. In this 21st century, accounting education system create several issues to the accountant’s education in rapidly changing business environment. This study however focuses on the problem of implementing information technology (IT) knowledge as well as skills in accounting curriculum. The real problem that this research seek to resolve is the gap between the accounting practice within the business enterprise and the accounting education provided by the educational institutions.
The first section of this research proposal focuses on the background of the study, problem of research, aims and objectives of research. The second segment of this study reviews on the literature of the research topic. The methods that would be adopted while conducting the research topic is also discussed in the third segment of this study. The last section of this study draws conclusion on the research topic from various findings of the articles.
The problem statement of the research proposal is to examine the significance of the accounting education and its problems that have evolved in the present business environment. The problem regarding accounting education is that most of the educational institutions do not usually attach significance towards R&D (research and development activities) of the accounting education. Due to this, the accounting education mainly suffers advent of innovations as well as dimensions in the accounting technology (Holderness, et al., 2013). Moreover, there has been increasing gap between the accounting education and accountants work in practice. The gap between expected and actual skills of the accountants is recognized as being caused due to improper accounting education. The educational institutions providing accounting courses are mainly failing to prepare the accountants future to face turbulent competitive environment. This in creates several problems within the business operations of an enterprise.
This research study will help to address the following research problems.
The main objectives of this research study is to assess the significance of accounting education and its issues. The purpose of thus research proposal to provide an overview on the changes as well as restructure of the accounting education curriculum according to the emerging requirements of the industries. The sub- objectives of this specific research study are –
Null Hypothesis: Proper accounting education influence the accountant’s job in their practice.
Alternative Hypothesis: Proper accounting education does not influence the accountant’s job in their practice.
Since the year 1990, the accounting educational course has been taken into account as the main feature for the educational as well as professional institutions. The professional bodies provide accounting education to the professionals. The accountant’s job has become highly complex, ever- changing and demanding in the business environment. Development of software has provided accountants more time for allocating to interpretation of the financial information as well as becoming highly involved in the strategic planning. The management accountants apt to spend huge time as business partners, analysts and internal consultants. Accounting education plays the main role in the accountant’s professional development and even more in improvement of their skills and knowledge (Dellaportas and Hassall, 2013). For over the decades, few accounting researchers and experts have adopted change in accounting education system. Moreover, the accounting education in few developed nations has also undergone paradigm shift with the change in global economic environment. There occurs a gap between education provided to the students by the professional institutions and educational institutions. The quality of professionals in the accounting education is superior than quality of students from the educational institutions providing accounting education. Nevertheless, accounting education is limited to the needs of middle level as well as lower level accountants of the business organizations (Feldmann and Rupert, 2012). In today’s world, there has been huge demand to accounting education course or curriculum restructure due to evolving challenges of industry and businesses. Recent evidences reflect that there are few countries where less scope is given for the research and development (R&D) activities relating to this accounting education. As a result, the accounting education mainly suffers advent of innovation and new dimensions in the accounting technology. However, these circumstances has embarrassed huge growth as well as development of sectors in most of the nations. Thus, curriculum of educational institutions and universities should also be properly changed for educating students balanced with the requirements of society (Madsen, 2014).
