Type of paper: Essay

Topic: Accounting, Future, Internet, Australia, Business, China, Google, Politics

Pages: 2

Words: 550

Published: 2021/02/09

(How Particular accounting benefit the country)
No one can predict, what can happen in the near and the far-away future. However, scientists, economists and researchers study the past and present to predict our future. Theories and studies are developed in different countries about nations, different accounting strategies and different national cultures. This paper concentrates about the future of Australia and China’s accounting strategies and their national cultures.

The Future of Accounting in China

In the future, it is well estimated that one half of the profit gained can arrive from a decrease in cross-province dispersion of per capita GDP, in exchange of labour force, and the other half can come from decreasing in province difference, in exchange of capital between the government and the non-government divisions. Despite the fact that China has experienced many years of its financial division modifications, the banking segment is still controlled by the state controlled banks, which lend disproportionally to local government projects and to companies in the government sector.
Barriers of entry for private and foreign firms are one way of protecting the local projects. Similarly, the state controlled firms continue to own significant monopoly rights and profit the industries, varying from energy and transportation, to banking, education and other sectors. If China wishes to preserve its productivity growth, the country must follow distortion reduction method. According to alterations it envisages, the country can implement original institutional changes and policy reforms. Homes.chass.utoronto.ca, (2015). Giving monopoly rights to the state-owned firms has helped to reduce political resistance to economic reform. Similarly, it has caused corruption and salary inequality, and multiple financial distortions. By decreasing the state sector monopoly rights in different companies, the government can also decrease distortions and solve similar problems related to corruption and income inequality. China’s leadership might be flexible and strong to solve the above mentioned problems. The growth in the common years of learning and the decrease in the dependency ratio, due to the one child policy, have reduced the movement of people and offered its communities better jobs, far from agriculture. The minimal gains from the labour shifts, from agriculture, have been decreasing and their contributions to productivity are going to decline in the future. Similarly, there is a significant gain from reallocation of resources from the state sector. As a matter of fact, it is shown that readdressing investment, from the state-owned sector to non-state sector, has the prospective of helping China to restore the balance between investments and consumption. At the same time, the country shows economic improvement and stability, by preserving a significant growth performance index it experienced within the last 3 decades. Anon, (2015).

The Future of Accounting in Australia

In Australia, the technology is very advanced and it keeps on improving. The accountants often lose their jobs, because of various accounting services that clients can do online. However, experts in technologies related to financing, do small and micro businesses and take good advantage of the chance to reform and increase their services, by offering value to clients and supporting the business to be more competitive. Anon, (2015).
In addition, it is anticipated that the accounting in the nation of Australia, will be effective because it will enable accountants to communicate strongly and use appropriate IT skills, in conjunction with strategic vision that will guarantee professional improvement. Globalization can definitely help in the field of accounting, since more and more establishments need mobile marketing and online instruments. For example, the widespread use of the cloud to increase their customer base worldwide. With the contiguous improvements in technology, the accounting professionals will flourish. Anon, (2015)
In addition, The Australian Accounting Standards Board (AASB) implements the enhancements in projects. Although these improvement projects are minor, they are comprehensible and up-to-date, but most of them will offer slight changes in Australia. Roles related to accounting and finance already is heading offshore, and this trend is expected to flourish in the future. Offshoring and globalization are common issues here, related to professional accounting. However, Australia lacks a lucid business support when it comes to business analysis and strategic leadership. From all the industry sectors, accounting is not an exception to bring value to the table, in the near future. The main purpose for Australia is to focus solely on business, apart from numbers that produce vast amount of information.
These are the main differences between Australia and China. Each country is following different strategies and approaches for the future. For example, Australia depends and does extensive research on technology to improve their future approaches. However, China follows the monopoly approach and shifts the labour force from agriculture to other fields. Google.com, (2015).


Anon, (2015). [online] Available at: http://ftp.iza.org/dp4764.pdf [Accessed 9 Apr. 2015].
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Anon, (2015). [online] Available at: http://www.opencolleges.edu.au/careers/future-of- [Accessed 9 Apr. 2015].
Anon, (2015). [online] Available at: http://www.opencolleges.edu.au/careers/future-of-accounting [Accessed 9 Apr. 2015].
Anon, (2015). [online] Available at: https://www.cb.cityu.edu.hk/research/cjar/doc/200806/01_01-Future%20Directions.pdf [Accessed 9 Apr. 2015].
Google.com, (2015). [online] Available at: http://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=5&ved=0CEkQFjAE&url=http%3A%2F%2Fwww.charteredaccountants.com.au%2F~%2Fmedia%2FFiles%2FIndustry%2520topics%2FReporting%2FGeneral%2FAnnual%2520improvements%2520to%2520accounting%2520standards.ashx&ei=IrwmVY3FIMScsgGArYDACw&usg=AFQjCNE4R69rBZFOVX62jbg1Nwk8QCG6kg&sig2=B22qponVNVakWS1qDdknGQ&bvm=bv.90491159,d.bGg [Accessed 9 Apr. 2015].
Homes.chass.utoronto.ca, (2015). Xiaodong Zhu's Home Page. [online] Available at: http://homes.chass.utoronto.ca/~xzhu [Accessed 9 Apr. 2015].

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WePapers. (2021, February, 09) Accounting Report Essay Example. Retrieved February 25, 2024, from https://www.wepapers.com/samples/accounting-report-essay-example/
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WePapers. Accounting Report Essay Example. [Internet]. February 2021. [Accessed February 25, 2024]. Available from: https://www.wepapers.com/samples/accounting-report-essay-example/
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"Accounting Report Essay Example," Free Essay Examples - WePapers.com, 09-Feb-2021. [Online]. Available: https://www.wepapers.com/samples/accounting-report-essay-example/. [Accessed: 25-Feb-2024].
Accounting Report Essay Example. Free Essay Examples - WePapers.com. https://www.wepapers.com/samples/accounting-report-essay-example/. Published Feb 09, 2021. Accessed February 25, 2024.

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