Accounting Has Been Nothing Essay

Pages: 3 (937 words)  ·  Style: Harvard  ·  Bibliography Sources: 5  ·  File: .docx  ·  Level: College Senior  ·  Topic: Accounting

SAMPLE EXCERPT . . .
"During the past decade accounting for people has re-emerged as an increasingly well-subscribed research topic. It has done so as one aspect of the growing interest in intellectual capital or 'intangibles'. Intellectual capital is generally acknowledged to be divisible into three generic components: human capital, customer or relational capital, and structural or organizational capital" (Roslender & Stevenson 2009: 857).

The UK, in an effort to ensure greater rigor in accounting for the impact of human capital upon an organization's financial health issued a report called Accounting for People -- Report of the Task Force which recommended that HCM [Human Capital Management] reports focus on communicating a business's HCM policies and potential for growth. There has also been strident calls to ensure that organizations clearly explain in their annual reports how their deployment of knowledge-based assets such as labor, technology, and growth support claims for the long-term health of the organization: "a recent survey of listed companies found that narrative content formed, on average, 57% of the annual report, an increase of more than 10% since 1996" (Roslender & Stevenson 2009: 857). In the wake of the 2002 financial crisis, 'transparency' and the need to convincingly demonstrate the company's true value, logically as well as numerically, has become a vital component of almost all proposed reforms for accountants.

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The accounting profession's greater self-regulation and calls for greater government oversight is a counterbalance to the trends of the 1970s, which promoted competition as the panacea to all economic woes. "With the repeal of the rules, the level of competition within the profession increased dramatically, putting heavy pressure on fees charged. This in turn put a premium on performing services as efficiently as possible, which may have had a negative effect on the quality of work performed" (Olsen 2002).

Essay on Accounting Has Been Nothing if Assignment

Accountants of the future must offer organizations demonstrated value through deploying a wide variety of skills, including the ability use information systems, advise organizations, organize personnel effectively, and develop strategic plans (Parker 2002). They must understand they organization's role in the global economy as well as its unique capabilities. They must also be responsive to the need to be ethical and compliant with existing regulations, while still demonstrating how to maximize the organization's human and operational capabilities.

References

GAAP'S Last Stand IFRS is no rumor -- welcome to the next phase of financial reporting.

2011. Periso. Accessed:

http://perisho.com/keeping-current/gaaps-last-stand-ifrs-is-no-rumor-welcome-to-the-next-phase-of-financial-reporting / [June 23, 2011]

Parker, Lee D. 2002. Reinventing the managerial accountant. Glasgow University.

Accessed: http://www.cimaglobal.com/Documents/Thought_leadership_docs/VisitingProfessor/tech_presnot_reinventing_the_management_accountant_mar02.pdf [June 23, 2011]

Roslender, Robin & Joanna Stevenson. 2009. Accounting for People: A real step forward or more a case of wishing and hoping? Critical Perspectives on Accounting, 20: 855 -- 869

Olson, Wallace E. 1999. The Accounting Profession in the 20th Century. CPA Journal

Accessed: http://www.nysscpa.org/cpajournal/1999/0799/features/F28799.HTM [END OF PREVIEW] . . . READ MORE

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Accounting Has Been Nothing.  (2011, June 23).  Retrieved July 4, 2020, from https://www.essaytown.com/subjects/paper/accounting-been-nothing/68653

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"Accounting Has Been Nothing."  Essaytown.com.  June 23, 2011.  Accessed July 4, 2020.
https://www.essaytown.com/subjects/paper/accounting-been-nothing/68653.