The American Institute of Certified Public accountants has identified the significance of the accounting education as the necessity for the political as well as economic development of the countries. As per Dandago and Shaari (2013) accounting education plays vital role not only for the need of sectors or businesses but also for milestone of economic, social and political development. Jackling, Howieson and Natoli (2012) opines that accounting education as the commerce curriculum branch must be upgraded for meeting the globalization challenges. In this context, accounting education that is mainly imparted by various professional as well as educational institutions has not been sufficient enough for the present businesses. Proper accounting education helps the professional accountants to use appropriate accounting process in the taxation as well as legal matters. Advanced development in science and technology has led to change in the accounting education. In addition to this, renewing or change in accounting education is also vital mainly due to change in qualifications as well as significance of the accounting information. McPeak, Pincus and Sundem (2012) points out that, accounting educators have not been in contact with the expectations of market since they isolate themselves from the business community. The university educators and accounting practitioners must collaborate with each other for developing accounting education as well as meeting the demand of the professionals. As there is rise in amount of financial as well as accounting regulations, the professional accounting institutions have become highly concerned with the accounting education. Stanley and Marsden (2012) opines that the accounting associations usually give significance to generic development of skill awareness program that has been driven by IFAC (International Federation of Accountants). As per IFAC, the changing global economic environment demands new kind of the accounting experts who are equipped with skills such as leadership, analytical, problem solving, interpersonal skills, communication skills. The role of this accounting education is vital for all individuals as it helps to develop better accounting quality work. Thus, it is necessary to provide guidelines and expectations of the professional accounting education (Schaltegger and Burritt, 2017).
It has been found out by Lawson, et al., (2013) that, lack of coordination between academic professionals and businesses creates lot of difficulties in up gradation of accounting curriculum for meeting the needs of changing circumstances in the emerging dimensions. Owen (2013) suggests that there must be huge scope for the industry – educational institution interface for the education of accounting so that students of the accounting education and professional accountants might compete with globalization as well as liberalization of businesses.
Recent evidences reflect that accounting curriculum of few educational institutions in some nations usually provide accountancy as single course while other courses such as management, banking, economics, organizational behavior, insurance and other related courses are mainly imparted. These educational institutions do not provide any specialization in accounting curriculum to the graduation and post – graduation level. On the other hand, there are few professional bodies that provide specialized course of accounting in professional level. Recent evidences reflect that educational practice mainly lacks technology up-gradation in effective accounting education teaching. Some of the educational institutions have replaced traditional accounting education system with computerized accounting processes so that students of the accounting education becomes well- versed with the present accounting system (Byrne, et al., 2012). Since most of the educational institutions do not offer scope of research relating to accounting, innovations in accounting field becomes a problematic aspect for the accounting professionals.
In context of professional bodies, the accounting education is mainly imparted to professionals in intermediate as well as final stage. Few researchers observe that few accounting courses that are provided in the foundation level might not be imparted in intermediate or final level. Likewise, the accounting education that are provided in intermediate as well as final level might not be imparted in the foundation level. This signifies that accounting education curriculum is a discontinuous procedure for the experts in their career.
Abbasi (2013) states that accounting education is significant as it has been the most vital part of the successful business. Several empirical research reflects that accounting education help the individuals to gain technical knowledge and equipped to face certain ethical challenges of this profession. Several facts highlight that now- a- days the accountants are less ethically aware as compared to other peers in the business disciplines. Several researches shows that accounting education aid to inhibit ethical sensitivity as well as moral reasoning to the students by integrating rule- based learning as well as conformance. The proponents regarding this view usually claim that the students of accounting education are insensitive to a non- economic effect on the stakeholders. This calls for ethical intervention in the accounting education in order to sensitize individuals to ethical challenges that faces this accounting profession.
Taipaleenmäki and Ikäheimo (2013) found out that the accounting education must be undertaken with regard to conceptual foundations as well as procedural adequacy. Owing to rapidly changing business environment where accounting plays major role, it places varying demands on the accounting practitioners. As a result of which, appropriate accounting education is necessary for the accountants in order to be effective in their job. In addition to this, it also needs development of accounting professionals so that they can provide the educational underpinning. Furthermore, for promoting traditional accounting sub- fields such as managerial accounting, auditing, financial reporting, it is vital to assure that accounting educational approaches implemented are effective. Apostolou, et al., (2016) states that inappropriate education of the accounting practitioners might cause harm to the businesses as reflected by financial scandals or frauds. However, role of ethics play vital role within the accounting education. Therefore, appropriate accounting education benefits the accountants to do their practice in effective way and avoid any kind of problems within the business.
