The continued globalization will create more opportunities and challenges for members of the accounting profession. While...
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The continued globalization will create more opportunities and challenges for members of the accounting profession. While globalization encourages the free flow of money from one capital market to another, enhanced overseas outsourcing activities and the transfer of technical and professional skills will simultaneously continue to pose threats to resolving local problems (with different cultural, financial, and tax systems). Accounting firms in the US, EU, and Australia are outsourcing services to India and China for the purpose of cost minimization, which will create a shift in employment within the accounting industry in the West. As globalization has already been negatively impacted by Brexit, accounting professionals are likely to see themselves having a role in this transformation. Examine possible opportunities and challenges for members of the accounting profession because of the transformation that was initiated by globalisation, and discuss the role of accounting professionals that may have in this transformation? The continued globalization will create more opportunities and challenges for members of the accounting profession. While globalization encourages the free flow of money from one capital market to another, enhanced overseas outsourcing activities and the transfer of technical and professional skills will simultaneously continue to pose threats to resolving local problems (with different cultural, financial, and tax systems). Accounting firms in the US, EU, and Australia are outsourcing services to India and China for the purpose of cost minimization, which will create a shift in employment within the accounting industry in the West. As globalization has already been negatively impacted by Brexit, accounting professionals are likely to see themselves having a role in this transformation. Examine possible opportunities and challenges for members of the accounting profession because of the transformation that was initiated by globalisation, and discuss the role of accounting professionals that may have in this transformation?
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Globalization has created a range of opportunities and challenges for members of the accounting profession On the one hand globalization has facilitat... View the full answer
Related Book For
Accounting
ISBN: 978-1118608227
9th edition
Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett
Posted Date:
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