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Following are the biggest challange facing by the accounting profession;
1. Keeping upto date on day to day changes in Accounting and Auditing standards (IFRSs and ISAs);
2. Accounting of Complex transactions like Derivatices, Fair Values, Valuations etc
3. Technical know how of advance technological applications for accounting purposes, like SAP, Oracle, Spreadsheets etc
On practising Professional Acccountants have this challenges Ensuring Integrity, Honesty and convience clients to disclose correct Income and to be updated on Accounting Standard and GAAP
As far as i am concernd ,the response to the changing market accountancy professionals have to provide more management and consulting services, in addition to financial management. They have to assume a greater advisory role and develop more complex and flexible accounting systems.
First of all too many accounts professional (excess supply) reduce the demand of Accountants.
Complex (but not difficult) accounting principles of Treasury products like FX, derivatives, Options. etc.
Keeping update the latest amendments in the IAS and IFRS accounting standards
Major problem with the accounting profession are :
1) Timely recover
2) Local Tax issue
The world is now become global village that brought the high competition among the business world and very sharply development in the computerize accounting system the profession of accountancy is now facing the biggest challenge is " the change in the shape of job description for example the accountancy professional have must advisory role being the monitor of economic activities of business.
Timely realizing the Credit / Accounts Receivable (and maintaining Cash Inflow) without losing the customer relations would be a tough task during the financial crisis period.
