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Major challenges facing the accounting profession include nonfinancial measurements, forward-looking information, soft assets, timeliness, and understandability. First, nonfinancial measurements refer to financial reports that failed to provide information that helps to measure an entity's performance. Second, forward-looking information refers to the lack of favoring and progressive information on financial reports that are used by investors and creditors. Third, soft assets cite financial reports that focused on hard assets but failed to gather and provide information about soft assets. Fourth, timeliness refers to missing real-time financial reports.Fifth, understandability refers to financial reports complexity which many investors and creditors find difficult to understand.

The accounting profession also has to fulfill and follow two sets of standards: Generally Accepted Accounting Principles (GAAP) issued by the Financial Accounting Standards Board. And the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).