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  • Career Resources

    By Rachel Byers, Full-Time Faculty, School of Business

    Latest Industry Trends 

    Globalization has led many of the major capital markets to push for a single set of global accounting standards. Currently over 120 countries have adopted one such set of standards known as International Financial Reporting Standards (IFRS). The Securities and Exchange Commission has expressed interest in making the shift in the United States. The implications of such a change would be many, ranging from educating future accountants on these standards to changing current accounting information systems to abide by a new set of standards. Keep an eye out for updates on this extremely important issue in the accounting world!

    Trends Shaping the Accounting Industry

    Accounting firms are taking advantage of some emerging trends by offering services in specialty areas. Among these specialties is forensic accounting. While this area isn’t new, it has seen an increase in interest in light of recent accounting scandals and the regulatory overhaul enacted in 2002, the Sarbanes Oxley Act (SOX). Forensic accountants offer an array of services including litigation support, setup and implementation of fraud prevention programs, and investigations to detect various types of fraud. 

    Another extremely important specialty area being focused on by accountants is estate planning. As the baby boomers and following generations retire, the number of people who will need sound financial advice about their retirement, their estate, and financing their long-term care is sky rocketing. Preparing for this need now will surely pay off in the near future.

    Are you bilingual? In today’s global economy there is a dire need for accounting professionals that are fluent in other languages. Further, and arguably just as important, there is a need for professionals who are proficient in adhering to international accounting standards, tax laws, and other international regulatory requirements. 

    The last trend revolves around SOX and resulting legislation. An important requirement of this legislation states that firms engaged to audit a company must be independent of that company. That is, they are not allowed to provide any other services, such as consultation services, to the company. This has led to clients seeking out various firms for each of services they need, which has put pressure on the demands of accounting firm’s staffing.

    For more information visit http://www.ehtc.com/resources/news-articles/bid/88667/Five-Trends-Shaping-the-Accounting-Industry  

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