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Scope of CA

The progression of accountancy would see the following changes in the year to come.

  1.  Accountant in business: Accountants in business will transform themselves to advisors and strategists. The knowledge of finance, account regulatory and legal framework would make the accountant in business a very valuable asset to drive the business. The accountants of future would steer companies as Chief Executive Officers (CEO), Chief Operating Officers (COO), Chief Strategists & Chief Financial Officers (CFO), etc.
  2. Consultancy Service: The practice of accountancy would and tax related service to consultancy services. Consultancy would be rendered in various spheres like strategizing business, re-organisation, restructuring, raising finance, public offering, acquisition of business, mergers & amalgamations, cross border investments in business, structuring deals, strengthening controls in business etc.
  3. Networking: Networking of firms both international and domestic would be order of the day. This would help firms to pool their resources effectively without giving up their individuality. Successful networks over a period of time would facilitate consolidation of firms.
  4. Small and Medium Practices: They render services to small and Medium Enterprises (SMEs). The SMPs would have to invest in infrastructure. Human resources and research in order to cop up with the increased activity. The SMPs will gradually grow bigger and would eventually transform themselves to large practices.
  5. Standards: The accounting and auditing standards would be global standards and there would be complete convergence of these standards. This will facilitate free movement of capital cross border. This will give comfort to readers of Financial statement on the benchmark applied and there would be uniform standardization of Financial Statement and quality of audit.
  6. Board of Directors: The chartered accountants would play a very important role in the governance of companies both domestic and foreign. Their role as independent directors would be more focused who would able to add value to the decision making process in view of skill set and vast experience.
  7. Government Accounting Public Sector: The accounting of nations, states and cities will undergo a drastic change. The government jobs are also of great requirement of these professionals.
  8. Rural Economy: The rural economy will harness the benefits for growth and development. This in turn will transform the agriculture sector which will become more organized. Rural economy will open up great opportunity for accountants.

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About Sri Narayani

Iam Sri Narayani, a Chartered Accountant, a spiritualist and a Parenting Coach. I am the founder and CEO of OTU and Currently serving as the Principal of Bhaktivedanta Gurukul and International School. I have a mission of making 1 million happy families and bright and responsible children and therefore I have created a Holistic Parenting course and community.

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