Identification of the Accounting Issues
The assignment constitutes of a detailed analysis of the contemporary issues that witnessed with the accounting activities. A detailed research based on the different aspects of issues as opined by the scholars will be critically evaluated and presented argumentatively within this assignment. The different way through which the contemporary issues are impacting the accounting standard within any organizationaffecting the corporate sustainability which is related to that of the accounting standards within organizations irrespective of the industries or countries they are operating. There are different types of methodological issues that are contemporary these owing to the high propensity and frequentness that is witnessed while executing accounting activities and complying with the accounting standards at the same time. The research based that will be provided within this report in relation to the issues contemporary in accounting, the clear as well critical view with a detailed understanding of the issues and its impact will be availed to the readers.
Practical motivation: Practically motivating the professionals who do the job that is highly tiring as well as highly committing work in relation to accurateness are required to be motivated which is not witnessed or experienced by those professionals. There are several major issues in relation to that of the job profile of an accountant in terms of which the contemporary issues are increasing rapidly. There is again huge lack of creativity which is often considered by many not possible with the activities of accounting (Howard et al. 2018). However, these are few of the notions and traditional concepts that are giving rise to the contemporary issues in relation to accounting. It is very important to motivate the staffs and the employees of any organization who directly related to the profile and activity of keeping the record of the figures and determine the financial health of any particular organization as well. The professionals like managers, accountants are required to be handled in relation to the execution of the Human Resource Practices through which the contemporary issues of lack of practical motivational factors can be addressed. Retaining the accountant employees is yet another issue that are faced which are the indirect factors in terms of no motivational factors or practical implications motivational activities (Conway, 2018). There are no such regulatory bodies or even organizational policies that are evident for the practical motivation in the activities of account keeping. Through this, the recreational thinking and creativity of the accountants can be achieved as well. There is no prevailing system within the accounting operations and professionals that could focus on the practical implications of motivation (Crookes and Conway, 2018).
Literature Review
Theoretical motivation: There are different theories that can be employed for the purpose of the motivating the accountants which are one of the factors in motivating the accountants and their practices based on the theories. Through research, the theories that can be contributing to the issue of the accounting that is the lack of motivation includes self-determination, theory, Heizenberg motivation theory (Vohs and Baumeister, 2016). The theories that are mentioned are interrelated to that of the management theories. The contemporary issues are somewhat related to the lack of job satisfaction among the accounting professionals and the motivational practices as well which are theorized indifferent theories of motivation to be practiced by the leaders or the managers of any company. In this context, the focus is on the management accounting theories that are considered for the particular process. The issue that persists within the theory of motivation is that it is often not considered to be suitable to that of the accounting activities and operation in the contemporary financial activities of the business works, however, the fact that is evident is that the basic requirements for any professionals who are employees of any organization. Money is definitely the key factor but the factor that is related to motivation as well includes the lack of diversification, lack of focus on employee appraisal or flexibility in operational activities within accounting (Shipman, Swanquist and Whited 2016).
As per the issues in relation to that of the practical motivation, the term “creative accounting” is worth mentioning here, that was coined in the Anglo-Saxon environment based on the activities of capital markets focusing on the journalists and financial analysts. With the evolution of accounting, the creativity is the very factor that has been discussed in very lesser times owing to the concept that accounting and creativity have nothing to be related or aligned. However, this is emerging to be aligned with the accounting activities focusing the ways and the technology that can be employed for making the operations related to this a creative one which is an outcome of the evolution of the accounting. The business world is turning complex as well that complex the professionals to be more efficient or productive in order to achieve competitive advantage and challenges are faced by the challenges as to get the creativity and accounting aligned in relation to the execution of the accounting activity (Conway, 2018). Therefore, constant evolution is said to be one that is very contemporary.The present creative accounting which is still in the stage and evolution but has not yet turned into creative accounting refers to the use of the accounting knowledge by the accountants in order to manipulate the accounts of the company, without making it illegitimate or any activity of fraudulent (Crookes and Conway, 2018). The process that it may include for the practical motivation in the accounting so as to do away with the contemporary issues involves the working on different prospects as well as opinions in relation to that of the different approaches that can be potentially used within the presentation of the financial transactions of any company or result as well (Conway, 2018). This is how flexibility and the availability of the options may provide the accountant the sense of flexibility where the format or any technicality within the accounting system has bound the accountant or limited the activity of the accounting to the norms or set rules by the company. This is often opined as the transformation of the financial accounting that must be referred to by the accountants in the activity of accounting in order to motivate themselves or the professional accountants so as to address the issues that presented above (Byrne and Lees, 2018). Thus, the potentiality of the creative accounting is highly evident from the fact that the creative accounting technique us te very possible way of practical motivations that will help in addressing the issues in relation to the motivational factors, job satisfaction and retaining the accountant employees as well. This is how the appeal the creative accounting technique that includes the addressing the issues in different issues will make the accounting activity very contemporary (Crookes and Conway, 2018).
