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It gives me great pleasure to have this opportunity to speak with you today on theimpactof accounting on Caribbean society. Accounting is an essential component of anycompany, and theinfluence that it has had on the culture of the Caribbean has been extremely positive and far-reaching.Accounting plays a significant role in Caribbean society, contributing to various aspects of the region's economic and social development.Its impact can be seen in several key areas:Accounting plays a significant role in Caribbean society, contributing to various aspects of the region's economic and social development.Its impact can be seen in several key areas:acounting has had a significant impact on the economic development of societies and the organizations therein throughout modern history, as investors, creditors, regulators, and other interested parties have sought to measure the performance of corporations and other business enterprises, Accounting is also important in education.

So, what is accounting?Accounting is the process of recording financial transactions about a business. The accounting process includes summarizing,analyzing, and reporting these transactions to oversight agencies, regulators, and tax collection entities. The financial statements used in accounting are a concise summary of financial transactions over an accounting period, summarizing a company's operations, financial position, andcash flows.

Here are some facts about accounting.Accounting is a language that dates back thousands of years and has been used in many parts of the world. The earliest evidence of this language comes from Mesopotamian civilizations more than 7,000 years ago.The Mesopotamians kept the earliest records of goods traded and received, and these activities are related to the early record-keeping of the ancient Egyptians and Babylonians. The Mesopotamians used primitive accounting methods, keeping records that detailed transactions involving animals, livestock, and crops.

Accounting plays a significant role in Caribbean society, contributing to various aspects of the region's economic and social development.Its impact can be seen in several key areas:acounting has had a significant impact on the economic development of societies and the organizations therein throughout modern history, as investors, creditors, regulators, and other interested parties have sought to measure the performance of corporations and other business enterprises.

Accounting plays an essential role in economic development. High-quality corporate reporting is key to improving transparency, facilitating the mobilization of domestic and international investment, creating a sound investment environment, and fostering investor confidence, thus promoting financial stability. A strong and internationally comparable reporting system facilitates international flows of financial resources while at the same time helping to reduce corruption and mismanagement of resources. It also strengthens international competitiveness of enterprises in attracting external financing and taking advantage of international market opportunities.Therefore, accounting information can be seen to be a potent influence in society, which affects everybody. This is illustrated by the National Coal Board case (Cooper et al, 1985) where the measurement of accounting profit was used to justify the closure of coal pits, causing an impact on electricity prices, jobs, and taxes.

However, to develop a broader understanding of accounting and the central role it plays in society, we need to consider it from a social perspective.Individuals in society coexist by establishing relationships with each other.To function effectively, people need to communicate, and it is accounting information that facilitates this communication. According to Kyriacou (2007) accounting information serves many important purposes, for example assisting users in making informed decisions, in relation to the effective allocation of scarce resources.

Users of accounting information in our society today

Internal users(Primary Users)of accounting information include the following:

• Management: for analyzing the organization's performance and position and taking appropriate measures to improve the company results.
• Employees: for assessing company's profitability and its consequence on their future remuneration and job security.
• Owners: for analyzing the viability and profitability of their investment and determining any future course of action.

Accounting information is presented to internal users usually in the form of management accounts, budgets, forecasts andfinancial statements.

External users(Secondary Users)of accounting information include the following:

• Creditors:for determining the credit worthiness of the organization. Terms of credit are set by creditors according to the assessment of their customers' financial health. Creditors include suppliers as well as lenders of finance such as banks.
• Tax Authorities: for determining the credibility of the tax returns filed on behalf of the company.
• Investors: for analysing the feasibility of investing in the company. Investors want to make sure they can earn a reasonable return on their investment before they commit any financial resources to the company.
• Customers:for assessing the financial position of its suppliers which is necessary for them to maintain a stable source of supply in the long term.
• Regulatory Authorities:for ensuring that the company's disclosure of accounting information is in accordance with the rules and regulations set in order to protect the interests of the stakeholders who rely on such information in forming their decisions.

In conclusion, accounting has evolved as a craft with no theoretical base, during a time when society and business activity were less complex. However, the technological and globalization induced changes that have occurred have resulted in loopholes in accounting being exploited. Much interest in developing a theoretical knowledge base for accounting has gathered pace.

Users of accounting information in our society today

Internal users(Primary Users)of accounting information include the following:

• Management: for analyzing the organization's performance and position and taking appropriate measures to improve the company results.
• Employees: for assessing company's profitability and its consequence on their future remuneration and job security.
• Owners: for analyzing the viability and profitability of their investment and determining any future course of action.

Accounting information is presented to internal users usually in the form of management accounts, budgets, forecasts andfinancial statements.

External users(Secondary Users)of accounting information include the following:

• Creditors:for determining the credit worthiness of the organization. Terms of credit are set by creditors according to the assessment of their customers' financial health. Creditors include suppliers as well as lenders of finance such as banks.
• Tax Authorities: for determining the credibility of the tax returns filed on behalf of the company.
• Investors: for analysing the feasibility of investing in the company. Investors want to make sure they can earn a reasonable return on their investment before they commit any financial resources to the company.
• Customers:for assessing the financial position of its suppliers which is necessary for them to maintain a stable source of supply in the long term.
• Regulatory Authorities:for ensuring that the company's disclosure of accounting information is in accordance with the rules and regulations set in order to protect the interests of the stakeholders who rely on such information in forming their decisions.

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Accounting is taught in schools for several reasons. One of the main reasons is that it helps students learn how to manage their finances and make informed decisions about money. It also provides students with a foundation in business and finance that can be applied to many different careers.Additionally, accounting is a highly sought-after skill in the job market, so learning it in school can help students prepare for future employment opportunities.

In conclusion, accounting has evolved as a craft with no theoretical base, during a time when society and business activity were less complex. However, the technological and globalization induced changes that have occurred have resulted in loopholes in accounting being exploited. Much interest in developing a theoretical knowledge base for accounting has gathered pace