Research Report Assignment ACCOUNTING INFORMATION AND EMPLOYMENT Student Name: Under the Supervision of: October 2019 1|Page Table of Contents 1. Introduction ..................................................................................................................................... 3 2. The Importance of Accounting Specialization ................................................................................ 3 3. Accounting Objectives .................................................................................................................... 4 4. Career Prospects for Accounting Specialization ............................................................................. 5 5. Plans and Strategies that Fresh Graduates in Accounting / Business / Finance should Follow and the Appropriate Way to Gain Rapid Experience in the Same Field........................................................ 6 6. The Global Economic Climate and its Impact on the Demand for Accounting / Business / Finance Graduates................................................................................................................................... 6 7. Required Skills in Accountant ........................................................................................................ 8 8. The Role of Accounting in the Development of the Market Sector and the Economy ................. 10 9. Conclusion .................................................................................................................................... 11 10. References .................................................................................................................................... 12 2|Page 1. Introduction is a sort of scholastic order that gives an authentication to understudies who have finished their examinations in bookkeeping, regardless of whether from a school, college or business college. Bookkeeping goes back to old developments, for example, Pharaonic, Greek, and Roman. Around then, bookkeeping was utilized uniquely on paper. Presently bookkeeping has advanced into prepared to-utilize bookkeeping programming that is downloaded to PCs, and enormous organizations are building up their own bookkeeping programming. In the field of bookkeeping, the examination and investigation of money related reports, the assurance of benefit and misfortune for a specific timeframe, notwithstanding explaining the worth and nature of the assets accessible to the organization, the methods used to fund these assets, the potential impacts of their utilization, bookkeeping incorporates the use of information identified with: • Prepare reports and investigate the budgetary data about the office. • Audit of money related records. • Advice on duty matters. • Perform inward reviews. • Exchange recording frameworks. Holders of an accounting certificate can qualify students to work in non-profits or government agencies, such as the FBI or the IRS. Graduates can also work in accounting for their own benefit, in an accounting firm, or in corporate finance management. In this task some points related to the accounting specialization will be discussed, including: market sector, the economy sector, the most important recent articles on this aspect, the importance of accounting graduates, the activities of accounting graduates after graduation, the role of the economic climate demand for this specialization, the skills that must be available in accountants and others. 2. The Importance of Accounting Specialization The significance of bookkeeping is basic in accomplishing the accompanying: 3|Page • Contribute to give an unmistakable examination of every monetary exchange, and after that recorded in legitimate bookkeeping archives. • Classify and mastermind money related activities, so as to abridge them to help tasks and undertakings to know the estimation of their incomes, and the costs engaged with acquiring them. • Know the consequences of the business as far as misfortunes or benefits, and make a point to explain the idea of the money related situation during a particular timeframe. • It is a business language since it encourages the board to gather bookkeeping information and data when required and at proper occasions, which adds to help basic leadership. 3. Accounting Objectives Accounting is worried about arriving at the important goals of the organization or organization, including: • Seeking to get ready and compose fiscal summaries; which adds to the estimation of pay. • Identify assets, commitments and privileges of the business or venture. • It is a device to give administrations to managers or tasks. • It is a device to help the executives in the arrangement of essential and fundamental monetary records, bringing about the development of branches and sorts of bookkeeping science, for example, cost bookkeeping, and managerial bookkeeping. 4|Page 4. Career Prospects for Accounting Specialization Bookkeeping is one of the most mainstream study disciplines among understudies on the planet, taking into account that the birthplace in this day and age is the development of cash, representing organizations and foundations in different ways and regions. As it is notable, financial aspects and fund assume a noteworthy job in the courses of bookkeeping, just as the investigation of the standards of the executives and industry and the structure of private and open organizations. In any case, the emphasis on fund and bookkeeping remains the first, requiring a decent candidate in financial matters and science before applying to work. The most significant profession openings that can be filled by alumni of bookkeeping specialization: • Industrial Sectors: There is no modern foundation, whatever its creation or administration field, and doesn't have numerous situations responsible for the records of this office, follow-up income, money related stream, surveyed consistently and in various areas of the organization. • Banks: It is the most widely recognized activity for the alumni of the bookkeeping office, as they are the most proficient and most ready to arrangement with the monetary ideas of banking in the entirety of its structures and types, after their long investigations of banking fields during the college instruction. • Financial Services: Any foundation working in the regions of money, showcase investigation, stock trade, protections establishments, charge specialists, and different organizations that work for the most part in the budgetary monetary fields. This requires countless bookkeepers in their positions, which are without a doubt the most significant employments among different occupations in these establishments. 