Competency Integration in Accounting Education †MyAssignmenthelp

Question: Discuss about the Competency Integration in Accounting Education. Answer: Introductions: Communication is regarded as the core activity in the profession of accounting as communications facilitates transformation of interest from one person to another person or a combination of both and to shareholders or stakeholders of the organizations. Effective communications form the important aspects of the business dealings with employees and outsiders such as vendors and clients (Wilson, Gray and Hamilton 2016). Accounting forms an inherent part of any business and goods communications is considered as the vital in performance of business activities. Significant financial tasks in the form of preparation of budget and reporting, payment of bill, payroll and recording of income should be presented appropriately to the management and others to be regarded as useful and meaningful. The function of communication is to make sure that each member of the organization knows what is anticipated. Good communications is considered to be critical in ensuring coordination and control of each individuals, group and departments (Wilson, Gray and Hamilton 2016). The profession of accountancy must understand clear and succinct communications along with the significances of poor communications. Better communications make sure that individuals understand what they anticipate, that the correct person obtains the correct information and ensure appropriate coordination inside the organizations. It makes sure that the control of the organization plans and procedures and the instructions provided by the management to the staff are understood. In the modern world accountants are faced with the complex situations. They are not only burdened with the responsibility of measuring economic data but they also have to shoulder the responsibility of communicating the data in a meaningful manner to the various users or receivers of the accounting information (Gaviria, Arango and Valencia 2015). These users are generally investors, creditors, government, management and others within the business organization. All these users need accounting information since this information are important in decision-making processes. The most noteworthy use of the accounting facts is to communicate significant evidence that allows the organisation to undertake good decisions (Wilson 2016). In order to make the information real, accounting information should be meaningful and must be understood otherwise it is simply the list of facts having no actual meaning. Several business makes the use of the templates for interior reports in order to communicate information in a matter, which is conversant and simple to use by the organisation. For instance, financial departments might obtain actual versus budgeted forecast reports each month as using this similar format might help in understanding and analysis. Other vital users of the accounting information are the investors as they are the one that wants to know and understand the how the business is performing financially. Generally, such kind of accounting information is communicated with the help of the standard reports generally in the balance sheets and income statements, accumulated by using generally accepted accounting principles (Apostolou et al. 2015). A balance sheet represents the assets, including cash, liabilities and owners equity. An income statement on the other hand represents income and expenditure of the business during a specified period of time. Both such statement are combined each month that allows the comparison and analysis from the investors point of view. A large number of investors would want to see whether cash flow statements having information regarding inflow and outflow of the money. An important consideration regarding the communication of accounting information is that such information should be communicated correctly to the government units at the time of levies (Lawson et al. 2015). For instance, taxes require sales and makes the use of tax on specific substances with accounting evidence should be obtainable under an assured manner to be significant. Alternative example of government communications is the yearly tax return with interior revenue service as under such circumstances evidence is following the specific rules and regulations. Banks on the other hand, might want to be appraised regarding the monetary situation of the companies, by establishing communication of accounting substances forming as the main concern in several companies. In the case of the bank loans, there can be episodic reports that makes the use of the accounting information (Rebele and Pierre 2015). Banks are generally involved in the cash flows and might need distinctive reporting in case of a companys position of liquidity together with both the short-term books receivables and payables. All this kind of material should be conversed to the bank clearly or else the business might not obtain loan. One of the best example of promoting effective communication for any form of accounting information is to do the same in writing and in a report format in accordance with the description on the left hand side of the pages. This helps in effective transformation of accounting commination with summarized version of information to facilitate better understanding for the financial users of the information. The significance of communication in accounting is considered as the language of the business, there are large number of people that consider accounting as the number however accounting is more than just the number (Dickfos, Cameron and Hodgson 2014). Business is changing and so are the belief regarding the descriptions along with the associated skills necessary to perform the jobs. An important consideration in this regard has been bought forward which states the stereotypical role of the accountant is merely characterised as the introverted persons. As numbers should be replaced with the understanding that current, accounting professionals is necessary to possess the interpersonal skills to help with the decision-making procedure across all the areas of functions regarding the accounting principles and decisions. The accountant of current era, particularly under the realms of the managerial accounting are required to communicate their ideas and financial information to others in the company of many where non-accountants and non-financial people are tactful and effective. Management accountant are required to be now a better communicator (Deegan 2013). The Practical analysis of the management accountant sought after in determining the methods involved in the changing roles of the accountants. There are circumstances when the accountants and the management will be able to communicate better regarding the changes and results and the information relating to the financial statements. Additionally, effective communication helps in providing accurate information in the form of various notes. In order to administer such situations, the accountant and the manager are required to develop the effective communication skills both verbally and in written manner (Lawson et al. 2016). this will additionally help in enabling communication