It could be argued that businesses have been changing and adapting over the years without a corresponding change in 'traditional' accounting and the covid-19 pandemic has changed the course of how businesses operate across the world and the old 'normal', seemingly, is not likely to return. In addition, digital assets and the blockchain are becoming increasingly popular and again, it would appear that the regulators are not setting relevant accounting standards to be able to properly account for these new business transactions. As far as accounting is concerned, there is a growing concern that the global regulatory landscape for digital assets is lacking and accountants in practice will increasingly encounter isues for which no accounting standard currently exists. Also, it could be argued that there is a growing sensitivity of multiple stakeholders, which means business organizations must chart ways forward which also benefit the environment and society as a whole Perhaps there should be more stringent regulation in these areas. REQUIRED You are to write an individual report clearly identifying the following: 1. Critically evaluate the idea that businesses have changed and that the global pandemic has created a new 'normal 2. Critically evaluate the idea that the use of digital assets and blockchain is increasing. Also research the need for global accounting standards convergence in relation to the trans-border's nature of digital business operations and contemporaneous digital products and services 3. Critically evaluate the need for more stringent regulation around environmental and social accounting by considering the theoretical and other aspects pertinent to this area. 4. Produce a conclusion to your report
It could be argued that businesses have been changing and adapting over the years without a corresponding change in 'traditional' accounting and the covid-19 pandemic has changed the course of how businesses operate across the world and the old 'normal', seemingly, is not likely to return. In addition, digital assets and the blockchain are becoming increasingly popular and again, it would appear that the regulators are not setting relevant accounting standards to be able to properly account for these new business transactions. As far as accounting is concerned, there is a growing concern that the global regulatory landscape for digital assets is lacking and accountants in practice will increasingly encounter isues for which no accounting standard currently exists. Also, it could be argued that there is a growing sensitivity of multiple stakeholders, which means business organizations must chart ways forward which also benefit the environment and society as a whole Perhaps there should be more stringent regulation in these areas. REQUIRED You are to write an individual report clearly identifying the following: 1. Critically evaluate the idea that businesses have changed and that the global pandemic has created a new 'normal 2. Critically evaluate the idea that the use of digital assets and blockchain is increasing. Also research the need for global accounting standards convergence in relation to the trans-border's nature of digital business operations and contemporaneous digital products and services 3. Critically evaluate the need for more stringent regulation around environmental and social accounting by considering the theoretical and other aspects pertinent to this area. 4. Produce a conclusion to your report
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
Related questions
Question
Transcribed Image Text:It could be argued that businesses have been changing and adapting over the years
without a corresponding change in 'traditional' accounting and the covid-19 pandemic
has changed the course of how businesses operate across the world and the old
'normal', seemingly, is not likely to return.
In addition, digital assets and the blockchain are becoming increasingly popular and
again, it would appear that the regulators are not setting relevant accounting standards
to be able to properly account for these new business transactions.
As far as accounting is concerned, there is a growing concern that the global regulatory
landscape for digital assets is lacking and accountants in practice will increasingly
encounter isues for which no accounting standard currently exists.
Also, it could be argued that there is a growing sensitivity of multiple stakeholders,
which means business organizations must chart ways forward which also benefit the
environment and society as a whole Perhaps there should be more stringent regulation
in these areas.
REQUIRED
You are to write an individual report clearly identifying the following:
1. Critically evaluate the idea that businesses have changed and that the global
pandemic has created a new 'normal
2. Critically evaluate the idea that the use of digital assets and blockchain is
increasing. Also research the need for global accounting standards convergence
in relation to the trans-border's nature of digital business operations and
contemporaneous digital products and services
3. Critically evaluate the need for more stringent regulation around environmental
and social accounting by considering the theoretical and other aspects pertinent
to this area.
4. Produce a conclusion to your report
Expert Solution
Step 1
The global pandemic has completely changed the way of doing business. The pandemic induced changes are going to stay within the global business environment. The pandemic has brought huge economic crisis and challenges which has raised a number of unknown concerns all over the world. The crisis is global and the impact is deeply rooted on local level. The government across the world has to respond rapidly by framing appropriate policies and procedures to pull this global crisis off.
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