Accounting final paper

The area of accounting I am most interested in is Payroll accounting and Tax accounting.   I chose payroll accounting due to the experience I have with it plus what I have learned here at Kaplan.  The reason I chose to be a Tax accountant was that I have been fascinated on how taxes are figure due to income, marital status, and dependents.  Both seem like paths I could follow and the more classes I take the better decision I can make. 

Becoming a Tax accountant was something I have thought about for years to run alongside my current cleaning business that I already do all the books for and taxes for.  I just figured it would bring in extra money during our slow time of year.  It was last term when I decided to become a payroll accountant.  It was because of all the detail and organization that goes into what a payroll accountant does with tracking each individual as they change their marital status, dependents, and receive wage increases.  I love organizing and all that involves with Payroll.

Accounting is a field that is evolving from time to time and staying up to date is one of the only ways to stay ahead and to secure ones future in the field. One of the challenges moving forward that I would tell to my students is whether there will be adoption of International Financial Reporting Standards by U.S regulators and how that will affect current accountants in the field. The reasoning for this is the different rules for small business rather than large business. For future accountants schools will need to teach the new standards or the GAAP.

In this profession you need to constantly keep up with the changes in the accounting profession. I would suggest keeping informed though seminars, and magazines subscriptions like Accounting Today, and The Journal of Corporate Accounting & Finance.  These will keep you up to date with all the news and updates to most areas of the accounting field.  Knowing this and staying up to date will ensure a promising future in the accounting field.

A move from GAAP to IFRS accounting reporting is something positive for corporations. Moving to IFRS will make it easier for companies and investors to compare their financial statements. Local business can present their financial statements like foreign competitors; this will make comparison easy. If every nation has a different form of financial reporting at the same time multinationals exist in different countries, it makes it hard to compare how every corporation stands since there is no consistency.

The second change is that it will help multinationals, because it will bring efficiency and cost savings to corporations. It will also strengthen the corporations’ position in negotiating with credit institutions; this will lead to reduced cost of borrowing since IFRS has positive effect on credit ratings. The system will also make it simple for corporation to start partnership and implement cross border acquisition. The current global market and economy are in global level and not domestic. Switching to IFRS allows the country to be part of the world economy.

In my own opinion everything will be in the same direction and this will make it move forward faster. Being part of the world, it will give a chance to U.S companies to remain competitive in the global market.

David

References

Shamrock, S. E. (2012). IFRS and US GAAP: A comprehensive comparison. Hoboken, New

Jersey: Wiley

IFRS. (2014). Busting some myths about IFRS and GAAP. Accessed on 15/8/2012 from

http://www.ifrs.org/Features/Pages/Busting-some-myths-about-IFRS-and-GAAP-August- 2014.aspx

Hi Class,

Accountants are the company employees trusted with the financial accuracy of the records of the company and presentation of the same. The accountants collect and analyses the financial records and present them to the external and internal users as well as the third parties like financial institutions and vendors. During data collection or analysis, errors may occur which deter the end results presented to the external and internal users who contribute to short-term and long-term success of the company.

An accountant can prevent errors in the balance sheet through data management that is by proper maintenance and collection of financial data. This ensures that records adhere to the accepted policies and procedures and legal compliance (Davis, 2006). Proper controls in monitoring the financial data for implementation in that data should be stored in a secure system. This ensures that the company is making profits through its operations (Davis, 2006). Compliance with the set deadline is another way of preventing unnecessary errors and in this case, payment to suppliers and lending institutions are the major issues. Accountants need to ensure that the balance sheet figures are correct with respect to any payments pending in order to reflect the right balance that the company owes (Blissett, 2014). With regard to company’s assets, the accountant should ensure that their acquisition was through the right channels and that there are useful in their performance to enhance the success of the business (Blissett, 2014). The asset portfolio needs to be of a combination of those assets that the company requires in its operations. David Reference

Blissett, L. (2014). Accounting Errors That Affect the Balance Sheet. Retrieved from Chron: http://smallbusiness.chron.com/accounting-errors-affect-balance-sheet-60918.html

Davis, S. S. (2006, June 15). What Role Does an Accountant Play in Business Operations? Retrieved from Chron: http://smallbusiness.chron.com/role-accountant-play-business-operations-411.html