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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

Foundations of Business - Standalone book (MindTap Course List)
Foundations of Business - Standalone book (MindTap Course List)
4th Edition
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Chapter15: Using Management And Accounting Information
Section: Chapter Questions
Problem 11CC
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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
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
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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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