...ACCT 5100 Professional Development Challenges Faced by Accounting Profession ACCT 5100 Professional Development Challenges Faced by Accounting Profession Introduction Accounting has evolved, like many other professions, over time and is playing an increasingly significant role in today’s business environment. The key accounting practices are still identify, measure and communicate the economic condition of an entity with both inside and outside stakeholders. Accounting professionals have widened their attention beyond technical skills to incorporate social implications over the past several decades. Over the past few years, the whole world witnessed the impact of modern advances in information technology, globalization, and many other factors, all of which increased the public awareness of changes in global business environment and also brought many challenges to this profession. In response to these difficulties, modern accountants must develop a broader range of knowledge and skills to better perform their financial responsibilities. This paper examines several key challenges concerning the profession: 1) independence, 2) globalization and IFRS, 3) knowledge and skills gap. Challenges faced by accounting profession Independence and objectivity Independence is not a new issue faced by accountants; however, it has been and always will be one of the biggest challenges faced by this profession. Accounting to the research...
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...ACCT 5100 Professional Development Challenges Faced by Accounting Profession ACCT 5100 Professional Development Challenges Faced by Accounting Profession Introduction Accounting has evolved, like many other professions, over time and is playing an increasingly significant role in today’s business environment. The key accounting practices are still identify, measure and communicate the economic condition of an entity with both inside and outside stakeholders. Accounting professionals have widened their attention beyond technical skills to incorporate social implications over the past several decades. Over the past few years, the whole world witnessed the impact of modern advances in information technology, globalization, and many other factors, all of which increased the public awareness of changes in global business environment and also brought many challenges to this profession. In response to these difficulties, modern accountants must develop a broader range of knowledge and skills to better perform their financial responsibilities. This paper examines several key challenges concerning the profession: 1) independence, 2) globalization and IFRS, 3) knowledge and skills gap. Challenges faced by accounting profession Independence and objectivity Independence is not a new issue faced by accountants; however, it has been and always will be one of the biggest challenges faced by this profession. Accounting to the research...
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...WEEK 2 Globalization in the twentieth and twenty first century is usually analyzed from an economic or technological perception, that is the internet, international markets and global institutions such as IMF, WTO cable news etc. The impact of globalization on the economies of countries across the world whether developed or developing cannot be over emphasized. An important ingredient in globalization is trade liberalization. . Economic liberalization is the process of achieving unobstructed economic activities, it seeks to remove all hindrances to trade, production and investment, whiles emphasizing on the freedom of economic activities (Onyekpe, 2001:52, Akinboye, 2008). In this light I will want to associate myself with the argument brought forward by Peter Mandelson in support of globalization. Globalization can be described as a “double edged sword”. Countries and companies which are prepared can take advantage of the opportunities that it brings on the other hand, globalization is not ready to “forgive” countries or companies who are not prepared to take the dynamics of globalization. Even the developed countries in Europe and the USA cannot afford to be complacent in the face of globalization. Peter Mandelson has done a good job in explaining both positive and negative effects of globalization in his defense of globalization. Peter Mandelson analyzed the impact of globalization under six headings namely, the openness boom, the interlinked world, the challenges of openness...
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...THE IMPACT OF GLOBALIZATION ON INTERNATIONAL BUSINESS GROUP NO-01 FMG3231 INTERNATIONAL BUSINESS ECONOMICS FACULTY OF MANAGEMENT CONTENTS PAGE NO An introduction to international business 3 What is globalization? 6 The impact of globalization on international business 6 Future of international business and globalization 12 Summary 12 Reference 13 1. AN INTRODUCTION TO INTERNATIONAL BUSINESS International business involves all commercial transactions—private and governmental—between parties of two or more countries. Global events and competition affect almost all firms—large or small. However, the international environment is more complex and diverse than a firm’s domestic environment. An international business has many options for doing business, it includes, * Exporting goods and services. * Giving license to produce goods in the host country. * Starting a joint venture with a company. * Opening a branch for producing & distributing goods in the host country. * Providing managerial services to companies in the host country. Features of International Business Large scale operations: In international business, all the operations are conducted on a very huge scale. Production and marketing activities are conducted on a large scale. It first sells its goods in the local market. Then the surplus goods are exported. Integration of economies: International business integrates (combines)...
