IDEAS home Printed from https://ideas.repec.org/a/isp/journl/v18y2024i1p232-243.html
   My bibliography  Save this article

Current Challenges And Changes In The Accounting Function

Author

Listed:
  • Vesna Nencheva
  • Eleonora Stancheva-Todorova

Abstract

Inspired by the numerous changes, roadblocks and problems facing the accounting profession as part of Industry 4.0 (and beyond), this paper aims to discuss three current challenges which will continue to impact the profession in the foreseeable future. Strategic documents, such as the World Economic Forum’s 2023 report on the future of jobs, the ACCA’s 2023 Annual Report, and other relevant documents, are used as a frame of reference. This paper outlines the three challenges that need to be understood both in terms of the future of jobs in general and the future of accounting in particular. These challenges are: 1) the capacity of accounting to attract graduates into the profession; 2) the relevance of the profession in terms of the ongoing digital transformation; and 3) the challenge of change, which this paper explicitly links to and examines by using VUCA framework – a well-known tool for identifying, quantifying and mitigating the risks associated with a specific situation. The articulation of the challenges seeks to indicate the necessary steps to a more sustainable accounting profession.

Suggested Citation

  • Vesna Nencheva & Eleonora Stancheva-Todorova, 2024. "Current Challenges And Changes In The Accounting Function," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 18(1), pages 232-243.
  • Handle: RePEc:isp:journl:v:18:y:2024:i:1:p:232-243
    as

    Download full text from publisher

    File URL: https://www.scientific-publications.net/get/1000066/1730641220346889.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Eleni Germanou & Trevor Hassall & Yanni Tournas, 2009. "Students' perceptions of accounting profession: work value approach," Asian Review of Accounting, Emerald Group Publishing Limited, vol. 17(2), pages 136-148, July.
    2. Rebele, James E. & St. Pierre, E. Kent, 2019. "A commentary on learning objectives for accounting education programs: The importance of soft skills and technical knowledge," Journal of Accounting Education, Elsevier, vol. 48(C), pages 71-79.
    3. Christine Helliar, 2013. "The Global Challenge for Accounting Education," Accounting Education, Taylor & Francis Journals, vol. 22(6), pages 510-521, December.
    4. Janie Bérubé & Yves Gendron, 2022. "Through students’ eyes: case study of a critical pedagogy initiative in accounting education," Accounting Education, Taylor & Francis Journals, vol. 31(4), pages 394-430, July.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ștefan Bunea & Flavius-Andrei Guinea, 2023. "Stakeholders’ Perceptions of the Vocational Competences Acquired by Students Enrolled in Accounting Master’s Programmes in Romania," Sustainability, MDPI, vol. 15(9), pages 1-28, April.
    2. Cuenca Botey, Luis Emilio & Célérier, Laure, 2023. "On the relentless labour of deconstructing domination logics: The case of decolonial critical accounting research in South America," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 93(C).
    3. Ballantine, Joan & Boyce, Gordon & Stoner, Greg, 2024. "A critical review of AI in accounting education: Threat and opportunity," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 99(C).
    4. Carla Carvalho & Ana Carlos Almeida, 2022. "The Adequacy of Accounting Education in the Development of Transversal Skills Needed to Meet Market Demands," Sustainability, MDPI, vol. 14(10), pages 1-18, May.
    5. Sargent, Matthew J. & Winton, Bradley G., 2023. "Cognitive ability and performance in accounting students: The importance of data analytics assignments," Journal of Accounting Education, Elsevier, vol. 65(C).
    6. Néstor Lázaro-Gutiérrez & Irene Barainca-Vicinay & Ana Bilbao-Goyoaga, 2017. "Who Said Accounting Was Boring? Let´s Play Cards. The DAC Project," European Financial and Accounting Journal, Prague University of Economics and Business, vol. 2017(2), pages 55-72.
    7. Aresu, Simone & Monfardini, Patrizio, 2023. "Oppressed by consumerism: The emancipatory role of household accounting," CRITICAL PERSPECTIVES ON ACCOUNTING, Elsevier, vol. 96(C).
    8. María Elena Escobar Ávila, 2020. "La enseñanza de la contabilidad: su metodología, epistemología y didáctica," Books, Universidad Externado de Colombia, Facultad de Contaduría Pública, number 10.
    9. Mel Timpson & Leopold Bayerlein, 2021. "Accreditation without Impact: The Case of Accreditation by Professional Accounting Bodies in Australia," Australian Accounting Review, CPA Australia, vol. 31(1), pages 22-34, March.
    10. Susanne Leitner-Hanetseder & Christoph Eisl & Carina Knoll & Othmar M. Lehner, 2021. "Need For Advanced It Skills For Accountants €“ What Does Accounting Education Literature Tell Us?," Business Education and Accreditation, The Institute for Business and Finance Research, vol. 13(1), pages 57-69.
    11. Fogarty, Timothy J. & Campbell, Cory, 2024. "The big data crossroads: Accounting education and the challenge of 21st century technology," Journal of Accounting Education, Elsevier, vol. 68(C).
    12. Everaert, Patricia & Safari, Maryam, 2021. "Digital self-contained module to assist a writing task on evaluating the financial, social, and environmental performance of a company: Teaching note," Journal of Accounting Education, Elsevier, vol. 57(C).
    13. Berry, Reanna & Routon, Wesley, 2020. "Soft skill change perceptions of accounting majors: Current practitioner views versus their own reality," Journal of Accounting Education, Elsevier, vol. 53(C).
    14. Elisabeth Sinnewe & Daifei (Troy) Yao & Laura De Zwaan, 2023. "Developing critical thinking: An examination of contemporary practices in accounting," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(1), pages 403-425, March.
    15. Fogarty, Timothy J., 2019. "Surrender Dorothy?: A commentary on Rebele and St. Pierre (2019)," Journal of Accounting Education, Elsevier, vol. 49(C).
    16. Apostolou, Barbara & Dorminey, Jack W. & Hassell, John M., 2020. "Accounting education literature review (2019)," Journal of Accounting Education, Elsevier, vol. 51(C).
    17. Apostolou, Barbara & Dorminey, Jack W. & Hassell, John M. & Rebele, James E., 2015. "Accounting education literature review (2013–2014)," Journal of Accounting Education, Elsevier, vol. 33(2), pages 69-127.
    18. Covaleski, Mark A. & Earley, Christine E. & Zehms, Karla M., 2021. "The lived reality of public accounting interns," Journal of Accounting Education, Elsevier, vol. 56(C).
    19. Huber, Marsha M. & Leach-López, Maria A. & Lee, Eunsuh & Mafi, Shirine L., 2020. "Improving accounting student writing skills using writing circles," Journal of Accounting Education, Elsevier, vol. 53(C).
    20. Sidorova, Marina & Nazarov, Dmitry & Listopad, Ekaterina, 2022. "The impact of ideology on the institutionalization of correspondence accounting education in Soviet Russia (1929–1939)," Journal of Accounting Education, Elsevier, vol. 58(C).

    More about this item

    Keywords

    accounting profession; challenges; digital transformation; vuca framework; soft skills;
    All these keywords.

    JEL classification:

    • A - General Economics and Teaching

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:isp:journl:v:18:y:2024:i:1:p:232-243. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Svetoslav Ivanov (email available below). General contact details of provider: https://www.scientific-publications.net/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.