Before this, it is used to known as the big five. External Factors affecting the performance of the Industry A business unit does not operate in hollow. It operates in an environment. The business environmental factors can be categorized as micro and macro environmental factors. The micro or internal environmental factors are those that can be controlled, whereas the macro or external environmental factors cannot be controlled by the firm and yet those factors affect the modus operand of a firm immensely. Therefore it is important for companies belonging to any industry monitor the external environmental factors and develop or modify business strategies accordingly. The external environmental factors include Political, Economic, Social and Technological factors or in short PEST (Cowan, 2005). Political Factors The political environment in the US is quite stable. Although the country has been engaged in conflicts in Iraq and Afghanistan; the local political environment has not been hampered by those issues. The Us government - both present and past have welcomed business investments due to which the country has become one of the economic superpowers. However, due to increase in competition, there have been cases of unethical practices. As a result, the government has imposed strict legal measures on companies induced in unethical practices. Accounting professionals have a huge role to play to ensure ethical practices are conducted by the company. Hence from an accounting firm’s perspective, it is important that reporting and mandatory disclosures are carried out ethically to avoid legal punitive actions from the government or any other regulatory bodies (Henry, 2008). Economic Factors The global economy especially Europe and U.S. are looking to get over the economic recession. The economic downturn has forced most of the companies including the major firms to focus on cost minimization. The accounting professionals play a very important role in providing a recommendation to the management to minimize cost without comprising the overall the performance of the firm. Also due to the economic recession, various companies look to outsource the accounting activities to specialist accounting firms. This may cause the companies a few bucks, but all in all, it actually helps the companies to make the business operations a lot smoother as professionals would be looking after the core accounting issues. Social Factors The people of U.S. have always been entrepreneurial in nature and hence this provides a lot of opportunity to the accounting firms as such companies may look for specialists who can help the companies in overall accounting operations.
In the paper “Accounting Industry in the USA” the author focus on the high margin services and the demands of the clients especially in technical areas. For both non-accounting as well as accounting firms outsourcing has become very appealing…
It is important to remember that the accounting books of a company must comply with the consistency principle. I have identified four topics that your accounting staff must understand clearly in order to avoid any confusion.
Introduction Politics and Government in the USA, it seems, are always on a spending spree. Even though we have just emerged from a recession, we seem to be in danger of falling into another. When President Obama won the election just over two years ago, it was first announced that the US was officially in a recession.
As an accountant if I had a chance of working for one of these three boards I would choose the Financial Accounting Standards Board (FASB). My entire accounting training has been based on GAAP and the regulations and principles that were developed by the FASB during the last four decades.
The current accounting standards in the United States of America are ethically based. Ethics and integrity are two of the values that all accountants uphold at all times when working the profession. The generally accepted accounting principles (GAAP) represent the bible for accountants.
Census Bureau). Massachusetts alone contributed to 2,144 of total establishments and $1,778,516 of received revenues (U.S. Census Bureau). Although there was little information about the accounting, tax return preparation, bookkeeping, and payroll services, Boston has a large financial and insurances service industry of 5,584 establishments.
The U.S. textile industry of these days has altered significantly over the past couple of decades. It is now highly developed and internationally viable. The U.S.A has the worlds most up to date and dynamic textile industry.
At present, there are over 6,000 textile companies in the USA.
Many individuals face situations where economic loss may be unpredictable both as to amount and time. Risk-averse individuals and firms will be willing to pay a premium to transfer the risk of loss to insurers thus protecting their resources.
The author states that effective social accounting system can help an organization to maintain good relationship with both external and internal stakeholders. PepsiCo is one of the leading US based multinational food and beverage corporation. The organization manufactures and distributes high quality carbonated soft drinks across the globe.
The author states that in comparison to other western countries, the United States needs to improve on many aspects. One of the main sectors where the United States is lacking is the healthcare industry. The expenses and availability of healthcare in the United States are inferior to the services offered in France.
Generally, the players in the industry employ consistency and affordability in order to win over more customers. This calls for sophisticated processing mechanisms in assembly lines. In the long run, Fast food rivalries are becoming fiercer as the face and dynamics of the market keeps on changing.A significant drop as compared to the other years.
4 pages (1000 words)Essay
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