The Importance Of Accountant Hierarchy In The Field Of Accountancy
The concept of accountant hierarchy is present in almost every field of accountancy that we can come across. Right from the development, adoption, and in the implementation of accounting standards as well as systems, there is a prevalent accounting hierarchy present.Â The framework of the accounting systems forms the most basic part of the accountant hierarchy. The next level in the accountant hierarchy are the standards, reporting needs as well as categories of accounting that are used in almost all types of participatory organizations. The accountant policies that are relevant to the specific entity are applied to that entity within the adopted framework.
The levels of accountant hierarchy that are followed by almost all the companies are:
a)Â Â Â Â Â The junior accountants form the first level of the hierarchy. Their primary focus is on the standards as well as the instructions of the accountancy
b)Â Â Â Â Â The senior accountants form the next level of the hierarchy with their primary focus being on the policies as well as the their functions
c)Â Â Â Â Â The methodologists form the next level of the hierarchy and their primary concern is the frameworks as well as the standards of accountancy
It is always considered beneficial if there is a single framework as well as set of standards meant for the entire public sector in one country. In this way all the public sector accounting hierarchy organization would have the same base to function. There are differences between the state as well as the local governments due to which some of the accounting policies would be different for the public sector entities as compared to the specific individual entities. Another point of importance is that every entity would have the accountant hierarchy that is specific to that only, yet the new time frames, processes, as well as accounting instructions would be incorporated within that entity. Another thing that needs to be noted is that the accounting systems should also incorporate the latest information for the fiscal statistical reporting, managerial reporting as well as for other purposes.