Artificial Intelligence in Accounting: Opportunities and Threats

Running head: ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Accounting theory and contemporary issues
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2ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Table of Contents
Introduction......................................................................................................................................3
Defining Artificial Intelligence........................................................................................................3
How has the technology changed the work of accountants in recent decades?...............................4
Opportunities from the use of Artificial Intelligence......................................................................5
Threats from the use of Artificial Intelligence................................................................................6
What is the purpose of the report?...................................................................................................7
What is the audience for the report?................................................................................................7
What are the key decisions to be made?..........................................................................................7
What information would help to make these decisions?.................................................................7
At the time of searching for relevant information, what keywords are used in the present study?.8
Conclusion.......................................................................................................................................8
Reference List..................................................................................................................................9

3ACCOUNTING THEORY AND CONTEMPORARY ISSUES
Introduction
The main aim of the assignment is to research and argue a position about a contemporary
issue in the accounting profession. The current segment explains the concept of Artificial
Intelligence and justifying at the same time. While working for a large consulting firm, it is noted
that several clients shows interest in the possible opportunities as well as threats that are
generated from Artificial Intelligence. On the contrary, some of the clients feel that Artificial
Intelligence may threaten their current business models. Therefore, Artificial Intelligence is
properly explained in the study by highlighting its advantages and disadvantages in the
accounting field (Travé-Massuyès 2014).
Defining Artificial Intelligence
“Artificial Intelligence” is explained as the capacity of machines as well as software for
exhibiting or imitates a sense of cognitive intelligence (Tkáč and Verner 2016). In addition, the
idea behind Artificial Intelligence holds great potential as well as raises much concern. There is
no doubt that Artificial Intelligence is revolutionizing the world. There are vital benefits of
artificial intelligence and it help business that can save time, eliminates mistakes as well as
proper business management into a new realm. It is noted that small business always struggle
with account codes and all tend up filing files things in various ways and the proof is present in
the 10,000,000 several account codes on XERO. Furthermore, machine-learning features like
automatic coding that render straightforward solutions to these issues. The tasks can become
purely automated as well as eliminating human errors and human where they can engage in their
operations (Fernald and Jones 2014).