Current Events in Accounting (5 Stories You Need to Know)

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Current Events in Accounting 1

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To those out of the loop, accounting sounds boring and dry. For professionals, it’s an industry and field booming with opportunity. Numbers aren’t everyone’s favorite, and many struggle with math, let alone accounting processes. Accounting is the process of managing numbers in a variety of settings. Every sort of business or establishment needs an accountant. A few clear cut reasons accounting is important include taxes and money management. Of course, the study of accounting is a booming field as well. Nearly every major university has an accounting program. In terms of recent news, these current events in accounting give you an idea of what’s happening and changing in the field.

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American Accounting Association Celebrates Texas Educator

Current events in accounting are always assumed to be all numbers. The important thing to stress with this way of life is the people behind the books. Not only do businesses and organizations need accountants; they usually need multiple. The size of a company can really influence how many accountants are on staff. Many work remotely as well, stopping in only to deliver and pick up checks, or make it to meetings. Consider for a minute how many businesses there are in the U.S. alone, not to mention the world. That’s a lot of people who need to know numbers. For that reason, accounting educators are crucial in ensuring the applicant market stays strong.

A lot of educators in accounting come from the professional world and then move into instructional work. For example, Dr. Mary Fischer at the University of Texas at Tyler has seen it all. After working her way up to executive management roles in companies like the Federation of Business Disciplines and other influential organizations, Dr. Fischer moved to teaching. She has since helped countless students in their efforts to become professionals, and recently was awarded a lifetime contribution award for her work. She also took home 2019’s top award in Nonprofit Sector work for accounting. To be honest, it’s about as top of the tops as accounting professors can get.

A Lifelong Learner and Educator

As a student, Dr. Fischer showed great promise. Now, as she instructs new students in their budding careers, she feels overwhelmed with support from her colleagues and University peers. In many ways, Dr. Fischer embodies what is wonderful about the world of accounting. Her academic research centers on critical perspectives of accounting. Given her emphasis on non profit work, this is a great way to show people that they can make a difference even while working the numbers and budget.

Accounting is not a field in which high school students necessarily come to University with a lot of experience. For a lot of students, college is the first dive into the world of accounting. Dr. Fischer and educators like her make the transition smooth. Her accolades also include recognition for professional development, which many accountants know is crucial. Overall, Dr. Fischer’s efforts make a lasting impact on thousands of students. As well, her contributions to the field of accounting are not only felt at UT Tyler, but also felt across the globe.

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California Students Streamline Accounting with Robotics

When you think artificial intelligence, or AI, you likely think of a few things. Of course, many believe AI to be a STEM staple in many college programs. The more research being done in universities across the world, then the more likely this technology comes to businesses and non-academic institutions. To be frank, the concept of AI is usually limited in the public’s minds to Amazon’s Alexa, or even a home assistant that gives you the traffic before heading to work. If you truly understand artificial intelligence, then you know its effects go much deeper. For those following current events in accounting, you know that means numbers and bookkeeping as well.

Recently, AI is being moved past the stereotypical roles in which it is used. Researchers believe AI to be crucial to future progress. In a lot of ways, it will be. For now, many wonder how long it will be until it makes a big impact. Well, accounting students at Cal State Fullerton say the time is now. In fact, they are using AI to transform the way they learn and practice accounting. What does this mean, and how soon will it be in other classrooms? Hopefully, the time is now.

Computing in Accouting

The details of accounting can get overwhelming. Even after years of experience, it’s easy to drown in the numbers and formulas. To make this process easier, Cal State Fullerton students were offered an on screen assistant. The on screen bot is able to take care of a lot of simple tasks accountants face daily. In the bot’s list of abilities, some of these tasks include deleting unnecessary files, checking zip codes, and other quick jobs. Sure, accountants do not need help doing these things. But it’s not about need. The want to utilize these technologies is there. For any job, taking care of easier tasks with AI can mean more time to focus on big projects.

The goal of the program is to implement these tools everywhere. Over 200 million people work behind a computer in some form or another. The great thing, for these researchers, is the ability to translate the project to other fields. Ideally, the AI program would help millions of people. If you work with a computer, then it’s likely something like this would be very helpful to you. AI, as once believed, is not just for scientists. Accountants can hope for more research into this technology, in order to free up their time a bit more.

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Tips for Teaching Accounting Ethics

Accounting consists of, at the least, business related operations. In many ways, accounting is the life force behind a business. Its role is crucial, if not essential, to an organization’s efforts. No matter the sector or field, accounts work closely with important information. The money, numbers, and data can mean some serious stuff is visible to accountants. For this reason, ethics get brought up a lot in accounting classes. Once you hit the business world, however, some professionals worry that the emphasis on ethics disappears. Sure, you follow the rules, but are you being an ethical accountant?

Not only that, but accountants think differently than others. For example, most of an accountant’s day is centered around numbers. The emphasis on data transforms your brain a bit. You likely know your peer’s salaries, as well as their information quite well. Accountants think of people and things in terms of numbers, more often than not. They’re not robots, but they certainly operate like them from time to time. For this reason, a professor is pushing accounting students and professionals to keep ethics in mind. The University of Cape Town professor goes so far to say ethics are in dire need of review in the field.

