New trends in accounting education

Sanjay kaptan

The status of accounting education

• A part of commerce education • professional education • needed by every business small or large • can not be acquired without peofessional

guidamce

Features

• systematic • scientific • technical • prfessoinal • basic commerce education • standardised • governed by regulation • combination of skills and technique

Dimensations

• regulated by laws of the land • governed by scientific principles • universal laws like natural scineces • mathematical base • logical in application

Need for education in accounting

• Improves quality of recording of financial data • proper assessment of wealth creation ‘ • proper assessment of resource generation • systematic development of business systems • new ways to look at busiess and economy • socially responsive approach to businees

activities • regulation of busiess activities • enhancement of faith in busiess and economy

Present scenario

• educational aspects • social dimension • professional dimension • regulatory dimension • technology as a change agent • international dimension

International dimensions

• growing impact of mnc • emergence foreign trsde as major input • technology driven • diversified regulations scope for manipulation • international pressures to integrate and unify

accounting systems • need for unified accounting standards

Technology as CHANGE AGENT

• impact of system driven technology• impact of automation • intergradation of multiple functions • close-knit system of data processing • less scope for human intervention • transfer of power from expert accountant to

expert data processing systems

Social dimensions of accounting education

• Growing disbelief about profits created by business house

• the idea of true and fair view is doubted • increase volume of economic activities • rapid increase in financial literacy • growing complexities of regulation • growing skepticism abut government

published finacial and monetary data

Educational scenario

• Convention agencies • new agencies • regulated bodies • private players

Convectional bodies

• Universities • national agencies • other approved bodies

Universities as educators of accounting education

• since beginning • still offer ug and pg programmes • facing competition from different sectos and

agencies • loss of credibilty • loss of relevance • challenge of professional applicability and

relevance

Can universities continue as educators of accounting

• the challenge is mounting • growing competition from different corners • conventional system of learnig • limited coverage • less application oriented • less acceptability • last preference from employers

What needs to be done ?

• improve contents • change approach • revise curricula • reengineer the system • convergence with new systems • more employer friendly • acceptability should improve

Can universities stand to the challenge

• the mixed response is based on following premises

• the system is less dynamic • governed by stake holders with conflicting

interest • Less dynamic and unprofessional in approach • Cannot meet continuous changes in the

system

Professional dimension

• challenge parallel educational institute like cfa and other bodies

• challenge rapidly changing economic scenario • growing complexities of thchnology • high level integration of finance , economy ,

and banking • new challenges of international standards

Regulatory dimension• lack of integrated regulatory frame work • Lack of comphrensive regulatory framework • limitatins of contemporary legal framework • fails to meet new challenges arising out of

new technology and financial innovations • needs a new and totality approach