ACCM 4600 Accounting Theory & Contemporary Issues - Report

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Accounting Theory & Contemporary Issues (ACCM 4600)

Added on 2020-05-28

ACCM 4600 Accounting Theory & Contemporary Issues - Report

Accounting Theory & Contemporary Issues (ACCM 4600)

Added on 2020-05-28

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Running head: ACCOUNTING THEORY & CONTEMPORARY ISSUESAccounting Theory & Contemporary IssuesName of the studentName of the UniversityAuthor note

ACCM 4600 Accounting Theory & Contemporary Issues - Report_1

1ACCOUNTING THEORY & CONTEMPORARY ISSUESExecutive summary:This business report is meant to research on the accounting theory and contemporary issues ofaccounting from the accountants’ perspective and how beneficial will it be to introduce AI intothe accounting system. AI let the machines perform like humans and allow reducing themagnitude of human effort for any work. The report has found that AI is uncongenial to thepsychology; however, it is most beneficial in the case of the accountants. The report has tracedthe definition of AI at the beginning and then it has portrayed what advancement it has caused tothe accountants. Moving further, the report has highlighted the scope and threats of AI in theaccounting field and tried to find how these can be mitigated. This business report has givensome valid and justified recommendations in the field of accounting to make more suitable forthe requirement of the firm. The report has given a summarized overview, where it discussed thefinding of the analysis this report. To conclude the report has argued that, though there is hugeimportance of AI in accounting field, however time has not yet came where automationovertakes all the duties of an accountant. Employment of CAs and CPAs will continue until theAI system gains prominence.

ACCM 4600 Accounting Theory & Contemporary Issues - Report_2

2ACCOUNTING THEORY & CONTEMPORARY ISSUESTable of ContentsIntroduction:....................................................................................................................................3What is AI:.......................................................................................................................................4How technology has changed the work of accountants in recent decades:.....................................6Opportunities from the use of AI:....................................................................................................7Threats from the use of AI Note:.....................................................................................................9Recommendation:..........................................................................................................................11Conclusion:....................................................................................................................................12Reference:......................................................................................................................................14Feedback to response:....................................................................................................................17

ACCM 4600 Accounting Theory & Contemporary Issues - Report_3

3ACCOUNTING THEORY & CONTEMPORARY ISSUESIntroduction:Since the introduction of computers, developments have been going to enhance theperformance of the machines. Recent researches have successfully achieved their target with thehelp of Artificial Intelligence (AI) (Gasser 2014). It is acknowledged as one of the greatest boonsof modern engineering that has revolutionized the world market with its vast and diversecapabilities as well as functionality. AI is uncongenial to the psychology; however, it is mostbeneficial in the case of the accountants ( Watts 2017). Initially the technology was developedfor the military usage; however, dried up flow of investment in the technology development,bring it to the world market back in 1970s (Zhang 2016). Since then there has been variousdevelopment in this perspective and lead AI to become where it is now. Whether it is medicalscience or the ecommerce, AI is present everywhere, which aids smooth performance of thebusiness. It acts as the bridge between the human thinking capability and machine capabilitiesthat allows machines to replicate the human thinking capabilities (Nilsson 2014). Moreover, AIlet the machines perform like humans and allow reducing the magnitude of human effort for anywork. This business report is meant to research on the accounting theory and contemporaryissues of accounting from the accountants’ perspective. This section of the assignment focuseson the AI and its importance on the work of accountants. First segment of the report portrayedthat there are various views regarding the introduction of AI in the accounting and the scale ofbenefit varies widely depending upon the scope of its usage. Moreover, the report hashighlighted the risk analysis of AI, in order to assess the scope of being benefited from thistechnology from the accountant’s perspective. To conclude, the report has mentioned various

ACCM 4600 Accounting Theory & Contemporary Issues - Report_4

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ACCM 4600 Accounting Theory & Contemporary Issues - Report