Doing the Right Thing in Accounting

Current events in accounting mention ethics all the time. Usually, it’s for the wrong reason. Many shady practices make the news from time to time. More often than not, the issue lies in the numbers. Professor Jimmy Winfield believes ethics are important for accounting students. That being said, he thinks very little of current curriculum. That’s because business decisions are rarely up to accountants. The goal of his outlook on ethics is to show the role accountants have in making the right calls. It’s as the old adage goes: if it doesn’t feel right, don’t do it. In fact, Professor Winfield’s advice might keep some people out of prison.

To keep it simple, accounting is the closest department to all of the critical information related to a business. Current events in accounting highlight business cheats and criminals all the time, and it can usually be seen from a mile away. The trick is knowing when to flag something as unethical. Accountants will be the first ones to notice if something is wrong. For that, they need to know how to make ethical judgements. Easier said than done, but with help, it becomes second nature.

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Teaching in the Cryptocurrency Age

A new topic in current events in accounting focuses on cryptocurrency. Imagine asking someone what bitcoin is, and getting a clear answer. You might be surprised. Many know what bitcoin is in abstract, but in detail, it makes very little sense. A big trend in accounting will be knowing what to do when encountering cryptocurrency. The questions right now is what level of permeation will cryptocurrency reach in normal business practices. Many accept cryptocurrency as payment in the ecommerce and online retail space. In business dealings, however, many still reject its use. That’s likely going to change, as more learn the benefits of cryptocurrency. Of course, that comes with its downfalls as well.

For educators, this is a really difficult topic of curriculum. Because the future of cryptocurrency is so unclear, it’s tough to fit it into college courses on accounting. Current events in accounting point to this being a huge impact on the business world, but it’s not necessarily visible yet. For this reason, the implementation of cryptocurrency into lesson plans varies among programs and institutions. As a nice tie in to the last current event mentioned above, the ethics of cryptocurrency are tough to manage too. Many see it as a questionable form of capital, but that is not necessarily fair.

Accounting Considerations for Cryptocurrency

A few things need to be kept in mind when teaching cryptocurrency to accounting students. First and foremost, an explanation of the ways in which companies can benefit from the new form of capital is key. Accountants working for cryptocurrency miners for example might not understand the process. Much like quick trading on the stock market, mining cryptocurrency is an automated process in many cases. Programs look for low prices on bitcoin or other cryptocurrency, and buy it to hold for a resell and profit. It’s quite lucrative given the right software.

For a lot of accountants, questions of ethics come into play. It’s not necessarily wrong to work with cryptocurrency. It’s just unclear what its impact will be. Stock trading is often seen as shady as well, but as long as tax codes and laws are not being broken, there are no major concerns. Learning about cryptocurrency is a must for current accounting students. Everyone is still learning about its impact on the business world. Like anything, it’s all about keeping up with current events in accounting and seeing what others use it for.

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Agency Celebrates Successful Interns from Past

Any successful agencies in accounting work well for a variety of reasons. For one, they likely feature great individuals behind the books. Additionally, a wealth of information is available to them. The easiest way to stay on top, however, is to keep up with trends in the industry. That goes behind reading up on current events in accounting. It’s a good start, however. Beyond that, the need to be on the cutting edge separates good accounting agencies from great agencies. The key for some is to have a healthy intern program. Internships are crucial for budding accounting professionals as well.

In an accounting internship, students learn the ins and outs of a day at the job. Doing school work and reading up on the practice is helpful, but not the same. Getting hands on experience is key to keeping the newly entered candidates for jobs on top of things. It gives them the readiness to start a job and enter the position already ready to work. Training can be costly, in both time and currency. Taking a month to get someone started is a long time, plus, your output is lowered as well. For interns, their first agency is a place where they learn the skills they’ll use for life. For this reason, many agencies like to keep up with their interns. One agency in particular is happy to celebrate past interns.

From Students to Industry Leaders

The Illinois Certified Public Accountant (CPA) Society recently highlighted the efforts of their past interns. Over 40 past student workers returned to the Windy City to participate in workshops and talk about how far they have come. The event was free, and also invited Illinois CPA Society members and graduates to attend. Past interns have gone on to work at Fortune 500 companies, as well as start their own businesses. An agency like the Illinois CPA is crucial to developing tomorrow’s great leaders.

Interns work hard to learn how to become career professionals. As many gripes people have about unpaid work, many accounting internships feature an hourly wage. The industry would not be where it is today without interns. Networking opportunities also provide everyone with a wealth of knowledge. Younger professionals know modern practices best. Likewise, seasoned vets of the accounting world know the traditions that keep things running. The balance is essential to a well functioning field. Everyone chips in to provide businesses and organizations the accounting they need.

Conclusion

Accounting is crucial to the working world. Keeping up with current events in accounting makes it easy to stay on top of what’s happening in this ever-important profession. Business runs through accounting, so the more you know, the better you can understand the way a business works.

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