The Future of the Accounting Profession: A Global Perspective

by Kenneth Most

Overview

Public accountants are being attacked from all sides. Stock and bond holders, the United States Congress, the Securities and Exchange Commission, clients, and even members of the profession itself, all accuse accountants of failing in their watchdog duties as auditors and of approving financial statements that follow questionable accounting rules. Academic as well as other critics fault the profession for failing to innovate, particularly in respect to accounting for the effects of inflation. The attacks often take the form of litigation that has resulted in the payment of hundreds of millions of dollars in damages by firms and their liability insurers. This situation is not unique to the United States. Similar attacks can be observed in Canada, the United Kingdom, and other countries. Indeed, the viability of the external audit is today in question, as public accountants increasingly seek to avoid potentially ruinous engagements and diversify into other activities.

Drawing on his long and extensive experience as both practitioner and academic, the author traces the history of accounting and auditing, analyzing the factors—-domestic and international—-that have led to the contemporary problems of the profession. He prescribes measures that can and should be taken in order to restore public accounting to its former status and esteem. He proposes major changes in federal and state legislation, the current system of accountancy education and training, accounting and auditing standard setting, and existing models of historical financial reporting. In addition, he presents a blueprint for a new type of financial report designed to improve the utility of financial statements for investment decisions.

Product Details

ISBN-13:	9780899307268
Publisher:	Bloomsbury Academic
Publication date:	03/24/1993
Series:	Contributions to the Study of Mass
Pages:	240
Product dimensions:	6.14(w) x 9.21(h) x 0.56(d)

About the Author

KENNETH S. MOST is Professor of Accounting at Florida International University in Miami, and has degrees in accounting, economics, and law. He was in practice as an international accountant and auditor for seventeen years before becoming an educator. Author of twenty books and research monographs, he has also published many articles in Abacus, Accounting and Business Research, The Accounting Review, The Jourbanal of Accountancy, The Jourbanal of Accounting Research and other leading professional publications in the United States and abroad.

Table of Contents

Trouble in the Accounting Profession
A Short History of Accounting
The Development of Accounting Thought
Generally Accepted Accounting Principles
The Auditing Problem
International Accounting and Auditing
A Conceptual Framework for Financial Reporting
Regulation of Financial Reporting—the Disclosure Issue
Financial Reporting and Changing Prices
Current Cost Accounting
The Financial Statements
Improving the Financial Statements
The Future of Auditing
The Future of Financial Reporting