Dynamic Culture of Accounting Profession

Balance sheets are tools used by financial managers and accountants which can provide a crucial window into the financial health of a company.

Balance sheet accounting requires the individuals compiling the information to be as accurate as possible when reporting the financial status of the company.

Balance Sheet Accounting - A Crucial Snapshot

Dynamic Culture of Accounting Profession

Cost Accounting 303

In the business world, the Accounting profession has been referred to by many as the “language of business.” Accountants, today, work as consultants in business. Financial accounting usually is overseen by the Federal Accounting Standards Board, FASB. Accountants must also conform to the principles which are outlined in the Generally Accepted Accounting Principles, GAAP.

The accounting field is increasingly becoming more demanding. To keep up with the dynamic culture of accounting, the curriculum and standards for accounting has become stricter. This rigorous exam is composed of four parts, which include auditing, financial accounting and reporting, regulation, and business environment. The reason for this change is to make the accounting field a more technical field. After finishing a bachelous degree in Accounting, many go on to get a Masters in accounting or get an MBA, Masters of Business Administration.

Accounting offers many opportunities and job options. Many new opportunities have been created due to the changing culture of Accounting. New industries lead to more specialization in Accounting. Biotechnology, environmental business, telecommunications all require accountants to operate efficiently. A new trend for accounting majors is the increase in non accounting field. A popular trend in the Accounting field is tax strategy. Women are especially experience more opportunities in Accounting. Some women accountants end up working in financial institutions, education, health care institutions, etc. Many Accounting majors are pursuing careers in the FBI. Many accountants who work for the FBI work as forensic accounting. Forensic accounting involves investigating white collar crime. New career paths in accounting. Massachusetts CPA Review, 66(3), 8. Retrieved October 24, 2007, from Business Source Premier database.

Business Credit. (2002, October). Working Smart: New Education Requirement Poses Challenges for Accounting. Business Credit, 8.