In the modern world, accounting is a science that has offered solution to many business developments and coverage. Accounting has been presented as a science with no barriers and borders and without it few economic activities could conceive. Economic globalisation has increased and imposed a high quality requirement or adapted to new accounting standards with new approaches to economic information system for each entity. Considering these factors, its difficult to predict the economic crisis and find better opportunities to improve the existing accounting standards in the next decade.
The volumes of information dynamics surrounding financial accounting activities in many organisations offers an opportunity to rethink of a strategy of integrating IT in the rapidity of modern information. This enables organisations to design and implement a sound intelligence system with the requirements of current economic contexts. The intelligence system will also assist accounting personnel’s with useful information for decision making. Currently, the accounting system is characterised by tediousness in paperwork and possibilities for recovery are quite fragile in case of a crisis.
To provide a solution for the problems above, we involve all the stakeholders in the efforts to adopt modern means of reporting, analysing and processing accounting information. These advancements assist the management and official stakeholders to obtain accurate and complete information on the progress of the company. Communication is having a strong correlation on rapid growth of entities in the world and information technology has taken that advantage to create new products to help transform businesses. In that context, they are developing a system of accounting data management services to all their clients where e-business activities are performed. Most of the internet official websites provide the public with access to financial data, forecast analysis and relevant news to business solutions. Consequently, virtual global accounting environment have produced a new model for financial accounting auditing.
An intensive study of these adaptations to financial accounting, auditing and management have posed some challenge on how it will have to be incorporated in accounting standards. As a CFO, I will recommend the company executives to revise the path of transformation to a “order and fix” approach of outsourcing. This will assist in integration of customers with their sellers leveraging an analytical and actionable insight for mature models.