This evening, I will share some of my views on the challenges that the profession faces today, particularly with regard to accounting and auditing in service industries and model-based accounting.
Accounting in a service based economy I think it is fair to say that nearly all of us, including those of you who are new to the profession, first learned about accounting from the “old economy” perspective of retail and manufacturing. Our accounting text books gave us examples and exercises that pertained to the XYZ Corporation that sold widgets.