Accountancy as unfolding profession: A case of Pakistan

Abstract

Accountancy has evolved as an important profession in an organization. Professional accountancy plays a vital role that contributes to the overall progress and stability of an organization. Professional accountancy helps the businesses to reduce cost, mitigate the risk and improve profitability. This paper aims to check the importance of different factors such as education and knowledge regarding IFRS, information technology and government legislation in the evolving trends of this profession in a developing economy like Pakistan. Our findings suggest that information technology positively affect the emerging trends of professional accountancy. Further result shows that professional accountants` knowledge about IFRS and Govt. legislation is insufficient. For the evolving economy as Pakistan the education and training mechanism of professional accountants should inculcate the interaction of accounting system and legal system. It may enable accountants to expand accounting applications to a wide variety of business and financial settings and prepare for public and private accounting positions that will play its role in the improvement of accurate financial disclosures.