In today’s world, accounting education faces several issues and challenges in the competitive business environment. The challenges that confronts accountants role in the complex environment have been huge concern to accounting profession. Some of the vital economic problems such as explosion of ICT (Information and Communication Technology, rising competition level and legal liability have considerable implications for the accounting educators as well as accounting experts. One of the most important issues of accounting education is adoption of IT knowledge in accounting curriculum. Chen, Jones and Moreland, (2012) cites that accounting has huge technological foundation in present world and thus accountants work within IT enabled environment regardless of their role and nature as well as size of the enterprise. The profession of accounting mainly rests with their ability to implement sophisticated IT into the accounting practices. Increased IT availability has enhanced the pressure on accounting profession to do their job differently (Sledgianowski, Gomaa and Tan, 2017).
Despite the fact that accountants require skills in use of IT at their job, the educational institutions provide accounting education from the theoretical perspective (Lawson, et al., 2015). Even though there has been vital change in accountant’s role and their nature of work within the enterprise, the professional and educational institutions offering accounting education are not following suit. Several researchers have found out that there has been rising gap between IT skills demanded of the accountants by the business enterprise and that supplied by educational institutions (Riley, et al., 2013). This is because when the knowledge and skills of accountants demanded by the employers does not align with those inherited by the students from educational institutions, this create huge difficulties within the business operations. This inappropriate preparation for the work readiness highly imposes unnecessary retraining cost on the sector in the accounting practices as well as procedure that demand implementation with IT knowledge and skills. As IT has increasingly become integrated in the accounting as well as non- accounting business transactions, it is necessary for the students to attain these skills and knowledge from the educational institutions. Moreover, without proper understanding of information technologies as well as their effect on the business procedure and framework might create difficulties for the accountants to resolve IT paradox (Thomas, 2012). This reflect lack of correlation between investment in technologies and total productivity.
Few critics of the accounting education usually charge that its curricula as well as programs have failed to stay relevant to the students as well as employers. Recent evidences reflect that accounting programs have been consequently experiencing huge decline in the enrolment of students (Apostolou, et al., 2017). Furthermore, the total number as well as quality of the students who have been electing in accounting job has been rapidly declining, driven by perception that degree of accounting is less valuable as compared to other degrees. Apart from this, several educators as well as practicing accountants have said that they might not select accounting education although given the chance to select it again. This signifies serious issue for the business as it leads to lack of professionals quality. Some of the researchers also argue that rapid change of accounting education curriculum creates increasing level of competition within the educational institutions (Janvrin and Watson, 2015).
Few factors inhibiting the accounting education progress in most of the countries are non- availability of updated books, inadequate research facilities, professional accounting journals. As per Taipaleenmäki and Ikäheimo (2015), research play vital role in accounting education development that includes- curriculum development in tertiary institutions. However, in most of the developing nations, there has been less research into the accounting principles especially in face of business challenges. As a result, this adversely influences the accounting techniques, innovation of accounting packages and theoretical knowledge. However, inadequate fund discourages the academics as well as accounting practitioners to do research into various accounting aspects. Recent statistics on primary and secondary institutions reflect geometric rise while capital allocations and government recurrent has been steadily decreasing. The impact of inadequate funding on accounting educational system has been found in different educational institutions. Moreover, the present accounting curriculum has not been flexible to integrate new development within accounting standards, theories and guidelines, which in turn impacts the accountants quality from higher learning institution (Sangster, et al., 2015).
Various methods will be adopted for conducting the current research study that includes- research approach, research design, research philosophy, sampling design method, sample size and data collection method. The primary method of data collection will be integrated for this research study by utilizing in- depth interview process.
Research design relates to the procedure that is integrated for assessing research problem variables. There are three major categories of research design such as- explanatory, descriptive and exploratory. For this research, descriptive research design will be incorporated since it aids to assess participants of the interview in better way. This design will also help to portray proper depiction of factors. Moreover, it will also aid to reveal the main factors that cause issues of the accounting education in the present years. It will also help to understand the importance of accounting education in business environment. Exploratory research design will not be adopted for this research study since it focuses on exploring certain facts and circumstances relating to present accounting education system. Likewise, explanatory research design will not be integrated for this study as it requires proper knowledge before predicting next step of research (Lewis, 2015).