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...Acknowledgment Now-a-days globalization brings challenges for Bangladesh and private sector of Bangladesh. By facing these challenges if private sector of this country could success then the country will receive opportunities of globalization. I would like to thank my course teacher Dr. Salehuddin Ahmed (Economic Condition Analysis) for giving us this opportunity for assigning us with this paper. It helps me a lot to know about the challenges and opportunities that Bangladesh and private sector of this country faced and received from globalization while I am making this portfolio. This portfolio helps me a lot to know each and every area where globalization brings opportunities for our private sector and those areas that facing challenges. And this paper will also demonstrate that the main driver of progress has been Bangladesh private sector. Then we like to thank those people who really helped us by providing valuable information during prepare the paper. Read more: http://essaybank.degree-essays.com/business/globalization-for-bangladesh.php#ixzz2EWf1f3By ABSTRACT This paper examines the role of private sector in Bangladesh in the context of Globalization since the change of the first government of the independent of Bangladesh. Actually Bangladesh has undertaken a wide range of reforms to open the economy in the areas of trade, finance and investment. The globalization efforts in these areas have produced some positive results. But in the overall...
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...Conclusions The globalization of supply chain management is the natural outcome of today’s expanding consumer markets as companies struggle to meet the dynamic needs of growing markets and new customer segments. It has led to a high degree of specialization under an ever-expanding world market. People with special skills can work with little overheads and market globally. Small companies can flourish. Introduction The pace of globalization on the supply chain continues to foster opportunities, challenges and uncertainties for companies around the world. Almost every business is involved in one or more supply chains and Globalization now has an impact on every company, large and small.[1] The purpose of this report is to: 1. Explain when Globalization started. 2. Assess the impact of globalization on supply chain management. Definition Globalization describes the process by which regional economies, societies, and cultures have become integrated through a global network of political ideas through communication, transportation, and trade. The term is most closely associated with the term economic globalization: the integration of national economies into the international economy through trade, foreign direct investment, capital flows, migration, the spread of technology, and military presence. [2] History Of Globalization When It Began The term, globalization, was first used around 1960 to describe international capital flows. If the definition of...
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...GLOBALIZATION The world today has been described as a ‘global village’, this stems from Marshall Mc Luhan’s concept that ‘the globe has been contracted into a village by electric technology and the instantaneous movement of information from every quarter to every point at the same time’. A closer examination of globalization will indicate that indeed the barriers of space, time and borders which once existed have now disappeared or are disappearing. Globalization has been described as the rapid increase in cross-border economic, social, technological exchange under conditions of capitalism, which also, influences all spheres of our life: culture, business, trade, politics, environment and even our mentality. It connects different countries and makes their interaction easier. The globalization of the world economy is reflected in many ways. The General Agreement on Tariffs and Trade (GATT) simulates free trade between countries which allows firms to trade more easily and move around the world. A result of this increased mobility is the increasingly large scope of money and capital markets and general regulations on Foreign Direct Investment (FDI). Globalization implies that there are forces that are global, objective and universal which restrict not only diversity, but also the scope for national governments’ policy formulations. An example of this, are the conditions of the IMF loan to the British Labour government in 1976 which led to a greater role for the private...
