Monday, May 11, 2009

Accounting trends to look out for

The accounting industry is experiencing a wave of changes in recent years. Technological innovations, new regulatory compliances, and the transition to a more global business structure are requiring accounting professionals to learn and apply a new set of skills to maintain their current marketability.
Are you up to date in the following areas?
  • International reporting standards through the convergence of GAAP and IFRS
  • Migration towards the use of fair market valuation
  • Adaptation of XBRL in financial reporting
  • Proposal to change the way contingent liabilities are reported (FAS 5)
  • Corporate social responsibilities and their effects on the bottom line
  • Risk management strategies in dealing with foreign businesses
  • Understanding and familiarity with other cultures
Read More:
New-age skills for accounting professionals
Accounting: skills and talent
Which one when? A roundup of key accounting deadlines, developments, and detours to watch for in 2009

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