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The Role Of Accounting In The Society - Research Paper Example

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In today’s accounting profession, accounting is not only just about the organizational aspect, but also new accounting aspects. The writer of the paper "The Role Of Accounting In The Society" discusses the role of accounting from the point of social perspective…
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The Role Of Accounting In The Society
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Download file to see previous pages Accounting has a vast and long history and it’s seen by many to be socially constructed i.e. most of its practices involves interaction with people hence making it more of an art rather than a science. Accounting is a vital tool in any business because it makes it easier to record and track the manner in which a business has grown and after the analysis of figures, it also suggests the way forward for the business in the future. Further, in today’s accounting profession, accounting is not only just about the organizational aspect, but also new accounting aspects like environmental or social accounting such as the corporate social responsibility have been included. For instance, in the developed countries, companies have a responsibility to allocate the cost for the environmental and the social aspects resulting from their activities.
Moreover, good and quality financial infrastructure is critical for the development of the emerging economies and our societies as it provides investors with acceptable high levels of assurance. Accountants and more specifically, the bookkeepers play important roles in our societies because they account for the various transactions happening through the daily economic activities happening outside and inside any given country, in addition to, offering the society many things such as the low priced products, jobs, and more opportunities arising from an effective accounting framework when the society develops and improves.
Accountants such as the auditors, bookkeepers, and consultants are part of the society. They form part of the organized group such as the banks, companies, firms and the other financial institutions that are working with common beliefs, interests, and profession to help, guide and advice the society (Walter, Charles, and William, 2012). ...Download file to see next pagesRead More
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