Crisis in Accounting

The major point of this essay is the need to change the old curricula of accounting programme in Business schools and Universities to fit the recent accounting curricular. The United States accounting University and Business accounting colleges are considered to deliver low quality accounting programmes. This leads to people ending up not pursuing their carriers of choice. This has led to the slow progress of the US economy. This is due to the lagging behind in changing of the University and Business schools’ accounting curricula. All of this is due to lack of acceptance to change the curricular by accounting academicians and public accounting managers.

Companies produce products that are incomplete. These products are 70 percent complete, and the consumer has to add other products to the product to make it useful. This means that companies have the tendency of producing incomplete products. These companies show no sign of changing this mode of behavior. This does not only take place in companies, but also learning institutions.When institutions like Business and accounting institutions are considered, it is found out that the colleges offer low quality courses that waste learners. Criticisms go to colleges and educational institutions that offer such kinds of programmes. Despite the colleges offering incomplete programmes nothing has been done to curb this behavior. More innocent people get registered in them.

 The purpose of this essay is to inform the academicians that a lot needs to be done. The product that is suspected to be half bake is their accounting curricula. Only 30 percent of the students who receive education in the Americas business schools get satisfied, and they get employed in the public accounting industries. The other 70 percent who receive the education only follow the curricular, but they do not get carriers in that sector. The university accounting programme does not correlate with the carriers, and those who get training in Business Accounting schools have to pursue other programmes in order to fit in the employment market.

The system of accounting in programmes in America is poor, and needs rectification. It is noted that accounting educators care less about this, and to them it is business as usual. According to academicians, public accountants and others who deal in the field of accounting, nothing much has changed in the past five years. Unlike the US automobiles, the Business accounting schools have not changed much. This is due to lack of competition.

It is difficult to challenge policies that have been there in the accounting industries for many years. This is because the public accounting firms are not ready for changes. They donate funds to politician and lawmakers so that the changes remain intact. This is due to their personal interests. With the new policies in place, they will not be able to gain anything. Therefore, those who suffer the most are the students who take accounting in Business accounting schools. The end product is incomplete, and most of the people end up unemployed or not pursuing carriers in their areas of studies.

The main audience is the academicians and public accounting managers. Time has come for the change of the curricula of America’s universities. Clear presentation of data to the academicians and public administrators that is factual hopefully might change their minds. This might enable them to think straight, and implement these new policies. The main objective of this essay is to access the inequity of the current accounting curricular. The situation of accounting in America does not recognize trends in business practices. While significant change has taken place in management accounting in different countries in America, the curricula is still paying attention to public accounting techniques. It is noted that current industry managers are upset with their old accounting education they received and want change. They have realized that without change, things will always be the same. No improvements will ever be made in the industries. In the past industry accountants came from public accounting ranks.

The rise of Japan as a substantial economic stronghold and model led to the manufacturing and business environment to take a tremendous change. The US had to compete, and was forced to adopt policies like Just in Time (JIT) and Process Improvements(PI).These changes have made some traditional cost accounting techniques irrelevant and less effective. It is a fact that some managers consider the old accounting system.

The business environment is extremely changing. The gap between what is offered by management accounting and what Business and industries that are growing want is widening. Industries want accountants who will offer high quality products at lower costs. By establishing more effective accounting degree programmes in the universities, more qualified accountants will be produced. In the effect of making a few changes in names like changing cost accounting to cost management, nothing much has changed. The poor programmes are still offered in the accounting Universities and Business colleges.

With reference to accounting programmes data collected by a blue ribbon panel of experts; just like the Us Automobiles losing customers due to ignoring fuel costs and customer expectations, the accounting educators have lost students due to them sticking to the old policies, and not being ready to accept changes that will be useful to the industry. A study by a blue ribbon panel of experts has discovered that the number of quality student who have the desire to major in accounting is diminishing. Student claim that they do not view the accounting degree to be of any value to their future carries. Leaders in Accounting and those practicing accounting say that accounting education in the recent structure is outdated and needs modification.

Accounting professionals in the United States for several years have been complaining that the accounting curriculum is broken, and needs to be reformed. Most of them feel that the current curriculum is inappropriate to students and employers. Some of the specific criticisms are that, there is the lack of management or cost courses in the area of accounting. There is also lack of focus to make improvements, and if any it is takes a long time to take effect.

Research confirms what critics are saying to be true. The results of a survey carried out shows proof that is quantitative.The curriculum of accounting at the university does not meet students’ needs due to overweight towards public accounting for more than 100 years. Four hypothesis were put in place, and they confirmed that the number of cost management accounting is inadequate and accessible only at the junior level study. 

It is therefore essential that, accounting programmes in Universities should be upgraded for a brighter tomorrow. Research shows that many students are waving away from accounting. This is due to the half baked programmes offered by Business accounting institutions and universities. Something needs to be done so as to change the accounting curricular that is in place. Academicians, public accounting managers, and all those concerned with accounting programmes need to accept the fact that today’s world is an economical one. Proper methods of accounting should be put in place. This will help both the students and employers.

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