The Growth of International Accounting

Quin Foster

The Growth of International Accounting

The world as we know it is rapidly growing in population as well as economic standing. There are many countries who have seen a tremendous boom in their economies over the last few decades. Countries like China and India have seen a very impressive amount of growth and are becoming some of the more sought-after countries to engage with in business activities. These are two of the main countries that pop into people’s minds when thinking about countries on the rise. These of course are not the only one’s experiencing this growth but are accompanied by many others. Other countries in southeast Asia, the middle east, and eastern Europe are also seeing economic growth and of course the growth in need for accounting. Accounting being one of the driving factors in the business world is seeing tremendous growth all around the world due to the growing economies of these countries. With all this growth these countries are seeing, they turn more towards accounting as a reliable instrument to help manage funds and make sure their economies continue to grow. The business world while already very important is seeing a tremendous rise in positive perception by some of these developing countries, which will hopefully lead to others following suit and expanding their horizons as well.

Southeast Asia is a region that is seeing one of the more extreme gains in economic power. With countries like China and India becoming two of the more powerful countries in the world in terms of economy, it is hard to deny that this region is improving as a whole. Other countries in southeast Asia are also seeing growth in economy through the increased use of accounting and the adoption of accounting principles. Countries such as Singapore, Malaysia, and Vietnam are some of the few that are becoming more prevalent in the accounting world. Singapore for example, while having a few economical hardships over the last decade is now experiencing growth again as a nation with the adoption of accounting principles that are similar to IFRS which is a strong guideline for so many others. Vietnam is another rapidly growing economy which has been greatly benefitted by their use of accounting principles and is only looking to continue growing in the business world.

Middle eastern countries have been on the rise for quite a while now as well, but the United Arab Emirates should be the first one people think of when it comes to economic growth. The United Arab Emirates has become a cultural hub for business as well as a very popular destination for tourism. This of course has helped them bolster their economic standing to be considered amongst one of the best economies in the middle east. Dubai is a powerhouse of a city when it comes to globalization in business. Many large businesses make Dubai their home or at least seem to be involved with the growing city as of recently. The business boom in Dubai and all around the middle east is a great opportunity for accounting to spread its reaches and become more prevalent around the area.

Globalization through accounting will only continue to spread through the mediums of countries becoming more business oriented and increasing use of certain global accounting standards and practices. Many big accounting firms have expressed interests in working globally to help expand on the business environment they are currently in. Accounting is a very necessary tool for business and will aid in organizing and helping businesses and global economies grow. Helping businesses budget their money as well as devise plans to create more wealth for themselves is the key to financial and economic growth within the organization whether that be a small business or an entire country. Accounting is an integral part in any business and hopefully it becomes more widespread than it already is. Growing economies developing accounting standards and practices will be very beneficial due to the increased transparency of business, improved reporting, and recording. These factors will help not only grow the economy but hopefully keep it stabilized as well.

Accounting procedures have been around for a long time and will stay around for a long time. The basic idea of accounting will most likely remain the same and will be an extremely beneficial tool in improving businesses all over the world. Whether those businesses are located in the United States, China, or even an up and coming economy like the United Arab Emirates, accounting will be here to stay. Accounting will mold the world into a place where anyone can achieve the goals they set by giving them the necessary tools they need to get there. Thanks to the growth of accounting we will no doubt see great improvements globally.

Works Cited

Top 10 countries for accounting careers. https://economia.icaew.com/features/10-top-countries-for-accountants.

These are the world’s fastest-growing economies in 2017, Alex Gray. https://www.weforum.org/agenda/2017/06/these-are-the-world-s-fastest-growing-economies-in-2017-2/.

Global Accounting Is Coming, Richard Barker. https://hbr.org/2003/04/global-accounting-is-coming