Business Changes

CHAPTER 2
Changes in the Business Environment
In stage to visit wherefore the number of students choosing to major in account has de-
creased and why professionals with accounting degrees would not major in accounting again, it is
necessary to understand changes that halt been taking place in business and how these changes have
squeeze business and accounting teaching. For many an(prenominal) years, business relied on accountants to
coif financial information for internal and external decision making, to scrutinize the fairness of that
information and to assist them in fulfilling their regulatory and tax-reporting requirements. Informa-
tion was expensive and understanding how to curry accurate financial reports required expertise
that could just now be developed through rigorous accounting education or relevant experience. Rarely
did an individual or institutional investor have sufficient power to influence management or require
that limited information be provided. Organizational threats came largely from a some domestic
competitors. Because information preparation and dissemination was expensive, product life cycles
and private-enterprise(a) advantages could be managed effectively and inefficiencies were not readily
observable.




Drivers of Change
At least one-third major developments have occurred that have changed dramatically the business
environment for which we prepare graduates. First, engine room has been developed that has made
information preparation and dissemination inexpensive. This applied science has taken the form of low-
cost, high-speed digital and cable telly and data transmission, hardware that produces information
quickly and easily, and the development of software that makes preparation, data, and communica-
tion tools useable to individuals who previously did not have access to needed information. With
these technology developments, time, space, and other temporal constraints to information have
been reduced and, in many cases, eliminated.
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