Accounting Theory and Contemporary Issue Report

Running head: ACCOUNTING THEORY AND CONTEMPORARY ISSUES
ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Name of the Student
Name of the University
Author’s Note

1ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Table of Contents
PART I.............................................................................................................................................2
a) Objective of the report.............................................................................................................2
b) Audience of the report.............................................................................................................2
c) Vital decision to be done.........................................................................................................2
d) Information required for making these decisions....................................................................3
e) Searching for relevant data and utilization of keywords.........................................................3
2) Sources relevant to project..........................................................................................................3
3) Analysis of source.......................................................................................................................4
PART II...........................................................................................................................................7
Introduction..................................................................................................................................7
What is AI....................................................................................................................................8
Technology changing the work of accountants in recent decades.............................................10
Opportunities from utilization of AI..........................................................................................11
Threats from utilization of AI....................................................................................................12
Recommendation.......................................................................................................................13
Conclusion.................................................................................................................................14
References......................................................................................................................................16

2ACCOUNTING THEORY AND CONTEMPORARY ISSUES
PART I
1) Based on the scenario:
a) Objective of the report
The objective of the report is to focus on the utilization and impact of AI (artificial
intelligence) in the accounting field (Bench-Capon, 2014). The explanation of AI’s influence in
the accounting field highlights on how development of this technology has transformed the
accountants work as well as efficiency in providing better services to their clients.
b) Audience of the report
While working in huge accounting firm, it is usually identified that clients basically
shows their interest in understanding possible opportunities as well as threats, which can arise
owing to adoption of AI. Therefore, the audiences of this specific report mainly involve both
accounting experts and non- accounting experts.
c) Vital decision to be done
The vital decision that is to be made by the accounting firm is mainly about the adoption
of AI in the workplace. The main reason behind this is that although AI helps to generate
numerous opportunities, it might pose threat to hacking of data (Bond & Gasser, 2014).
Moreover, there are some clients who think that existing business framework can be in threat
owing to implementation of AI.
d) Information required for making these decisions
As the basic aim of this report is to highlight on the different aspects of AI to the
accountants, proper information is needed for making these decisions. In fact, the information

3ACCOUNTING THEORY AND CONTEMPORARY ISSUES
required by the managers of this accounting firm is the impact of technological development on
accountant’s business practices.
e) Searching for relevant data and utilization of keywords
While carrying out this study, the keyword that is searched in database mainly involves
the concept of AI, its significance in the accounting field along with its opportunities and threats.
2) Sources relevant to project
Cohen, P.R. and Feigenbaum, E.A. eds., 2014. The handbook of artificial intelligence (Vol. 3).
Butterworth-Heinemann.
Greenman, C., 2017. Exploring the Impact of Artificial Intelligence on the Accounting
Profession. Journal of Research in Business, Economics and Management, 8(3), pp.1451-1454.
Kanal, L.N. and Lemmer, J.F. eds., 2014. Uncertainty in artificial intelligence (Vol. 4). Elsevier.
Müller, V.C. and Bostrom, N., 2016. Future progress in artificial intelligence: A survey of expert
opinion. In Fundamental issues of artificial intelligence (pp. 555-572). Springer, Cham.
Ramchurn, S.D., Vytelingum, P., Rogers, A. and Jennings, N.R., 2012. Putting the'smarts' into
the smart grid: a grand challenge for artificial intelligence. Communications of the ACM, 55(4),
pp.86-97.
Russell, S., Dewey, D. and Tegmark, M., 2015. Research priorities for robust and beneficial
artificial intelligence. Ai Magazine, 36(4), pp.105-114.
Wenger, E., 2014. Artificial intelligence and tutoring systems: computational and cognitive
approaches to the communication of knowledge. Morgan Kaufmann.