Principle of Accountingâ€Æ

Question: What and how does future technological innovation impact on accountant skills, ethics and career opportunities associated with various accountant designations in future? Answer: Introduction The constant growth of science and technologies over the last few decades has brought significant changes in the business world. Especially the computer and information technology has greatly transformed the situations of the business world. There are maximum number of operational function of the organizations are becoming computerized and that help in improving the performance of the organization. The accountings functions of the organizations are also significantly improve with the help of computer (Connection.ebscohost.com, 2016). There are several different types of financial accounting system, which help in optimum efficiency in order to record the accounting transaction. When the computerized accounting system make the accounting easy and more efficient at the same time it reduce the accountant skill, ethics and career opportunities. The main cause of reducing the accountant skill is that in the current scenario that accountant does not has to solve complex accounting issues as the computer makes it simple and easy. Main body The accounting clerk should have certain qualifications and skills in order to perform the requisite job requirements of a position of accountant. An accountant must have a bachelor degree in commerce and accounting from a university or college. The accountant should have adequate knowledge of financial accounting, cost accounting, managerial accounting, consolidations, income tax, accounting systems, and auditing (Google.co.in, 2016). Besides this, an accountant must know about the business statistic, marketing, organizational behaviour, business law, computer system, economics and the administrative policy. The accountant of the company has to perform several important functions within the company. The main role of the accountant is to record and analyse a huge organizations account balance of general ledger as well as making the financial accounting reports which must be comply with the widespread approved accounting principles. Previously the accountants performed all of these ac tivities manually but with innovation there are several accounting software which help in easily perform this task that reduce the skill and capability of the accountants (Bragg, 2009). Current the business scenario has been changed and the business world is interconnected globally in this scenario the requirements of the accountant with knowledge of international accountings standard is also increased. There are several advantages of the use of innovative technologies in accounting functions. The up to dated technologies and accounting software helps in improving the efficiency and accuracy of the accounting tasks. The innovative accounting software encourage the accountant for innovation and creativity as it reduce time the accountant use to get additional time for innovation. It saves time of accounting and improves mobility. There are few disadvantages of the innovative accounting software, which has substantial installation maintenance cost. It makes the accountant lazy as the tasks are completed in lesser time. It has substantial risks such as inherent security risks, information can be theft by the unauthorized users and the hackers can also hacked the confidential accounting information of the organization thus the security and privacy of data will be hampered. The accountant should know about the business and accounting ethics so that the accountant can perform his role by obeying the ethics as well as good corporate governance is most important for the organization. The accountants tend to prepare phish as well as scam by giving fraudulent information and manipulated figure in the financial statement. This is an unethical behaviour of the accountants, which mislead the users of the financial statements of the company (D'Amico et al., 2002). The accountant should perform ethically and prepare appropriate report of the financial health and economic position of the company so that the users of the financial reports can get accurate information of the co mpany. Conclusion The advance technology have various good impact on the business activities such as it improve the several different function of the company but at the same time the advance technology have several bad impact on the employees it reduce the efficiency of the workers, it decline the individual performance and skill as with the help of technologies the works became easier and the efficiency of the task is also improved (Harrison and Horngren, 2001). The accountants play important role in an organization by keeping records of the financial transaction of the business and generating the reports of the financial activities of the organization. The accountant should maintain the law and ethics of the business and should not indulge in any fraudulent activities. The ethical accounting is important for the organization and the stakeholders of the organization thus the accountant should perform the entire accounting functions ethically. References Bragg, S. (2009).Accounting control best practices. Hoboken, N.J.: Wiley. Connection.ebscohost.com. (2016).A Survey of Perspectives on the Future of the Accounting Profession. D'Amico, V., D'Amico, T., Bukta, M. and Palmer, T. (2002).Principles of accounting. Toronto: Prentice Hall Harrison, W. and Horngren, C. (2001).Financial accounting. Upper Saddle River, NJ: Prentice Hall.