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...An Analysis Report on Barriers to Globalization and External Factors Affecting Kenya Airways Professor: Student Name: Date of submission: Executive Summary Stiff competition, technological changes and the political and legal environment are the main factors determining the success of a company operating in the airline industry. Kenya Airways is subject to these factors and must find the best solution to help mitigate the adverse effects of these factors. It will help improve efficiency, effectiveness and the competitiveness of the company. Liberalization of many economies accompanied by globalization has turned the face of doing business across the globe. It has led to the essence of competition among organization for prosperity and survival. Technological aspects have also improved communication across the globe leading to integrated systems connecting companies and businesses. The report is an overview of the external environmental factors affecting Kenya Airways that is in the service sector in the Airline industry. The service sector requires up to date technology and is easily affected by the external environmental factors. These factors relate to the political stability, legal environment, social, cultural well-being, and the state of technology. Table of Contents Executive Summary…………………………………………………………….2 1.0 Introduction………………………………………………………………….4 2.0 Task 1 ………………………………………………………………………….5 2.1 Macro Environment analysis for Kenya Airways…………………………………...
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...of the | |document here. The abstract is typically a short summary of the contents of the document.] | ACKHOWLEDGEMENT It is my great pleasure to convey my deep respect and indebtedness to my teacher Dr. Md Azam Khan, Chairmen, Department of Economics, Jagannath University for cordial guidance, pragmatic suggestions and continuous encouragement and inspirations of my term paper work, which enabled me to complete my dissertation work successfully. I would also like to offer my heartfelt thanks, gratitude, deep respect and indebtedness to Soma Bhattacharjee, Lecturer of Economics, Jagannath University for his continuous guidance, thoughtful suggestion and inspirations during the entire time of my term paper. I am indebted to the respondents of the study area who provided data and suggestions to complete the work. Contents PAGE i. Abstract ………………………………………………………4 ii. Acronyms & Abbreviations……………………………...……5 (1)Chapter-One 1.1 Introduction………………………………………………………..6 1.2 Background………………………………………………………..7 1.3 Literature Review………………………………………………….8 1.4 Statement of the problem…………………………………………8-9 1.5 Objectives of the...
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...Bill Bowerman with a collective investment of 1000 to fund the business tries (Nike repository, 2010) The company began with Bill and Phil being local distributors for the Onitsuka Tiger footwear brand now own by Asics footwear, Bill and Phil did business out of their cars at local track meet and sporting event to athletes in the vicinity of the University of Oregon, the first sport retail store open in California in 1966 as where the company profit began to grow they realized that their financial limits imposed by Onitsuka Tiger would limited their long team profits (Nike repository, 2010) This paper will describe the legal culture ,and ethical challenge that confront the global business as personated on the case study, in addition the paper will determine the various roles that the host government played in global business operation .at the end it will summarize the strategic and operational challenges facing global managers illustration in Nike organization Global business doesn’t come without challenges Nike organization plan to become a global body and that will help the company to increase their dividend unfortunately company like Nike will face obstacles before establishing as a successful business in oversea. Some of the issues of concern are child labor law and wages that will effect on sale. Because of this, most extensively recognized companies have presented various cases to defend their positions on...
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...how employees utilize company resources. This paper will address the benefits of technology at the workplace with regards to how it has transformed not only the productivity at the workplace, but also the nature of doing business in this era of globalization. The paper also identifies some challenges that come about with the introduction of technology and recommendations of aspects that can improve proper utilization of the gains provided by technology. As globalization defines market standards, technology has been introduced in the workplace in order to create the relevant competitive edges to succeed in this dynamic market. The current workplace is a buzz with technology that has transformed and redefined the work environment. With the introduction of new technology at the workplace, the contributions and productions of organizations have increased productivity and profitability in equal measures. This is through empowering employees through motivation and a departure from traditional forms of work by giving them control or rather autonomy over how, where and when they can accomplish their projects at work increasing their productivity (Karoly & Panis, 2004). The positive effects of technology around the workplace also involve creating a positive image for the organization to attract social advantages through target markets and to reduce the costs of production. There is however, challenges that have come about...
