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What is Accounting Reform

First of all, Happy Independence Day to All,

Now, we talk about accounting reform. Accounting reform means improvement in accounting rules and regulations. We can compare it with  pre-independence India and post-independence India. 64 years ago, we were independent. With power and intelligence of honest Indian scientists, accountants, teachers, workers and others, India has become most powerful economy of world. But still, there is big need of India's reform. In this reform, we have to regulate corrupt leaders and ministers by super and effective law. Like this, there are lots of universal rules and regulations of accounting which can be improved. There is still need to reform all these rules and regulations of accounting because today business has become more advance and technical  than past business.

Following are main accounting reforms which an accountant and other accounting expert may bring.

1. Why is Govt. Paying Operating Expenses with Long term Debt 

If you read the audit reports of Govt. accounts, you will find that govt. is paying operating expenses with long term debt. There is no effective use of working capital in Govt. accounts. With this, they are not making transparent budget. So, there is big need to reform Govt. Accounting rules.

2. Ignorance of Natural Capital 

Our whole accounting sees only economic point for showing any worth of any thing. By this, we are ignoring our natural capital. Few years ago, I saw many birds near my location but now, there is not any bird? Why? There is no answer this question in our financial statements because we did not give importance to them. What will happen of our physical buildings, plants, furniture, if there will not be the birds. We are just consuming more and more natural resources without seeing its positive and negative effect on natural capital. We all are mad to increase market value of equity share capital. One day, all animals, birds and other natural capital will  get off. At that time, even after financial security, our business will be in risk. Earthquake, tsunami and other natural disaster will happen at large scale due to loss of our natural capital. Now, question is how can accounting reform be done in this area. In the balance sheet, there should be the separate column of natural capital in which we should show our position from natural capital point of view.

For example, you have made building where were large number of trees. You cut all the trees and you made your building. You should show the amount of loss of natural capital due to this. You have to show how much loss of living place of birds, animals and oxygen. In accounting, every should be counted and planning for securing natural capital should be done.

If you ask personally from me, "What will happen when anybody cut tree from root in the front of my eyes?, I will say that it will be my heart breaking scene."

3. Why is Accounting Scandal Increasing Day by Day:

We have made all accounting rules to track every financial item. But after this, someone easily does accounting scandal. It means, we still could not track the mind of human being. In accounting reform, this will be big challenge.

4. Inflation and Market Value of Assets should not be Ignored 

Day by day, value of money and purchasing power is decreasing. At that, what is the value of our asset in the market should be updated. But still, all accounting is on cost basis. It should be improved with some advance technology. Only after this, we can take good purchase consideration on sale.

Related : Accounting For Beginners

Reference for Further Reading 

https://en.wikipedia.org/wiki/Accounting_reform

Download Financial Accounting eBook

https://www.krantikari.org/2016/09/financial-accounting-ebook.html

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