Research philosophy is the tool that aids in classifying principles of research by using specific aspect of research study. Research philosophy is of four types that include- interpretivism, positivism, pragmatism, realism. Interpretivism relates to social approach that construes element relating to this research topic. Positivism philosophy relates to positive facts that has been collected through observations. Realism philosophy is dependent on certain ideas, which are not based on certain facts relating to individuals. Pragmatism signifies the philosophy that helps to assess theories via practical applications. For this research study, positivism philosophy will be adopted for determining significance of accounting education in the current business environment. This philosophy will also help to find out issues and challenges facing the accounting education.
Two types of approaches are mainly prevalent for conducting the research study that includes- inductive and deductive. For this research study, deductive approach will be adopted as it is concerned with testing of hypothesis for planning as well as formulation of research strategy. This approach will also help to assess importance of accounting education and its challenges as well as issues. In addition to this, deductive approach will also facilitate to explore new concepts relating to accounting education. Besides, inductive approach will not be incorporated for this research paper since it focuses on analyzing patterns for innovating new theories relating to this topic. It also uses observation for developing certain principles relating to the research topic (Sekaran and Bougie, 2016).
The data collected for the research paper aids to unveil authenticity of accounting education. There are two methods that are used for collecting data in regards to specific research study such as- primary and secondary. Primary data is collected via surveys, interviews while secondary data is collected from internet, journals. Primary data is mainly analyzed by utilizing two methods that includes- quantitative and qualitative. Quantitative data is analyzed by incorporating various process such as- observations, survey questionnaire. On the contrary, qualitative data is analyzed through interview process. In this study, qualitative data analysis method will be adopted through in- depth interview process. The interview of the accountants from various organizations and accounting students from different educational as well as professional institutions will be taken for collecting data regarding this research topic (Miles, Huberman, and Saldana, 2013).
For this research study, simple random sampling method will be adopted in order to select the accountant managers and accounting students from huge number of population. This design will facilitate to eradicate biasness of the interviewer and thus makes equal opportunity for participants (Palinkas, et al., 2015).
This signifies that data set that is utilized for identifying sample population. Location plays important factor that aids to select sample size from huge population. The interview procedure on accounting students of educational institutions and managers of business organizations will be carried out in United States.
A sample of 10 managers of business organizations and 10 students of accounting education from educational institutions will be taken for this research study.
In this study, primary data is collected through in- depth interview process within the educational institutions and business organizations. The data gathered from participants will be analyzed by using Chi- square method. This tool will help to evaluate and compute data regarding this research topic.
All researchers should abide by the principles of research. Ethical issues must be taken into account while evaluating as well as formulating research plan. In this study, information gathered from the students and accountants will not be revealed if they wish to remain anonymous. Even the consent of accountant managers and students of accounting education will be taken (Christensen, Cote and Latham, 2016).
Conclusion:
After assessing the articles relating to accounting education system, it can be seen that there has been wide gap between the accounting education provided to the students by the educational institutions and accountants practicing their job in the business. The present accounting education system has been lacking in the practical aspect of competitive business environment. One of the challenges that the accounting education system faces are integration of information technologies, lack of proper educational organizations for accountants that teach about the business conditions. Improper accounting education system leads to wrong decision by the management of organizations. This in turn can lead to loss or shutting down of business. However, the management of the business organizations should provide proper training to the accountants for making them apt in understanding business aspects. Proper accounting education will also aid in making ethical decision- making in accounting procedure. Improving the quality of accounting education leads to preparation of proper financial statements by the enterprise. Now-a-days, the educators collaborate with professional accountants in order to provide quality accounting education. The primary research method helps to attain accurate data relating to accounting education. The issues relating to the accounting education are also observed within the business enterprise. This method also helps to attain accurate outcome and draw proper conclusion relating g to this research topic.
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