Write a description on how you expect globalization to affect an accounting care

Question

Write a description on how you expect globalization to affect an accounting career and your investment strategy. Some questions to consider include but are not limited to:

Will you invest your 401K (or other savings plan) in foreign stocks or bonds? Can your job be easily outsourced to another country? Can you benefit from globalization by being able to export your skill? What is the effect of immigration on your career? How does immigration affect the level of wages in your career field? Which is more likely to affect your career, globalization or changes in technology?

Each student will discuss the importance and impact of incorporating international financial concepts into the financial planning process. Some critical questions to address would include (but not be limited to) the following: What would be the impact on portfolio risk and return of incorporating an international component in the asset allocation decision? How will exchange rates impact the overall risk of the portfolio? What potential impact could international political risk play in the overall personal financial planning process?

Explanation / Answer

The effects of globalization on accounting from three perspectives, which include effects on the Generally Accepted Accounting Principles (GAAP), management accounting and threats and opportunities for accountants. From the perspective of GAAP, the accounting principles seem to lose dominance in world due to the emerging international rules for financial reporting and accounting (Cline 2010). With regard to management accounting, globalization seems to force businesses to look beyond the compliance of standards. With regard to threats and opportunities resulting from globalization, the study focuses on what accountants can do to evolve simultaneously with globalization.

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