5|Page • Free business : Many bookkeeping graduates want to apply their budgetary and monetary information during their examinations to their own and independently employed organizations, which are increasingly proficient and fast in accomplishing their objectives, since they depend on viable and scholarly involvement with a similar time. To put it plainly, there is no enormous or little organization that needn't bother with bookkeepers to control its funds, whatever their field or specialization. 5. Plans and Strategies that Fresh Graduates in Accounting / Business / Finance should Follow and the Appropriate Way to Gain Rapid Experience in the Same Field • Firstly, the newly graduated accountant is required to put the qualification aside. • Secondly, a newly graduated accountant should start with manual accounting - he has to manage manual records to apply all phases of bookkeeping work in and on them. This is because if he does not graduate through manual records and instead practice accounting work through the automated system directly will discover in the future that it works as data entry workers, not the work of accountants. • Newly graduated accounting students should take specialized courses in the field of accounting as well as care to learn who are more than his or her experience. • Whatever the material return in the beginning is small and unsatisfactory must be patient and enduring to gain the required news in the labour market now. 6. The Global Economic Climate and its Impact on the Demand for Accounting / Business / Finance Graduates 6|Page Today, the world is living at the beginning of the Fourth Industrial Revolution, one of the most significant features of which is technological changes that seek to integrate the sensory, digital and biological spaces together to produce a world very different from the one we live in today. A world that relies entirely on artificial intelligence, big data, giant robots, 3D printers, and other similar fields. This amazing and accelerated development in the scientific field will contribute to a major transformation in the future of careers; some will be under threat of replacement, others will require the development of advanced skills to prepare for these careers, which will pose a major challenge for countries, companies and individuals alike to adapt to these variations. The professions that will be affected by this development are accounting and finance. The World Economic Forum's "Eventual fate of Jobs" (2016) report affirms that a combination of socio-economic and demographic factors will interact in the coming years to affect the labour market in the world and the Arab region. This leads to the growth of new occupations and the decline of some current occupations. The report notes the new skills the labour market will need in all jobs, new ways of organizing work, and tools to increase labour efficiency. The report predicted that if these factors were employed well, it would enable middle-income countries to expand their manufacturing base. This report is the result of a survey conducted in collaboration between the World Future Council and the World Council for Gender Equality, in which a group of academic experts, international organizations, professional service companies, human resource managers and senior executives participated in 371 global enterprises. The report pointed out that there are several social, economic and technological factors will contribute to change the future of accounting and financial functions in the short term, and determine the proportion of the importance of each of these factors. These factors are as follows: changing working environments (44%); rising middle class in emerging economies (23%); climate change and lack of natural resources (23%) and geopolitical changes (21%). For mechanical components, change elements were as per the following: Internet and Cloud Technologies (34%); Advances in Computing and Big Data (26%); Teamwork Platforms (12%); Advanced Robotics (9%); Intelligence Artificial (7%); Advanced Manufacturing Techniques and 3D Printing (6%); Biotechnology and Genomics (6%). 7|Page Internet and Cloud Technologies Advances in Computing and Big Data 6% 6% Teamwork Platforms 7% 34% Advanced Robotics 9% Intelligence Artificial 12% 26% Advanced Manufacturing Techniques and 3D Printing Biotechnology and Genomics Figure 1 - Technological Factors With regard to the skills or competencies that employers are looking for in accounting graduates, which job seekers must acquire in order to perform future job tasks. The report mentioned 35 competencies and skills that will be necessary to work in various sectors. The report divided these skills into three groups: in the first place, capacities (subjective adaptability, innovativeness, consistent deduction, affectability to issues, scientific reasoning, visual recognition, aptitude and manual accuracy).Second, fundamental abilities (content abilities, preparing abilities); and third, aptitudes for different segments (social aptitudes, frameworks aptitudes, complex critical thinking aptitudes, asset the board aptitudes, and specialized aptitudes). 