Hi, need to submit a 2750 words paper on the topic Creativity in a Business Context. Such industries like the publishing, the entertainment industry are called the creative industries. However business also taps the creative abilities of individual employees in their chosen line of business to stay ahead of competition. Harnessing and utilizing this is a much more challenging task.

Accounts is one of the oldest functions of business, and has evolved over a period of 500 years and is based on historical costs and transactions reporting. According to the American Accounting Association (AAA), accounting can be defined as:

Difficult as it may be to combine creativity and business, it will be even more so associating accounts function with creativity. Accounting is about adhering and following strict guidelines and rules as per stringently laid accounting norms while representing the financial transactions of the business. Creativity in accounting has got negative connotations, especially after the recent global financial crisis. There is a constant call to increase and tighten reporting norms. (E.g. the Sarbanes-Oxley Act, 2002). Accounting is about measurement and control, which could kill creativity.

For the purpose of maintaining the correct perspective on the topic, a brief note on the link between innovation and creativity is necessary. Creativity is about generating new ideas, new perspectives, Innovation are the process of converting it into a product/service from which the firm will derive value. No business is interested in creativity for creativity’s sake, but sees it as a means of generating innovations by which it moves forward in the competitive market. In any organization a good balance of focus on each would be necessary. Too much emphasis on creativity would mean lot of ideas, but little commercialization. Too much focus on commercialization would mean drying up of creative ideas, the basis of innovation. (Davila 2006, p 89).

Issues, Problems and Challenges

The recent crisis in the financial markets has largely to do with corporate governance and the role of accounts professionals in this.