Future Accounting Practices

Paper Summary:

This analysis identifies several expected changes in the field of accounting. These include that the reporting of financial information will become more strictly regulated; that the reporting of financial information will involve international regulations and standards; that accounting departments will have an international aspect to their operations; that information technology will impact on the role of the accounting department; that the accounting department will provide more diverse information; and that the skills and functions required of accountants will increase.

From the Paper:

"Accounting has always been related to measuring the activities of the business and reporting those activities in suitable ways. Financial statements are created not only to tell the business how it is functioning, but also to pass that information on to shareholders and other interested third parties. This is the task of disclosing financial information and it is a crucial one. One source notes that the primary goal of financial accounting is to provide information to external users of accounting information. Most major organizations are supported by shareholders."

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