NEW NORMAL! WHAT BECOMES OF ACCOUNTING PROFESSION

NEW NORMAL!
WHAT BECOMES OF ACCOUNTING PROFESSION
OOU NUASA New Normal Presentation

1. NEW NORMAL! WHAT BECOMES OF ACCOUNTING PROFESSION Being a Paper Presented at the Departmental Week of the Nigeria Universities Accounting Students’ Association, OOU Chapter on November 8, 2021 Prof. Godwin Emmanuel Oyedokun [email protected] [phone], & [phone] Professor of Management & Accounting Lead City University , Ibadan, Nigeria

2. NEW NORMAL! WHAT BECOMES OF ACCOUNTING PROFESSION

3. INTRODUCTION Accounting as a profession has been conceptualized as an organized system of activities that collects, measures, recognizes, processes and reports financial information about an economic entity The global community is changing and growing at an exceeding fast pace, all thanks to globalization, high digital/information technology investments, and the rapid pace of technological change in combination with escalating costs of research and development Accounting industry has taken a restructuring and as the post-pandemic approaches, its implementation is gradually happening New Normal accounting as aided by Information Technology (IT) employs the use of computers and peripheral equipment and, has seen tremendous growth in service industries and has changed the narratives of accounting and other related profession around the world in the recent time Now , every part of the accounting process has been automated , the point of transaction, recordings and processing of periodic information to preparation of final financial reports Accountants now depend on technologies to provide the required information that will facilitate reporting processes among others

4. Concept of Accounting

5. The Nature of Accounting

6. Branches of Accounting Management Accounting Financial Accounting Cost Accounting Tax Accounting Project Accounting Not-For-Profit Accounting International Accounting Government Accounting Social Accounting Forensic Accounting Accounting Information Systems Corporate Accounting Human Resource Accounting Financial Reporting Fiduciary Accounting Auditing Services rendered by Accountants Forensic Services External Auditing Services Compilation (Bookkeeping) Services Taxation Services Internal Auditing Services Valuation Services Human Resources Services Financial Advisory Services Bankruptcy and Insolvency Services And many others

7. THE ACCOUNTING PROFESSION The term accountant refers to a professional who performs accounting functions such as account analysis, auditing, or financial statement analysis Accountants work with accounting firms and internal account departments with large companies among others They may also set up their own individual practices After meeting state-specific educational and testing requirements, these professionals are certified by professional associations Accountants are financial professionals who take charge of a series of accounts They may find work with corporations of different sizes, governments, different organizations like non-profits, or they may set up their own private practice and work with individuals who enlist their services Ambashe and Alrawi (2013) in Oyedokun (2019 ) They perform multiple accounting duties which vary based on where they work Accountants perform account analysis, review financial statements, documents, and other reports to ensure they are accurate, conduct routine and annual audits, review financial operations, prepare tax returns, advise on areas that require more efficiencies and cost-savings, and provide risk analysis and forecasting An accountant's duties often depend on the type of educational background and designation they receive

8. The Accounting Profession and Accountants’ Task In practice, accountants are either involved in preparing and presenting financial statements or auditing already prepared financial statements to ensure that they reflect a true and fair view of the economic reality being measured and reported It is important to note that either of these activities requires different processes that accountants have to go through in order to provide the required information for internal and external usage Accountants describe the health of an organization (as a whole) or the various parts of the organization Accounting numbers and ratios tell the story of the business, just like a picture tells a thousand words ( Imhanzenobe , 2020) Accountants analyze revenue and profits/losses; supply owners and other users with the required information to make informed decisions overtime This information forms the basis of a company's year-end financial report and legal filing reports

9. Accounting profession prior to 21st Century (pre-IT era)

10. Accounting Profession in the 21st Century (IT era)

11. Tools that facilitate 21st Century Accounting Software Operation

12. Disruptive Technologies in Accounting

13. The Impact of Technology on 21st Century Accounting Profession

14. The Future of the Accounting Profession

15. Conclusion

16. Recommendation