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...CHALLENGES IN THE BUSINESS ENVIRONMENT As a multinational organization that designs and sells computer software, cell phones, personal computers and consumer electronic products, Apple faces challenges in the global business environment that affects our operations and corporate social responsibility. As a result, Apple has reviewed and made changes to its Code of Conduct in the past year. Due to globalization which is the result of the notable increase of cross-border trade, investments, cultural exchange, population growth and emergent economies(New World Encyclopedias, 2008). Globalization has had a tremendous effect on Apple. We face challenges in balancing social responsibility with corporate performance. Our organizational leaders created a visional company that offers work to people in other countries, which has enable us to acquire a large amount of cheap and disciplined labor. Apple and its shareholders have earned a significant amount of money from globalization. Much of our operations are conducted overseas and outsourcing has allowed Apple to minimize the labor costs of manufacturing. Suppliers that have been able to take advantage of its access to the Chinese supply chain within a highly developed industrial cluster in assembling Apple’s products have been very important on production cost reduction. Globalization causes our organization to constantly update and monitor the company’s business plan and Code of Conduct. As a global company, Apple employs...
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...Globalization and our Responsibilities Vanessa Strachan Saint Leo University Globalization and our Responsibilities Globalization Globalization is the integration of the world’s economies; it helps to increase productivity, which can raise the standard of living. It is driven by technology advancements in communications and transportation and motivated by the desire for free markets. “Globalization can be technological (the Internet), economic (trade, pro- duction), cultural (television). Globalization can also foster international solidarity. But the dominant view is that globalization means increased commercial relations between people of different countries” (Unknown, 2009). Globalization is the opportunity for developing countries to tap into the world’s economy, which will allow the opportunity to sell many goods to as many people around the world. Globalization includes markets and production. “Globalization of markets refers to the merging of historically distinct and separate national markets into one huge global marketplace and the globalization of production refers to sourcing goods and services from locations around the globe to take advantage of national differences in the cost and quality of factors of production (such as labor, energy, land and capital)” (Hill, 2011). Globalization is an opportunity for big corporations as well as for small businesses; it is the movement of jobs, goods, finances, and investments. With the advancement of technology...
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...HBR.ORG The Globe Coca-Cola lines a shelf at a supermarket in Shanghai in May 2009. The New Rules of Globalization PHOTOGRAPHY: AP IMAGES As more countries rethink their priorities, multinationals must proceed with caution. by Ian Bremmer I n the past few years, Pfizer has encountered globalization’s new phase. As part of the Indian government’s efforts to make medicine accessible to as many people as possible, in February 2013 India’s Patent Office revoked Pfizer’s patent for the cancer drug Sutent and granted a domestic manufacturer, Cipla, the right to produce a cheaper generic version. India’s Intellectual Property Appellate Board has since set aside the decision and has directed the Patent Office to reassess the case. In China, meanwhile, the government has been slashing drug prices to reduce health care costs. Beijing established price ceilings on essential drugs in 2009 and lowered the ceiling by around 30% in 2011, and it has pledged to expand the list of essential drugs to more than 500 medications by 2014. Such moves pose major risks for a multinational company like Pfizer: Lower prices create disincentives for quality control, and China’s hospitals, which rely on drug sales for profits, are pushing inexpensive locally made products. Until 2008 going global seemed to make sense for just about every company in the world. Western markets were extremely competitive, population expansion had slowed and incomes had flattened...
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...Today’s companies are doing business global and international what can the American people gain from other countries doing business in a diversified way and being successful. Companies’ today going global is good for production within any company that is trying to succeed. Companies that are here in the United States that have a problem with these companies being able to do this should learn from them every operations manger need to know how to keep their company afloat and be ready to expand when the time comes. Hire people who have knowledge about growth and expansion and willing to take the knowledge and share with other have your company mangers learn from each other and understand their role and the process of the change that is going to happen, make sure you are in regulations with every part of your company and you can not go wrong. What are some of the issues the host foreign country could face as a result of the expansion? Foreign country will face many obstacles as they try to expand their company. There are several reasons why the host foreign country will endure obstacles because they have to understand the laws of the country which they would like to expand in. The operations mangers must buy supplies and all of the company’s materials and one more thing they must be able to bib on the land that they want to build on. The foreign country will have to have every step planned right There are three important issues that a foreign country could face when trying...
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