JMD1535.docx - Amritpal Singh 1455249 Rajpreet Singh 1435964 Gursher Singh 1455066 1 Table of Contents Executive Summary.3 Introduction.3 Understanding

JMD1535.docx - Amritpal Singh 1455249 Rajpreet Singh...

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Amritpal Singh 1455249 Rajpreet Singh 1435964 Gursher Singh 1455066 1
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Table of Contents Executive Summary ................................................................................................................... 3 Introduction ................................................................................................................................ 3 Understanding of some complex terms ...................................................................................... 3 Blockchain .............................................................................................................................. 3 Big data ................................................................................................................................... 3 Technology, accounting profession and IT departments of entities ........................................... 3 Accountants and digital currency ........................................................................................... 3 Accountants and blockchain ................................................................................................... 3 Accountants and artificial intelligence ................................................................................... 3 Accountants, ethics and advancements in technology ........................................................... 4 Accountants, education and advancements in technology ..................................................... 4 Emerging technology and IT departments of business entities .............................................. 4 Emerging technology and human resource requirements of IT departments ......................... 4 Summary of findings .................................................................................................................. 5 Recommendations ...................................................................................................................... 5 Conclusion .................................................................................................................................. 5 References .................................................................................................................................. 5 2
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Executive Summary Digital advancements like virtual currency, cloud computing, block chain and artificial intelligence are delivering direct and noticeable impacts on accounting profession. Cloud computing which has changed the working and accessibility of accounting data and records, has got more advanced by use of artificial intelligence in its working. Blockchain which introduced the system of triple-entry has enabled more accurate and error-free accounting across the globe along with use of artificial intelligence and augmented techniques for the purpose of data analysis and decision-making. Professional ethics and educational requirements have changed and are changing to incorporate the developments in these technologies. further, various actions like use of integrated approach towards learnings and new skills and systematic training to existing accountants could transform the threats and risks into sustainable opportunities for accounting profession. Introduction This report is prepared to discuss the impacts of technology on accounting profession and IT departments of business entities. For this purpose, the report initially discusses the meaning of certain key and complex terms followed by discussion of impacts of technology on accountants and IT departments in systematic and integrated manner. In the next section, the report provide summary of findings and lists various suggestions to encounter the advancements in technology for accountants across the globe. Understanding of some complex terms Blockchain Blockchain is innovative way of recording and maintenance of economic transactions in digitalised manner in systematic and secured manner. This mechanism is considered as most secure manner of recording economic transactions[ CITATION Geo14 \l 3081 ]. Big data Big data refers to tremendous amount of data which is generated by the business entities during performance of business transactions which includes barcodes, phone signals, social data, digital images, transactional databases, personal location records and statutory reporting systems[ CITATION Geo14 \l 3081 ].
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