The accounting profession will face significant changes in the next decades, and professional organizations, their members, and educational institutions should respond.
Is there a Need to Change Accounting Standards With Evolving Technology?
The principles underlying accounting standards, such as income recognition, intangible impairment etc, remain relevant.
In fact the accounting profession has evolved well in line with technology over the past few decades, so I expect it will continue to do so. Accountants have embraced technology as evidenced both by the academic curricula and the practices of the professional institutes, accountants and auditors. This is in contrast to some other professions such as human resources, where practices have changed little over the past few decades.
Yes of course, Accounting professional should be ready for recent change in ICT sector.we should be ready faces challenge on cyber crime. Accounting standard and concepts needs to be adjusted.
Dear, Thanks for sharing. Certainly. Continuous updating is required. Greetings!
International Financial Reporting Standards (IFRSs) and its predecessors International Accounting Standards (IASs) are ever evolving to suit current PESTLEE conditions. Pertinent matters such as revenue recognition are directly related to current needs of users. This is done by either revising existing accounting standards or issuing out new accounting standards.
The basic principles need not be changed. Accounting standards are not required to be altered broadly -that is what I feel.
Yes, there is need to Change Accounting Standards With Evolving Technology.
Yes, there will be a need to change some of the accounting standards as well as auditing standards because Big Data is going to tranform both accounting and auditing procedures as well as audit evidences.For example, analytics need to be used by external auditors for indepth scrutiny, justifications and to document for the impairment of of risk models in order to overcome some of the problems encountered in the implementation and auditing of IFRS 9.
From my point of view, as a result of the tremendous development in information technology and its reflection on the profession of accounting and auditing and the emergence of big data, this calls to the initiative of associations and accounting bodies to reconsider or add some things that must keep pace with the development taking place in information technology.
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