2.6 Conclusion

The accounting profession has seen tremendous transformation over the last forty years, brought about by changes in technology, the sophistication of capital markets, the business environment, and business practices. The profession has responded well to many of these changes, but it needs to continue to seek ways to maintain and improve its own relevance. At no time in history has so much information been so easily available to so many people. But how can people be assured that the information is both true and relevant? The accounting profession – if it is forward looking and responsive – has the ability to provide this assurance to information users, which will enhance the perceived value of accountants.

There are many challenges to be faced by the profession, and some of these challenges will require solid research and reasoning and delicate political and negotiation skills. Because accounting is not a natural science, there are no “right” or “wrong” answers, but as long as the profession can come up with the “best” answers, it will continue to demonstrate its value.