Summary: Comments were presented on the role of inflation in the economy and its effect on the role of the accountant. Investors are turning to accountants for information on how much profit was earned in terms of purchasing power. Movements related to inflation are challenging accountants to show precisely how efficiently, economically, and effectively the business of the Government is carried out, not just how much is spent for each function. Accountants are being asked to find ways to provide better protection against fraud and abuse and pressured to expand their internal control work. The computer is another factor enlarging the accountant's role. Computers produce data in such volume that questions that went unanswered before for lack of data can now be answered. Accountants are challenged as to how to structure this data in ways that managers can understand and deal with. The accounting system should serve the needs of each level of manager by isolating particular information so that each manager is not burdened with extraneous information. Concurrently, as the business community improves its accounting systems, agencies will be pressured into making uniform those financial accounting and reporting requirements that are placed on the regulated sector of the U.S. economy.
