ACCG950 Contemporary Accounting Practice
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ACCG950 Contemporary Accounting Practice
Accounting Practice代写 Technology advancement has changed the business environment dramatically, and accounting practice is not an exception.
Technology Accounting Practice代写
Technology advancement has changed the business environment dramatically, and accounting practice is not an exception. Development in information system has created efficiency and professionalism in accounting. However, these technologies have downfalls due to data security and threats from cybercrimes.Accounting Practice代写**格式
There is a primary concern among researchers that some accounting processes are slowly taken over by robots owing to the new and developing Artificial Intelligence technologies (Frey & Osbone, 2013). They predict that part of the accounting profession will disappear soon. Nevertheless, Richins et al. (2016) observed that information technologies are not meant to replace accounting practitioners entirely but it is an enhancement to their practice to be more efficient.
Skills and Knowledge Accounting Practice代写
Therefore, accountants need to develop new skills and knowledge to be compatible with new and emerging technologies. Stanciu and Bran (2015) were concerned that aspiring accountants and professionals need to be well acquainted with advanced technologies such as smartphones, cloud computing, big data, and data analytics. Institutions should provide necessary IT knowledge to students.Accounting Practice代写**格式
A study conducted by ACCA and AMA (2015) describe the accounting and finance information system as emerging roles of the accounting profession. As such, professionals are expected to be adequately skilled in protecting accounting data by use of system controls and applications.Accounting Practice代写**格式
Companies have realized the potentials of advanced information systems as well as threats associated them. PWC (2016) observed that ACCA, and ICAEW develop frameworks and tools such as secure Terrain and Terrain Intelligence to help companies assess and mitigate cyber-security threats in accounting practices.
Modern Economy Accounting Practice代写
Generally, the modern economy is driven by data that is fast and increasing exponentially. Businesses are required to have real-time management for efficient decision-making. As such, professionals are needed to be adaptive these changes to keep the pace of business developments.
References Accounting Practice代写
Frey, C.B., and Osborne, M.A., 2017. The future of employment: How susceptible are jobs to computerization?. Technological forecasting and social change, 114, pp.254-280.
Richins, G., Stapleton, A., Stratopoulos, T.C., and Wong, C., 2017. Big data analytics: opportunity or threat for the accounting profession?. Journal of Information Systems, 31(3), pp.63-79.
PWC (2016) “Toward new possibilities in threat management,” http://www.pwc.com/ee/et/publications/pub/gsiss-report-cybersecurity-privacy-possibilities.pdf (on-line access: March 2, 2017)
Stanciu, V., and Bran, F.P., 2015. The Accounting Profession in the Digital Era. Calitatea. Proceedings of the International Conference Ecological Performance in a Competitive Economy, Supplement of Quality-Access to Success,16(S1), p.546-550.
The Association of Chartered Certified Accountants and Institute of Management Accountants (2015) “The Data Revolution,” http://www.futuretoday.com/ technology/data/the-data-revolution.html (on-line access: November 25th, 2016)
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