Accountancy – Constantly Changing Environment
Accountancy as direct projection of the complex interaction between participants in the social and economic life is subject to constant changes caused by the ongoing updates of circumstances and interrelations. The subjects included in the economic process (individuals and companies, government and municipal institutions) have different needs (desires) and the business environment itself is changing almost on a daily basis. All this requires consideration, consensus and introduction of rules made for the accurate reflection of the existing interconnections and interdependencies complexity.
Accountancy seems to be at the very heart of the above described system as a platform aiming to present the existing norms in a common and understandable form. The accountant, although to some unfamiliar with this profession people, looking as just the person dealing with these norms, is actually a central figure controlling the accurate and strict adherence to the legislation requirements as well as constantly monitoring and “reading” the ideas behind the changes.
In these circumstances the accountant is the person responsible for the accurate accounting and following the most recent norms. This very obligation is related to his flexibility and the constant necessity of adaptation to changes. That is why we are used to saying that accountancy is being taught throughout the whole life.
Apparent examples are the annual changes in the local legislation: insurance system – minimum and maximum insurance level; tax system – tax rates, new taxes (Example – deposits interest rate); accountancy reports, etc. And if we add the constant changes and enhancements in international accounting norms – international accounting standards, different new tax and customs updates, etc., we’ll conclude that to work efficiently in accounting, we should be absolutely ready to meet the challenges related to adaptation to constant changes.
And practically there is no place for mistakes!
Each inaccuracy as a result of incompetence or disobedience to the existing legislation norms could lead to serious negative implications to the business itself, hence, naturally, to the accounting company as well. This is the very reason why the requirements are high, the labor – hard and the working time – prolonged. However, the satisfaction with professionally done job is invaluable and the recognition – the highest prize.
Since accountancy represents a way of life in a constant adaptation process.