This section of the paper discusses the different aspects of accounting focusing on the Philippines. An analysis on the difference between the Australia and Philippines was made. In addition, this will also include what adaptations will be made to be able to adjust to the Philippine Accounting Standards.
Technology: The technological advances have altered the nature of the accounting processes. There are now available accounting softwares that accountants could use. In addition, these softwares are now being made available into the “cloud” such as the Quickbooks online, Freshbooks, Xero, and Wave. In the Philippines, many firms have also adapted to using softwares especially the large and/or public accountable entities. However, there are still small, medium sized entities that is not using any softwares. Hence, for future accountants to be able to adapt it needs to really have …show more content…
These are as follows: communication, teamwork, problem solving, initiative and enterprise, planning and organising, self-management, learning, and technology (APESB, 2010). In addition, Lee While of Institute of Chartered Accountants - Australia said that in the future, it is expected that the skills the will be focus on strategy and value creation and a breadth of vision across organisations. They want someone who has a vision and foresight that would help in predicting uncertain economic environment (Agbuis, 2010). In the Philippines, on the other hand, it is necessary that an individual is a Certified Public Accountant and have the necessary technical skills. Both CPA Australia and Philippine Institute of Certified Public Accountants have Continuing Professional Education (CPE), to ensure that accountants are aware of the changes on the financial reporting and
Technology: The technological advances have altered the nature of the accounting processes. There are now available accounting softwares that accountants could use. In addition, these softwares are now being made available into the “cloud” such as the Quickbooks online, Freshbooks, Xero, and Wave. In the Philippines, many firms have also adapted to using softwares especially the large and/or public accountable entities. However, there are still small, medium sized entities that is not using any softwares. Hence, for future accountants to be able to adapt it needs to really have …show more content…
These are as follows: communication, teamwork, problem solving, initiative and enterprise, planning and organising, self-management, learning, and technology (APESB, 2010). In addition, Lee While of Institute of Chartered Accountants - Australia said that in the future, it is expected that the skills the will be focus on strategy and value creation and a breadth of vision across organisations. They want someone who has a vision and foresight that would help in predicting uncertain economic environment (Agbuis, 2010). In the Philippines, on the other hand, it is necessary that an individual is a Certified Public Accountant and have the necessary technical skills. Both CPA Australia and Philippine Institute of Certified Public Accountants have Continuing Professional Education (CPE), to ensure that accountants are aware of the changes on the financial reporting and