Illustrate the changing face of accounting

Over past 25 years, environment within which businesses operate has become increasingly turbulent and competitive. Numerous reasons have been identified to illustrate these changes, including:

?increasing sophistication of customers;

?development of a global economy where national frontiers become less important;

?rapid changes in technology;

?deregulation of domestic markets (for instance electricity, water and gas);

?increasing pressure from owners (shareholders) for competitive economic returns;

?increasing volatility of financial markets.