In today's business environment the accounting profession is extremely important for the entire business of all business entities, regardless of their status. It is obvious that accountants provide quality and reliable information without which it is not possible to properly manage the company or perform functions such as planning, business decision making, evaluation and similar tasks. For this reason, they must possess and systematically upgrade the knowledge and skills that are more and more needed and valued nowadays. That is the only way to perform accounting tasks efficiently. Since accountants are facing greater requirements and more complex tasks, it is necessary to adapt the system of education of accountants in the Republic of Croatia to these requirements. However, there is also a need for continuous professional development, training and systematic education of professional accountants, which also represent a significant aspect of the development of accounting profession. Therefore, in this thesis, the connection of accounting profession with current and future challenges that are presented to it is especially monitored. In the Republic of Croatia, the profession of accountant is still not fully regulated within the legal regulation, so the aim of writing this thesis is to explore and analyze the possibilities for improvement provided by the accounting profession. In this context, there is all about improving the social and professional status of accountants, licensing and certification of accounting professions, increasing the reputation and the protection of those professions. It is certainly important to point out the important role of professional associations in this regulatory process, whose goals and basic activities are the protection, promotion and improvement of accounting structures. Also, it is necessary to mention that ethics and professionalism in the accounting profession are indispensable, so adherence to ethical principles and standards must be the starting point, but also be the constant guide of the accounting profession.