Hypothesis
As per the theories of motivation, the self-motivation and the Heizenberg’s motivation theory have been referred to in the management if the accounting professionals for addressing the issues related to that of the accounting. Another factor that is worth mentioning here is that of the Content Theory that is often by the experts to be well aligned with the issues of accounting. This particular factor focuses on the different factors of motivating for satisfaction (Crookes and Conway, 2018). The process theories of motivation in relation to accounting that is crucial for addressing the issues include the needs-goal theory of motivation apart from the other theories (Shipman et al. 2016). This focuses on the transformed requirements of the individual in relation to that of the performance of the individual that is the accountant here where further flexibility or independency in operating or performing any task is done. Therefore, qualitative motivation system is the need of the contemporary time.
Hypothesis 1: Creative Accounting techniques are crucial for dealing with the contemporary issues
The motivation that requires the consideration in the area includes the flexibility of regulations, the lack of regulations, the timing of certain transactions, the existence of management opportunities for future prospects, the classification and disclosure of financial information, and the use of artificial transactions.
Hypothesis 2: Adequate motivation System is the very requirement for motivation
The motivational factors that are basic for any professionals which have been discussed above by researching and referring to the theories has to be availed the accounting professionals of the organization as well.
Conclusion
Through the above analysis, it is clear that the elimination of the issues in relation to the contemporary issues within accounting based on the practical and theoretical motivation is possible through the adoption of current practices that are still on the stage of emergence. This adoption of the new approaches to techniques that are discussed as well as hypothesized is going to provide the benefits like that of the meeting the expectations of the stakeholders, maintaining the price of shares, a possibility of obtaining certain tax benefits, access to loans or other similar facilities as well. The practical or the theoretical motivation must constitutes of the different motives in relation to the personal expectations as well as external expectations like that of market expectations and special circumstances that are going to provide any particular company with that of the benefits and addressing the issues that have been discussed above.
References
Byrne, D. and Lees, D., 2018. Finance and Accounting—Beyond the Numbers with Self-Leadership. In Contemporary Issues in Accounting (pp. 167-186). Palgrave Macmillan, Cham.
Byrne, D., 2018. Contemporary issues in accounting-An introduction. Palgrave Macmillan.
Conway, E., 2018. The Future of Accountancy—Beyond the Numbers. In Contemporary Issues in Accounting (pp. 187-195). Palgrave Macmillan, Cham.
Crookes, L. and Conway, E., 2018. Technology Challenges in Accounting and finance. In Contemporary Issues in Accounting (pp. 61-83). Palgrave Macmillan, Cham.
Howard, J.L., Gagné, M., Morin, A.J. and Forest, J., 2018. Using bifactor exploratory structural equation modeling to test for a continuum structure of motivation. Journal of Management, 44(7), pp.2638-2664.
Shipman, J.E., Swanquist, Q.T. and Whited, R.L., 2016. Propensity score matching in accounting research. The Accounting Review, 92(1), pp.213-244.
Vohs, K.D. and Baumeister, R.F. eds., 2016. Handbook of self-regulation: Research, theory, and applications. Guilford Publications.
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