Intermediate Accounting (16th Edition)

Published by Wiley
ISBN 10: 1118743202
ISBN 13: 978-1-11874-320-1

Chapter 1 - Financial Accounting and Accounting Standards - Review and Practice - Questions - Page 23: 27


Some of the major challenges affecting the accounting profession relate to the following items: i. Non-financial measurements- how to report significant key performance measurements such as customer satisfaction indexes, backlog information as well reject rates on goods purchased. ii. Forward-looking-information-how to report on future oriented information. iii. Soft assets- how to report on intangible assets, for instance; market-know-how, market dominance as well as well-trained employees. iv. Timeliness- how to report more real-time information.

Work Step by Step

Additionally, understand-ability is also another major challenge facing the accounting profession where investors as well market regulators are raising concerns about the complexity and lack of understand-ability of financial reports.
Update this answer!

You can help us out by revising, improving and updating this answer.

Update this answer

After you claim an answer you’ll have 24 hours to send in a draft. An editor will review the submission and either publish your submission or provide feedback.