Globalization Accounting, Finance, SPSS Term Paper (Term Paper Sample)
taking about globalization and other sub-topics on the same issues.source..
Accounting Issues: Globalization
GLOBALIZATION AS AN ACCOUNTING ISSUE
Accounting is essential for business firms since it helps people understand the concept of accountancy. With this knowledge, an organization can arrange, verify and represents its financial information and be able to adjust in case of any changes. Globalization is the transformations witnessed all over the world. It makes different people, countries and even organizations to be interconnected in making international trade and investments with the knowledge of information technology. Globalization has been noted to force businesses in looking beyond the compliance of standards. Accountants are facing challenges from the changes taking place worldwide. Well, accounting is a business issue, and it also gets transformed in various ways through globalization.
The Effects of Globalization on Accounting
Globalization is promulgated by investment, international trade, and information technology. Globalization is seen as a wave that takes the entire world to a new level of greater heights each day. It has its positive and negative effects too (Guthrie and Parker, 2014). Accountants should recognize these changes and opportunities which come with globalization. They should be prepared to face and embrace these changes in their practice and profession. Alternative standards that assume an essential level have risen and are likely to outweigh the Generally Accepted Accounting Principles, which is as a result of globalization to the accounting profession.
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