RUNNING HEAD: CHALLENGES OF ACCOUNTING IN GLOBAL ORGANIZATIONS 1

CHALLENGES OF ACCOUNTING IN GLOBAL ORGANIZATIONS

Student Name

Institute Name
CHALLENGES OF ACCOUNTING IN GLOBAL ORGANIZATIONS 2

Contents

Introduction ..................................................................................................................................... 3

Evaluate the effectiveness and your usefulness of the learning experience ................................... 3

Explain how this learning process will be useful............................................................................ 4

Describe objectively what happened in the learning process ......................................................... 5

Evaluate what you learn .................................................................................................................. 6

Explain your learning process ......................................................................................................... 6

Explain Plan how this learning you will be applied ....................................................................... 7

Conclusion ...................................................................................................................................... 7

Reference ........................................................................................................................................ 9
CHALLENGES OF ACCOUNTING IN GLOBAL ORGANIZATIONS 3

Introduction

The report is a reflective journal about overall personal learning from challenges of accounting in

global organization. These days, it is important to understand that there are number of new

technologies which are based on developing, ruling as well as regulating so many

transformations which administer costs from time to time and there are accountants who will

worry about their future role (Guthrie and D. Parker, 2014).

Evaluate the effectiveness and your usefulness of the learning experience

It is also simpler than ever to generate the website and immediately start a firm from anywhere

and there is rise in so many kinds of accountants including qualified and unqualified one that can

pose some serious issues in this sector specially unqualified accountants. In my research, I have

understood while going through number of books and studies that at the time of selecting

accounting practices, very little percentage of businesses took qualification of an accountant

seriously.

This is primarily because of the reason there is no proper setup or regulatory based laws and

anybody has the liberty to call themselves a working accountant without any prior training and

learning. There is no specific rule in most of countries for them to pass the exam and join a

professional body which makes them subject to any type of professional standards (Guthrie and

D. Parker, 2014).

It is also important to understand here will limited knowledge the unqualified accountants and

people similar in accounting field are yet working for businesses and there are companies which

are turning to them for help as well as guidance for number of reason. There is also a risk that
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any kind of business must take and receive a lot of bad advices which malign the reputation of

overall profession and it impacts negatively on development as well as on growth (Guthrie and

D. Parker, 2014).

Explain how this learning process will be useful

The rise in the significance of management accounting process is evolving over a period of time

for many years to come but some kind of CPAs also mentions that such fields must be

handicapped by lacking a proper structure as compared with certain strict standards which are

applied more or sometime less on international level by properly auditing as well as reporting it

financially. This might further modifies with release in proposed accounting based on global

management which is designed especially to develop a proper framework in order to bring more

consistency in management accounting practices worldwide (Bartram et al., 2014). This

principles is based on America Institute of CPAs and the based in London UK with the name of

Chartered Institute of Management Accountants. It is further subjected to an overall ninety day

consultation time which ends sometime back and assisted management accounting to take it into

global platform.

From an international point of view it is important to provide a proper blueprint for so many

rigorous forecasting which is able to meet the requirements of the organization. The main aim is

to help the management accounting professionals and also build many high performing

organizations (Albu et al., 2014).

In countries like Hong Kong, there is a developing popularity of management accounting which

mainly leads to an Institute that is based on a module in its present Financial Controllership

programs which is presently under development.

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The study cleared one thing that management accounting is a developing trend and there will be

a lot of changes as far as work is concerned. There are many management accountants that are

present in market and they require having some level of proper knowledge. We are also trying to

have some control on the program as a method to deal with the requirement for more amounts of

education as well as the management accounting. The proposed management based on

accounting principles further becomes a golden standard for number of accountant to be able to

adopt and also use same for training motives (Prencipe et al., 2014).

Describe objectively what happened in the learning process

Expansion on global platform actually means that business these days are trying to reach new

customers since there is rise in profit as well. With all kind of uncertainty in coming time and

with all the issues that have yet to see themselves since there are rules for conducting business on

international level that I as a professional must be based on leaping into new global work. In the

end the important challenge faced in the present accounting industry as per number of experts

and it is based on domestic level trend towards so many consolidations of companies (Hyndman

and Liguori, 2016).

Since there is rise in costs in every sectors, reduction in overall overheads and expenses as well

as sharing the resources with expansion in offers is based on providing a more different selection

of services to customers which is more sensible. There are number of accounting based industry

where people often argues that company must consolidate and provide a solution to the issues

faces because of number of accountants (Al Ariss, 2014).