7. Required Skills in Accountant The accountant should have the following features: • Knowledge in Mathematics: 8|Page One of the most significant abilities in which a bookkeeper ought to be great is managing numbers tasks, for example, increase, subtraction, expansion, division, parts, and rates. • Attention to subtleties: It is the ability of the bookkeeper's enthusiasm for concentrating on little things, bringing about less mistakes happening while at the same time managing exceptional bookkeeping exchanges in clients. • Preservation Ability: An aptitude that relies upon the bookkeeper's capacity to remember bookkeeping ideas and equations. This expertise is strengthened through ceaseless work in bookkeeping; the bookkeeper turns out to be better ready to remember these ideas. • Search: It is an ability that causes the bookkeeper to find solutions about the issues that face him, and furthermore research is certifiably not a troublesome expertise or errands, so it very well may be applied using the Internet. • Human aptitudes: It is a skill that depends on the existence of the successful methods in dealing with customers; This contributes to enhancing the confidence of customers, as the majority of them tend to deal emotionally with personal finances, so it is important that the predominant human skills accountant is characterized by tact and diplomacy. • Public Speaking: The skill associated with an accountant's ability to talk about his work; it is important to be precise, specific, able to speak in a clear manner, and contain a lot of information far from any ambiguity. • Writing aptitudes: It is one of the individual aptitudes of the bookkeeper that relies upon actuating the composed correspondence. A bookkeeper has a lot of investigations and thoughts that should be 9|Page composed, so it is important to have the option to utilize a specific sort of writing so as to add to the introduction of bookkeeping issues in a reasonable manner. After knowing the most important skills to be available in a successful accountant lies in the importance of making these graduates acquired these qualities and that is through some of the recommendations, including the following: • Continuing to learn and not content with the student information. • Provide training opportunities during the study period for students to link what was learned to the work environment. • Continuous supervision of these students during the period of teaching or training. • Conducting lectures and seminars for accounting graduates to obtain the necessary information. 8. The Role of Accounting in the Development of the Market Sector and the Economy Among financial matters and bookkeeping, a relationship of extents transformed into strife. Bookkeeping was conceived in the late fifteenth century on account of Bachelor. The economy was conceived in the eighteenth century, after three centuries by Scottish scholar Adam Smith. The economy was and still is the issue of the choice to allot restricted assets to various needs, while bookkeeping is the issue of supporting that choice with budgetary data. Bookkeeping interprets assets, needs and conveyance results into 'unbiased' budgetary language and reflects them in different spending plans and fiscal summaries. The economy was a preparing reserve in a PC while representing the screen of that store, it can't realize what is happening inside the reserve just by seeing its screens. Bookkeeping has empowered financial specialists to see how their monetary hypotheses work and how assets can be reallocated once more. The interrelationship between the job of bookkeeping and financial activity is exceptionally close. It very well may be contended that the disappointment of the calling to assume the job expected of it and the structure recommended for it lead to genuine 10 | P a g e monetary outcomes, worsen the situations and budgetary issues causing the frail financial procedure. The country that created math is equipped for structure the bookkeeping calling and setting up a certified Arab bookkeeper. This calling plays its job and takes a certified Arab bookkeeper marked by the monetary improvement required by every one of the nations of our Arab country from its surroundings to the Gulf. Bookkeepers are legitimately engaged with the nation's financial improvement. By studying the numbers that reflect the desired activity and required to be carried out. The computational figures determine the economic market situation in terms of growth or deterioration due to factors and well-established fundamentals already established. 9. Conclusion This task came to discuss the most important issues facing us in daily life, especially the issue of graduates in accounting, finance or business administration. Here, some important points to resolve this issue are discussed, including the following: the importance of accounting specialization, objectives of accounting specialization, career prospects for accounting specialization, plans and strategies that should be graduates in the field of accounting / business / finance and follow the appropriate way to gain a quick experience in the same field, climate The global economic impact and its impact on the demand for graduates of this specialization, skills required in accounting and the role of accounting in the development of the market sector and the economy. Finally, the reasons must be taken to reach the desired results. 11 | P a g e 10. References • Accounting: Concept, Objectives and Functions. (2019). Retrieved 29 September 2019, from http://www.yourarticlelibrary.com/accounting/accounting-conceptobjectives-and-functions/61280 • Asadizeidabadi, H. (2012). A Study of Accountant Required Skills to Have Efficient Participation in the Implementation of XBRL. The Winners, 13(1), 20. doi: 10.21512/tw.v13i1.664 • Chapter 1: The Future of Jobs and Skills. (2019). Retrieved 1 October 2019, from http://reports.weforum.org/future-of-jobs-2016/chapter-1-the-future-of-jobs-andskills/ • Importance of Accounting in Business Organization. (2019). Retrieved 28 September 2019, from https://iedunote.com/accounting-management-decision-making • Jhone, R. (2019). Accounting. Retrieved 28 https://www.investopedia.com/terms/a/accounting.asp • Mahesh, T. (2019). Objectives of Accounting - 13 Core Accounting Purpose and Objectives Explained. Retrieved 29 September 2019, from https://iedunote.com/accounting-objectives • Russell, B. (2019). Accountant Ranks Among Best Jobs of 2019. Retrieved 30 September 2019, from https://money.usnews.com/careers/best-jobs/accountant • Scribner, E. (2002). Interpreting the meaning of objectives of an accounting program. Journal Of Accounting Education, 13(2), 177-183. doi: 10.1016/07485751(95)00007-9 • The Future of Jobs Report 2018. (2016). Retrieved 1 October 2019, from https://www.weforum.org/reports/the-future-of-jobs-report-2016 12 | P a g e September 2019, from • Thomas, A. (2019). Accounting Job Description | What You'll Do | All Business Schools. Retrieved 28 September 2019, from https://www.allbusinessschools.com/accounting/job-description/ 13 | P a g e 6:15 Acdn.inst-fs-dub-prod.inscloudgate.net Some consideration as to sources of information: Use of published sources