Answer
Some of the main challenges facing accountants are:
• The objectives of financial reporting are often different in foreign countries, which makes it hard for accountants within the international arena.
• The institutional structures are often not comparable because most firms tend to have a unique finance structure, which makes it difficult to compare performance or create an industry trend.
• Strong national tendencies are pervasive, and therefore, there is reluctance to adopt any one country’s approach.
• Different reporting strategies by different accounting softwares.
Work Step by Step
With globalization, we have organizations operating in multiple countries and different reporting strategies make it hard for accountants to compile and compare results from different regions of the globe. Additionally, different accounting structures make it hard for accountants to transition between companies without the need for additional training. Moreover, differences between economies of different nations also hinder the implementation of universal accounting principles. Finally, accounting softwares such as Sage and QuickBooks have different reporting strategies, which creates the need for further processing.
