FINANCIAL ACCOUNTING THEORY | BBAC502 Group Assignment Topic # 1 CONTRIBUTION OF ACCOUNTANCY IN SUSTAINABLE DEVELOPMENT “Bookkeepers will spare the world”, said Peter Bakker, the Chief Executive of of the World Business Council for Sustainable Development. The idea of sustainability includes working in a way that assesses an association 's effects on the planet, its kin and what has to come. A developing number of bookkeeping scholastics have been looking into social and ecological, or "sustainability" bookkeeping and revealing for more than three decades and PhD understudies are pulled in to it in (moderately) high numbers. For quite a while or more, globalization and industrialization gave …show more content…
Also, feasible advancement challenges—including moral difficulties, for example, defilement to a great extent emerge from political and capital market disappointments. It is pressing for the accounting associations to in like manner consider its dedication, direct and by suggestion, to fulfilling the Goals. We need to persuasive how Accounting and the calling at this moment empower achievement, and where there is chance to improve. One phase in the right course is to develop a strong and arranged calling that can continue creating capable clerks with the critical aptitudes and thoughtfulness regarding add to plausible and adaptable affiliations, capital markets, and economies. Various IFAC part associations are thinking about their commitments to the Goals. To help all expert bookkeeping associations (PAOs) consider their motivation, methodologies, and plans in this specific circumstance, we highlight the most applicable Goals underneath and how we are as of now adding to each. The contribution in Sustainability: • Accounting has contributed by dealing with the overall interest for accountants with an extent of capacities—concentrated also logically organization, business, and endeavour related aptitudes. Giving applicable master direction and capacities is at the heart of the calling. • By giving continuing with change to clerks all through their callings, helping them keep up relevance and a
Sustainability from a strategic business perspective is the potential for the long-term well-being of the natural environment, including all biological entities, as mutually beneficial interactions among nature and individuals, organizations, and business strategies. (O.C Ferrell, Fraedrich, Ferrell, 2015). Business sustainably is often defined as managing the triple bottom line – a process by which companies manage their financial, social and environmental risks, obligations and opportunities. These three impacts are sometimes referred to as profits, people and planet. (Business sustainability definition from financial times lexicon, no date). This essay will discuss the idea of sustainability being an important element within a businesses and its core strategies and the importance of it within different businesses. Secondly, this study will look at how different stakeholders are affected and influenced by sustainability as this could be seen as a catalyst to improving the environment as a whole and. Then this study will look at how businesses not focusing
What makes a large organization like Wal-Mart financially successful? One could say it is the result of outstanding personnel or perhaps a strong determination to succeed. These factors certainly contribute. However the key to financial success in organizations lies in good accounting. Since early civilization began, accounting has been an important part of our financial transactions. In today’s world our use of modern accounting systems and accurate financial statements are critical components that make modern organizations successful. To facilitate understanding of this point one must understand how
Obtaining such title and maintaining it simultaneously is very hard because it requires very high ethical standards, harsh comprehensive tests and continuous education. Once obtained, it is the best job for an accountant. It comes with many benefits including an increasing essential for representation, credibility and experience in accounting. In the modern economy, many people and firms are
II. Main Point #2. Contrary to popular belief, Accountants, and the tasks that they perform, are an important part of most people’s everyday life.
Accountants should always carry out the public responsibility, meaning they have a responsibility to ensure that the accounting functions are performed to the highest possible standards and the information which an organisation provides for its stakeholders is true and accurate. To reach the goal of improving the performance of accountants, there might be several steps to undertake. There should be on-going education to keep abreast with the existing and emerging
To over view the knowledge we learnt from accounting theory and practice, the main thing I can conclude that is the tendency of accounting will shift away from technical way to people’s behaviour way. By understanding what should do, we should ask why and how we could improve and change it into a better way. This essay aims to explain how the theoretical material that we learn in lectures can be developed under a real practical manner.
Sustainability implies that the organization is managing in economic, ecological and socially competent ways. All organizations range on a continuum of their sustainability level with some being more sustainable than others. Generally, as Dunphy, Griffiths and Benn (Module One, Topic 1.5) point out, the more sustainable an organization is, the more they help the surrounding environment, be this local (the particular country) or macro (the world itself). The environment also reflects the sustainability ethos and situation of the organization itself.
During my time at Accounting Firm X I learned many lessons that apply not only to accounting and the principles and practices associated with that subject, but also to life as a professional in a real world work setting. The purpose of this essay is to highlight my experiences at Accounting Firm X to shed light upon key learning experiences that can contribute to a holistic educational experience. In this essay I will first describe my goals and expectations. Next, I will go in to detail about my daily routine and how these exercises contributed toward the overall experience. I will then explore the overall lessons learned from my time spent at the firm.
In the early 1980’s very few accounting classes were encouraged to have group projects or even make presentations, but just as technology is evolving and adapting, so is the accounting classroom. Accounting courses are encouraged to implement some of the same standards and situations that are present in the CPA’s work life, into the curriculum, in attempts to make the accounting profession an even more competitive market. While the main objective used be a passing of the uniform CPA examination, now the objective is to have a “ready-to-go” accountant.
What draws me into the field of accountancy? Why do I want to launch a career as a certified public accountant (CPA)? What is there about numbers, spreadsheets, profit and loss statements, audits, inventory and fiduciary responsibility that appeal me? In this paper I will describe in detail the reasons why I am attracted to this field. Also, what are the duties and responsibilities of a CPA? How available are job openings for a person with the education and experience to work as a CPA? How well to companies compensate those hired as CPAs? These questions and issues will be thoroughly reviewed in this paper.
In addition to the above, the eruption of many business in the economy also created a positive impact to the accounting practice. Due to the different needs which were demanded by the different industries, it leads the accounting profession to broaden and take into considerations other possible practice other than their normal process of book-keeping control. And a profession being broaden, it is a positive impact to the accounting practice as they will add skills, tasks and knowledge to their current accounting profession and it is a good impacts as it cements the base of accounting with more
Accounting is the language of business. It is a profession that is being guided by principles, concepts, conventions, laws, etc. All these fundamental building blocks serve as common and general compasses to all practitioners of the profession. In some cases, they are nation-wide tailored, while in other cases, they are universally tailored. Accounting as a living, practical, dynamic and realistic profession covers so many areas of social, economic (business), and governmental activities. Surely, any endeavour that involves monetary and material activities create a room for the services of Accounting. Many of the human endeavours for which the accounting profession plays significant (some times inevitable) roles include; Banking, Insurance, Manufacturing, Farming Contracting, Oil and Gas, Mining, Transportation (Air, Land and Sea), Educational Institutions, Churches, Ministries, ICT, Hire Purchase, Local Government Authorities, Estate Businesses, Export and Import Businesses, Bill of Exchange Transactions, Royalties Transactions, Consignment Transactions, Stock Market Transactions, Sports, Entertainment, Hospitals and Hospitality Industry, etc.
Accounting professionals are in very high demand. The nature of work in accounting is so vast an individual would have so many different areas of accounting to choose from. Accounting requires people who can work with complex business structures, computer systems, and financial analysis packages. Accounting work further requires an aptitude for mathematics and the ability to compare and analyze accounting data quickly. Accountants also need to have strong communication skills as they must effectively communicate accounting data to their employers and/or clients. The accounting profession also demands a high level of integrity and morality because the financial data prepared by accountants is used by business managers to run their
In the article the authors address that sustainability is a word becoming increasingly more popular each day. The definition of this word depends on the context and the discipline in which it is used as well as temporal and spatial scales. Furthermore it is possible to approach it in terms of triple bottom line;