Evaluate the current and future trend of accounting

Reference no: EM132643952 , Length: word count:3000

Purpose: To allow students to demonstrate their ability to prepare, analyse and interpret data as would be found in real world situations and to further develop their problem solving and team working skills.

Topic: "In our lifetimes, we've all seen technology accelerate every industry it touches. Based on my more than 20 years of experience working in the accounting tech industry, I've witnessed this transformation firsthand. Most accountants already use digital tools and are optimizing processes to go paperless. Yet as technology continues to advance and further automate numerous functions. conversations turn to the prospect of human-less accounting." (Nick Chan& Forbes Councils Member 2018).

Evaluate the current and future trend of accounting and the impact on the role of accountants and ASIC in the dynamic accounting environment.

Task Details:
A major component of ACC700 subject is the group assignment. All students in ACC700 have to form groups with members drawn from your lecture group. Groups can be a minimum of three (3) students and a maximum of four (4) students. If you are not currently in a group by week 8. please see your tutor urgently.

Artificial intelligence (Al) is transforming the accounting and finance sector. With the ability to learn and adapt. Al is poised to develop increasingly sophisticated capabilities that will allow it to execute a growing number of tasks that accountants perform today. Given its heavy reliance on numbers and data, the accounting and finance sector is well placed to reap the benefits that Al has to offer.

While there had initially been fears that Al would displace accountants. the emerging consensus is that Al will prove to be a boon for accountants because it will allow machines to execute repetitive. mundane accounting tasks while freeing human accountants up to perform higher level activities that will increase their overall productivity. It is crucial that accounting professionals keep themselves abreast of key advancements in Al and how they can benefit from developments in this area.

As editors of this book, we have assembled authors with a diverse range of professional expertise to discuss important issues in the implementation of Al in the accounting and finance sector. In particular, we seek to answer several important questions: what is Al and what are emerging trends in this area? How can Al be implemented in the accounting and finance sector to solve problems? What are some practical steps that accountants can take to capitalise on Al? It is our hope that the issues examined in this book will contribute to the professional literature on Al in accounting and finance. We also hope that it will bring forth meaningful discussion of how Al will reshape the accounting and finance sector in the coming years and how the profession can continue to thrive alongside Al. ('Charting the Future of Accountancy with Al' CPA Australia Ltd 2019)

Examine how Al will reshape the accounting and finance sector in the coming years and how the profession can continue to thrive alongside Al. In particular, evaluate the current and future trend of accounting and the impact on the role of accountants and ethics in the dynamic accounting sector.

The final report of the group should use an appropriate business report format and should include:
1. A title page; include all group member full name and student number
2. A table of contents (Times new Roman 14 point);
3. Introduction (Times new Roman 12 point):
4. Appropriate topic headings (Times new Roman 14 point);
5. A detailed description on (Times new Roman 12 point):
a. What your group have research about artificial intelligence and accounting industry, particularly ethics and regulatory framework, accountant skills and job opportunities?
b. The artificial intelligence and accounting industry, particularly ethics and regulatory framework, accountant skills and job opportunities your group have researched may reflect an Australian viewpoint. Choose a country that members of your group may have an interest in, or knowledge about. Briefly discuss what aspects of the artificial intelligence and accounting industry, particularly ethics and regulatory framework, accountant skills and job opportunities would have to be considered and what changes/adaptations your group might need to make.
c. What is your group opinion on the value of studying ethics and regulatory framework?
6. Conclusion or recommendation (Times new Roman 12 point);
7. Reference (Times new Roman 11 point);
8. Appendix
a. At least 15 accounting job advertisements related to accountant or this assignment
b. Group Work Activity Report where at least 3 Group Meeting Minutes should be attached.

To identify current accountant skills and current job opportunities associated with accountants:
1. Find at least 15 accounting job advertisements advertised after last 3 months or other job advertisement websites and analyse them in your final report.
2. Print the above job advertisements in KOI printing facilities that enable to identify the printing dates.
3. Attach the printed Job Advertisements as an appendix

Reference no: EM132643952

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