The Driving Forces in the Changing Role of Accountants - Literature review Example

The effect of these challenges is further vitiated by fast development and advances in science and technology, disruptive new business models, and shifts in business-oriented demographics. In total, these forces of change are pushing or driving new societal values, expectations, and needs and are entrusting more accountabilities on accountants to respond to these changes. In short, these changes are changing every feature of our globe in general and thrusting new duties on accountants in particular. Due to changes in the business sector due to various factors as enumerated below, there is increasing recognition in the business community for the need to develop a thorough understanding of these changes and other upcoming drivers of change and to equip themselves for a wide scale of probable future scenarios.

Hence, it is significant and vital for the accounting profession to recognize the major factors and forces that are likely to shape the future. This will facilitate them to face sprouting shocks and to capitalize by acquiring new talents and skills. The study of drivers of change is important to the accounting profession and for business executives to make them prepare for the challenges of an indecisive tomorrow. This research study will investigate the promising drivers of change that could have a severe effect on the accountancy profession and the business over the ensuing decades.

This study has referred to various previous empirical studies on the subject to prove its research hypothesis, i.e. the important drivers for change in the role of accountants in the ensuing decade. This research study attempts to offer a balanced picture of the effect of changing roles of accounting professionals in the ensuing 5 to 10 years. The main research question will be “what are the driving forces in the changing roles of the accounting professionals in the coming decade and what opportunities and confronts will it foster for the accounting professionals?

This research study will mainly use secondary data like books, peer view journal articles, and previous empirical studies conducted by the Association of Chartered Certified Accountants (ACCA), the Institute of Management Accountants (IMA), and the Accountancy Futures Academy.