for evidence/opinions to address this question, or you might conduct your own investigation by directly asking interested parties their views and opinions. If this is the case, your report could include a brief explanation of how your own investigation was conducted. This might be useful if you are undertaking a dissertation in your final year... Having considered the necessary skills and the extent they are acquired, do you have any recommendations? Are accounting / business / finance graduates fit for purpose or does something need to be done in relation to improving skills, if so what might the different parties do? Look for information using key words such as 'accounting graduates and skills' using various sources: . General internet search · Search professional bodies web pages (such as ICAS, ICAEW, AAA, ACCA, CIMA etc.) • Search newspapers / professional publications such as ‘Accountancy Age' Careers / recruitment websites • Major employers · Electronic journals accessed from library web pages (for example: Accounting Education) · Web of science (A to Z of electronic resources from library web page) . Google 'scholar' (type scholar from Google and search in scholar to conduct a web search identifying academic articles) If you find relevant academic journal articles (consider whether the evidence applies to the current climate), check out the list of references included in the articles to find more. ABOVE ALL ELSE - make it relevant to today's climate. A critique of historic challenges up to the present day does not cover the requirements of the assessment. Referencing of source material: Only cite references in your report which you refer to (in other words don't list books or articles you have come across which are not relevant to your report). If something is relevant to the question, refer to it or quote from it. In the text of your report, the following example shows you how to reference in alternative ways: Example: According to Kavanagh and Drennan (2008) the need for accounting graduates to develop a broader set of skills has been a topic of discussion for some time. (This is not a direct quote therefore no page number is required) 6:15 cdn.inst-fs-dub-prod.inscloudgate.net Referencing of source material: Only cite references in your report which you refer to (in other words don't list books or articles you have come across which are not relevant to your report). If something is relevant to the question, refer to it or quote from it. In the text of your report, the following example shows you how to reference in alternative ways: Example: According to Kavanagh and Drennan (2008) the need for accounting graduates to develop a broader set of skills has been a topic of discussion for some time. (This is not a direct quote therefore no page number is required) OR - according to Kavanagh and Drennan (2008), 'for some years there has been much debate between various stakeholders about the need for accounting graduates to develop a broader set of skills' (p279). (This is a direct quote, quotation marks and page number required) And In your list of references at the end of your report you would show the reference as: Kavanagh, M.H. and Drennan, L. (2008). What skills and attributes does an accounting graduate need? Evidence from student perceptions and employer expectations. Accounting and Finance, 48, 279-300. However, If you are referring to an article written by more than two authors, the first time in your report you cite all the names (yes, even if there are six of them). Any time after, it is acceptable to cite the first name followed by 'et al.' Example: According to Gammie, Gammie and Cargill (2002)... And later on in the text - However, Gammie et al. (2002) then suggest... And in your list of references at the end of your report oyu would show the reference as: Gammie, B., Gammie, E. and Cargill, E. (2002). Personal skills development in the accounting curriculum. Accounting Education, 11(1), 63-78. 6:15 cdn.inst-fs-dub-prod.inscloudgate.net Feedback guidelines: You will receive an individual feedback form uploaded to canvas with comments in relation to the above criteria to accompany your assignment mark. Hints and tips: A report can include text, graphs, tables or pictures Information in a report is often organised in sections using appropriate headings, and not continuous prose as in an essay. Write in the third person (i.e. avoid the use of ‘T') for a more "professional" style Some considerations to be mindful of when writing your report: Including a background to set the scene in relation to the significance of the issue – the importance of accounting finance / business graduates: How many accounting business / finance graduates are there, what do accounting business / finance graduates do after graduation, where are they employed and in what positions? Is there a difference according to geographical setting, i.e. accounting / business / finance graduates in different countries? Has the current global economic climate had an impact on demand for accounting / business / finance graduates? What skills might be required, how could they be developed and to what extent do graduates acquire them? Have the skills required changed over time? (Try not to limit it to just a description but make a critical evaluation – consider why the skills identified are necessary. Consider the skill requirements from different perspectives – the graduates, the employer, professional bodies, academic institutions etc.) How can the skills be developed, are they developed? You could obtain a collection of opinions, reflect on your own experience and use it as an example to illustrate whether you have acquired skills or not. Some consideration as to sources of information: Use of published sources for evidence/opinions to address this question, or you might conduct your own investigation by directly asking interested parties their views and opinions. If this is the case, your report could include a brief explanation of how your own investigation was conducted. This might be useful if you are undertaking a dissertation in your final year... Having considered the necessary skills and the extent they are acquired, do you have any recommendations? Are accounting / business / finance graduates fit for purpose or does something to improving
Purchase answer to see full attachment