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It is also important to focus on the real issues and recognize the kind of services that client is

interested in knowing. While offering anything and become a one stop place that is not important

to motivate. For me as a professional it has become important to aim on real values of

management accounting since it will help in delivering above and beyond on them and secure the

future (Brusca et al., 2016).

Evaluate what you learn

I read case in my research about Phil Knight who is now known as a founder of Nike however,

people must understand that he started his career as an accountant. It is actually important to

understand that accounting is primarily related to people profession and a lot of people still feel

that accountant spend most of their time sitting and dealing with numbers which in reality is a

misconception. There are so many accountants that are working around the clock with number of

other people to solve business issues properly (Koumbiadis, 2014). For that they require, a very

strong base for analytical skills and it is important to be able to test financial based data but it is

also important to also be able to work in an effective manner with colleagues. It is important to

have good interpersonal skills and since it is also important to write as well as speak properly

and also present all kinds of financial data in terms of people that can understand and also

require good communication skills as well.

Explain your learning process

With all the discussion previously there was a lot of challenges as well which the companies are

facing these while dealing with management accounting and its application in international

business. However it has become crucial to rise to them and if people are aware of any kind of
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issues, it is important to take the important steps to support the clients with new kind of needs

that people might face. The good news here is that in the present accounting industry which is

still seen as most reliable and constantly developing professional relationship with different

industries and providing a support to new kind of businesses with future looking right (Hoekstra.,

2014).

Explain Plan how this learning you will be applied

There are number of public firms that provide clients with proper accounting as well as tax based

services in return for fees. I am actually planning to learn about that since there are so many

members of such company who are actually certified as public accountant and who have also

met right education and work need set up by the state and clear a tough exam. The public

accounting companies are offering consulting as well as tax based services, there is a hallmark of

this profession in properly performing audits externally (Larionova, 2016). The public

accountant also evaluates a financial statement of the company and also submits an opinion on

whether they are well prepared according to the GAAP. This boosts the confidence and trust of

people. So the future plan is invest efforts more in understanding and learning about this subject

area.

Conclusion

My understanding related to this told me that there are many challenges for accounting in global

organizations however, as number of new technologies continue to grow, there are rules and

different regulations based transformations and with rise in cost, number of accountants and

future professional like me are worrying about what the future holds for us. Trust is actually a
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traditional base for number of financial companies which remain low for most of the time but

accountants are still most reliable source for any kind of advice for so many kinds of businesses.

In order to maintain as well as live up to the work, accountant should also be well aware of so

many important challenges faced by the industry in the present time

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Reference

Al Ariss, A., 2014. Global talent management: An introduction and a review. In Global Talent

Management (pp. 3-13). Springer International Publishing.

Albu, C.N., Albu, N. and Alexander, D., 2014. When global accounting standards meet the local

contextInsights from an emerging economy. Critical Perspectives on Accounting, 25(6),

pp.489-510.

Bartram, J., Brocklehurst, C., Fisher, M.B., Luyendijk, R., Hossain, R., Wardlaw, T. and Gordon,

B., 2014. Global monitoring of water supply and sanitation: history, methods and future

challenges. International journal of environmental research and public health, 11(8), pp.8137-

8165.

Brusca, I., Caperchione, E., Cohen, S. and Rossi, F.M. eds., 2016. Public sector accounting and

auditing in Europe: The challenge of harmonization. Springer.

Guthrie, J. and D. Parker, L., 2014. The global accounting academic: what counts!. Accounting,

Auditing & Accountability Journal, 27(1), pp.2-14.

Hoekstra, A.Y., 2014. Water scarcity challenges to business. Nature climate change, 4(5),

pp.318-320.

Hyndman, N. and Liguori, M., 2016. Justifying accounting change through global discourses and

legitimation strategies. The case of the UK central government. Accounting and Business

Research, 46(4), pp.390-421.

CHALLENGES OF ACCOUNTING IN GLOBAL ORGANIZATIONS 10

Koumbiadis, N., 2014. Morality, ethical awareness and ethical behavior in business: challenges

for twenty-first century organizations. Journal of Accounting & Organizational Change, 10(2).

Larionova, M., 2016. Making global economic governance effective: hard and soft law

institutions in a crowded world. Routledge.

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.