Not necessarily to fails . we are in specialization time
Even in accounting . that someone specialist in tax and togethers in audit or financial accounting or costs
So he can success in his specialization that he choose it
an accountant must be aware about different taxes according to where he is working. In gulf countries, there is not enough taxes and in India, there are alot. anyway, knowledge of tax can make us win in anywhere.
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Shahid Zia , Asst. Manager Accounts & Admin , Bldat Trading & Contracting Company
Not Agreed, because taxation is an essential part of accounting and being a good accountant you have excellent knowledge of taxation. Because most of the transaction are related to taxation. Regards,
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Faiyaz Mohammad , Manager Finance And Accounts , Macquarie Global Service
There are two divider of Finance & accounts, one is "Finance & Accounting Function" and second is "Finance & Accounting Operations". F&A Operations deals with the transaction level activities which have different accounting segments as such Buy to pay(B2P), Order to cash (O2C), Record to report (R2R), Fixed Assets and Taxation. In today's globalized business environment most of the larger group of companies have developed and some are developing COE (Center of excellence) structure of each segments giving. Hence, anyone having expertise in any area of these COE segment can grow.
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Kokab Rahman , Managing Director, Head of Business Development , Radeya Business Services http://www.radeya.biz
Not true. In general, accountants don't need to know taxation. Companies can hire special tax accountants to do the tax calculations. Normal Accountants then just take the tax expense amount and make the required entry, which is no different from accounting for any other transaction. To record tax, you just debit tax expense and credit cash (if cash has been paid) or credit tax payable.
Of course there are different type of taxes and accounting for tax is very complicated. For example, there is payroll tax which involves different types of taxes and have different rates and ceiling amounts as well as exemptions based on number of dependents an employee has; income tax; special depreciation methods to be used in calculating depreciation expense for tax purposes, etc. Thus the accounting records for tax reporting may be different from the accounting records for financial reporting. Furthermore in USA, taxation is based on cash basis and not accrual basis.
