Will accounting be renamed?

There are many changes for accounting, viz. financial reports, code of ethics etc.

It is not completed yet. Changes are coming; who knows what we have to face in the future.

If an accountant has not followed closely, he/she may suddenly fail to read any accounting report in the future. Not only the "Profit & Loss Statement" has been changed to "Income Statement", even the "Balance Sheet" may be changed to something else.

Alongside with the Standards, the IFAC has done a lot of work for education. This is important for future accountants to know the new standards. Of course, no one should say that accountants must learn also. It is certain that if we are not going to retire soon, we must upgrade to meet the accounting standards.

When I work for the Hong Kong version, the SME-FRS by HKICPA is the first of its kind. It is said the IFAC will come up with the SME standards later this year. Will the HKICPA's SME-FRS remain unchanged? I believe that minor changes could not be avoided. As everyone knows, an international body would always have their own way even regional one has done everything right. The change may be 1-3-2 instead of 1-2-3, or just a few new terms to replace.