Blog Post - Contemporary Issues Faced By Accounting In The Modern Era


Accounting is an art of recording, classifying and summarizing of transactions which are of financial character in a signified manner and to interpret the results thereof. In the present era since the past few years, modern accounting is facing several issues. In given below a brief account of the contemporary issues in accounting in the modern era is provided.

Ethical and Stewardship

The accounting is nervous regarding the ethical issues that have to be raised on a regular basis. The ethical stewardship explains that the Leaders of firms such as Chief Financial Officer, Director Finance and the Chief Executive Officer have the responsibility to perform their job errands with their best possible efforts. If the leaders of a company perform their job errands in the best possible way so the business will conduct its business operations in an effective way.

Issues in Current Accounting Policies and Principles

Hoogervorst (2014) argues that the cause of the issue in contemporary accounting policies and principles stays on the moral hazards of financial markets all over the world. The capital market and financial market are rife with agency issues. Consequently, the external auditors of the firm and the accounting professionals utilize the gaps to commit material misstatement in the financial statements of the firm. The lackness of transparency of accounting information and fraudulent activities is a curse that is abolishing the capital markets. The present financial crunch offers insights to the stock market boom and the financial institutions. Therefore, the accounting reporting standards need transparency, quality as well as the comparable financial data.

Besides these, there are several other issues faced by accounting in the present era. Prime Assignment conducted thorough research work in this domain since the past few years. Once we received accounting help request from our customers so we will contact our clients instantly and remains in touch with them till the final submission of the assignments of the clients.

Political and Economic Ties

Accounting is a technology that could be relatively easily borrowed from any country or put into practice in any country all over the globe. By means of political as well as economic links, the rules of accounting have been transformed from one country to the other country.

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