Financial Accounting Theory and Practice: Use of AI and Blockchain in Accounting

Running head: FINANCIAL ACCOUNTING THEORY AND PRACTICE
Financial Accounting Theory and Practice
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1FINANCIAL ACCOUNTING THEORY AND PRACTICE
Table of Contents
Introduction:...............................................................................................................................2
Use of Artificial Intelligence and Blockchain in accounting:....................................................2
Instances of Artificial intelligence in accounting and use of blockchain in accounting:...........3
Argumentative viewpoint:..........................................................................................................5
Changes in reporting regulations together with the technological advancement in accounting:
....................................................................................................................................................6
Conclusion:................................................................................................................................6
References:.................................................................................................................................7

2FINANCIAL ACCOUNTING THEORY AND PRACTICE
Introduction:
Ever since the invention of the computers and machines, their capability of
performing numerous kinds of tasks have been growing extensively. Humans have created
the power of computer system based on the diverse working domains by increasing speed and
reducing the size to save time (Russell & Norvig, 2016). There are two such technologies
namely the artificial intelligence and block chain that has the ability of reshaping the
profession of accounting. The present study is based on understanding the concept of
Blockchain and Artificial Intelligence. The study would explore the current use of blockchain
and artificial intelligence in accounting with probable use in accounting future. Furthermore,
a description of case for each of the artificial intelligence and block chain would be used in
accounting will be considered. An argumentative statement would be made to support the use
of those technologies in future.
Use of Artificial Intelligence and Blockchain in accounting:
As stated by Nilsson, (2014) artificial intelligence is the science and engineering of
making computer or the software that thinks intelligently in the identical manner as the
human thinks. The major thrust of the artificial intelligence is the development of computer
functions that is related with the human intelligence namely the reasoning, learning and
solving of problem. Research associated to artificial intelligence is particularly specialized
and technical. According to KPMG it has integrated the artificial Intelligence into IBM
Watson for the purpose of audit and JP Morgan Chase has been using this technology for
reducing the time that is required to review the contracts through numerous hours of staff to
some few minutes.
Blockchain on the other hand refers to the ability of tracking and transferring value as
the assets or the money in a guarded way with the real time interface on the identical lines