amid the international users of the financial instrument along with the companies that seek to publish the information. Several studies have examined that oral communications skills is considered as the usually graded working accountants being the further significant than the written skills of communications. According to several studies that have distinguished amid the formal and informal communications skills. As stated by Jack, Davison and Craig (2013), there has been an evidence where the accountants as more significant than the formal skills of oral communications regard oral communications skills. Similarly, informal writing skills is placed on the higher side in the list of important practicing accountants than the formal writing skills. According to Wilson (2016), professionals of accounting must be able to present, converse and report their opinions with the help written and spoken communications. Although the readings have unswervingly addressed the communications skills required by the working accountants however, the general conclusions are regarded as uncertain. There is certain agreement that states that the practicing accountants regard informal oral and written skills of communications as the most noteworthy. Several research has revealed some of the contrasting views among the instructors and secretarial practitioners regarding how the communications skills must be prioritized. As stated by Slack (2014), it has been reported based on the survey that the opinions of the commercial communications instructors and bookkeeping practitioners are carefully associated. However, the opinions of the practitioners have deviated from what was stated in the survey. The deviation states a greater requirement for cooperation among the accounting professionals and the specialist of communications so that an improvement can be made level of communications for the graduates accountants. The significance of communication skills regarding accountants have been measured and conversed for more than half a century. Nevertheless, several elementary queries continue to be unanswered or remains unsettled. One of the prime reason surrounding the queries is the weakness in the classifications of communications skills considered in the previous studies. In addition to this, a large number of the current skills of communication researched is out-dated with slender in possibility and is restricted to terrestrial research. One of the important challenge for the secretarial instructors is to make sure that the transferable is aligning with the most regularly achieved task of communication in bookkeeping. To attain this, there must be a collaboration among the instructors, practitioners and in specific communication specialist to recognize the pertinent skills of communications that is required to be implemented in the accounting programs. As stated by Ahadiat and Martin (2016) educators that are involved in the incorporation of the communication skills in the accounting agendas must ascertain the lessons in providing necessary, movable abilities for the practicing professionals. Greater degree of teamwork among the secretarial profession, accounting instructors and communication specialist is considered to be critical, assuming the viewpoint that has been detected amongst the three groups. As cited by Wilson (2016), detailed technical proficiency would always form the part of the accounting success however accountants that develops the skills of strong communications will have greater chances of success. As understood, practicing accountants seem to consider the significance of the informal communication skills greater than the formal skills of communication. Burns and Needles (2014), have placed greater amount of importance for accountants having the aptitude to communicate the nonconcrete ideas to the audience with non-accountants backgrounds in the casual settings. Instructors on the other hand, have placed formal communication skills over the informal skills of communications. This suggest a disconnection and suggests that programs of accounting may not be placing emphasis or arranging the abilities of communications that is considered very critical to the occupation. As such, the difference amid the formal and informal communication skills should be evidently recognised and agreed. Facts on the comparative implication of formal versus the informal communications skills across both the oral and written dimensions and underlying the attributes along with the components, which supp orts these, must be defined with the help of carefully designed research studies. Conclusion: On arriving at the conclusion, the study has reviewed the current literature and has identified the numerous skills concerning the knowledge gaps. It lay down the substance for forthcoming investigators that are interested in discovering the abilities of the communications by the accountants. By more specifically recognising the wants and anticipations of practicing accountants, educators of accounting will be better capable of targeting particular communication skills and components through which the design of the accounting program and innovation educations. The study has conclusively placed greater amount on the formal communication with greater amount of emphasis must be placed on the informal communication. Reference List: Ahadiat, N. and Martin, R.M., 2016. Necessary attributes, preparations, and skills for the selection and promotion of accounting professionals.Journal of Accounting and Finance,16(1), p.11. Apostolou, B., Dorminey, J.W., Hassell, J.M. and Rebele, J.E., 2015. Accounting education literature review (20132014).Journal of Accounting Education,33(2), pp.69-127. Burns, J.O. and Needles, B.E. eds., 2014.Accounting Education for the 21st Century: The global challenges. Elsevier. Deegan, C., 2013.Financial accounting theory. McGraw-Hill Education Australia. Dickfos, J., Cameron, C. and Hodgson, C., 2014. Blended learning: making an impact on assessment and self-reflection in accounting education.Education+ Training,56(2/3), pp.190-207. Gaviria, D., Arango, J. and Valencia, A., 2015. Reflections about the use of information and communication technologies in accounting education.Procedia-Social and Behavioral Sciences,176, pp.992-997. Jack, L., Davison, J. and Craig, R. eds., 2013.The Routledge companion to accounting communication. Routledge. Lawson, R.A., Blocher, E.J., Brewer, P.C., Morris, J.T., Stocks, K.D., Sorensen, J.E., Stout, D.E. and Wouters, M.J., 2015. Thoughts on competency integration in accounting education.Issues in Accounting Education,30(3), pp.149-171. Lawson, R.A., Pincus, K.S., Sorensen, J., Stocks, K. and Stout, D.E., 2016. Managing the Curricular-Change Process: Implementing Competency-Based Accounting Education. Rebele, J.E. and Pierre, E.K.S., 2015. Stagnation in accounting education research.Journal of Accounting Education,33(2), pp.128-137. Slack, R., 2014. The Routledge companion to accounting communication. Wilson, R.M. ed., 2016.Researching Accounting Education: Australian Contributions. Routledge. Wilson, R.M. ed., 2016.Researching Accounting Education: Australian Contributions. Routledge. Wilson, R.M., Gray, F.E. and Hamilton, L. eds., 2016.Communication in Accounting Education. Routledge.