Question
Whats a good response to the information below about the challenges accountants face? There are numerous major challenges that those in the accounting proffesion have
Whats a good response to the information below about the challenges accountants face?
There are numerous major challenges that those in the accounting proffesion have to face and overcome. One of these challenges are the ethical issues that accountants face. In some situations there aren't clear answers provided by by GAAP on what is the right or wrong course of action. Without that clear guidance, accountants must act of their own accord and make difficult decisions in order to do whatever actions they believe would be the right one. Unfortunately, the right course of action doesn't always end up done and accountants can end up in trouble when they genuinely didn't know what to do. Another issue faced is the international accounting standards. Countries tend to differ in their own accounting standards so when it comes to global business things can get confusing. There become many inconsistencies when looking at companies since they may all adhere to different standards. This becomes an issue when looking for investors because they may not be able to properly assess companies and then choose not to invest. It ends up falling upon accountants to somehow meet their country's accounting standards while also making considering how the reports may look to international investors. Accountants have a heavy burden to bare with many challenges, but hopefully in the future there will be clear rules that can aid in making their jobs a tad easier.
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