New trends in accounting education

Sanjay kaptan

The status of accounting education

A part of commerce education professional education needed by every business small or large can not be acquired without peofessional guidamce

Features
systematic scientific technical prfessoinal basic commerce education standardised governed by regulation combination of skills and technique

Dimensations
regulated by laws of the land governed by scientific principles universal laws like natural scineces mathematical base logical in application

Need for education in accounting

Improves quality of recording of financial data proper assessment of wealth creation proper assessment of resource generation systematic development of business systems new ways to look at busiess and economy socially responsive approach to businees activities regulation of busiess activities enhancement of faith in busiess and economy

Present scenario
educational aspects social dimension professional dimension regulatory dimension technology as a change agent international dimension

International dimensions
growing impact of mnc emergence foreign trsde as major input technology driven diversified regulations scope for manipulation international pressures to integrate and unify accounting systems need for unified accounting standards

Technology as CHANGE AGENT

impact of system driven technology impact of automation intergradation of multiple functions close-knit system of data processing less scope for human intervention transfer of power from expert accountant to expert data processing systems

Social dimensions of accounting education

Growing disbelief about profits created by business house the idea of true and fair view is doubted increase volume of economic activities rapid increase in financial literacy growing complexities of regulation growing skepticism abut government published finacial and monetary data

Educational scenario
Convention agencies new agencies regulated bodies private players

Convectional bodies
Universities national agencies other approved bodies

Universities as educators of accounting education

since beginning still offer ug and pg programmes facing competition from different sectos and agencies loss of credibilty loss of relevance challenge of professional applicability and relevance

Can universities continue as educators of accounting

the challenge is mounting growing competition from different corners conventional system of learnig limited coverage less application oriented less acceptability last preference from employers

What needs to be done ?

improve contents change approach revise curricula reengineer the system convergence with new systems more employer friendly acceptability should improve

Can universities stand to the challenge

the mixed response is based on following premises the system is less dynamic governed by stake holders with conflicting interest Less dynamic and unprofessional in approach Cannot meet continuous changes in the system

Professional dimension
challenge parallel educational institute like cfa and other bodies challenge rapidly changing economic scenario growing complexities of thchnology high level integration of finance , economy , and banking new challenges of international standards

Regulatory dimension
lack of integrated regulatory frame work Lack of comphrensive regulatory framework limitatins of contemporary legal framework fails to meet new challenges arising out of new technology and financial innovations needs a new and totality approach