ACC700 - Technological Innovation's Impact on Accountants' Skills

This report examines the impact of future technological innovations on accountant skills, ethics, and career opportunities, focusing on trends like mobility, cloud computing, big data, robotics, cybersecurity, artificial intelligence, and augmented/virtual reality. It emphasizes how these technologies enhance decision-making abilities and diverse skills. The report also discusses the APES 110 code of ethics for professional accountants in Australia, highlighting the importance of ethical conduct. Furthermore, it notes that accountants with AI and accounting software skills will experience increased demand. The conclusion underscores the rapid advancement of technologies like AI, cloud computing, Blockchain, and managerial accounting, predicting their significant influence on the accounting profession.

Accounting
Principles of Accounting

Introduction
O The purpose of the report is to
demonstrate the ability to prepare,
analyse and to interpret the data
linking it with the real world
situations and to develop the
problem solving with the team
working skills.
O The report includes the discussion of
the topic that is future technological
innovation impact on the accountant
skills, ethics and career
opportunities.

Impact on Accountant skills
O The major technology trends that are
available include mobility, cloud, big data,
robotics, cyber security, artificial
intelligence, augmented and virtual reality.
O All future technology innovations contribute
in improving the decision-making abilities
and diverse skills of an accountant.

Impact on ethics
O APES 110 code of ethics majorly for the
professional accountants that conduct their
practising in Australia.
O The members who are involved in the
professional’s body including ICAA and CPA
need to abide by the APES 110 that include
offering the professional services in an
honorary capacity.

Impact of future
technology on accountant
career opportunities
O The careers in the accounting technology
majorly focus on helping the accountants,
auditors and the financial professionals with
their desired tasks.
O The accountants with the skills of AI and
other accounting software handling can find
the rise in the demand by the firms.

Conclusion
O In the end this can be concluded, the
rise in future technologies and
innovations is predicted with the
rapid pace in the present world.
O The major technologies whose
presence will be estimated include
AI, cloud computing, Blockchain
technology and managerial
accounting.

References
O Chavez, J. (2017). How Technology Is Redefining
Finance and Accounting Roles. Retrieved from:
http://www.thestaffingstream.com/2017/10/19/ho
w-technology-is-redefining-finance-and-accountin
g-roles/
O Gass, J. (2018). AI's Impact On Accounting And
Finance. Retrieved from:
https://www.forbes.com/sites/theyec/2018/09/10/a
is-impact-on-accounting-and-finance/#409fc013e
855
O Sharpe, M. (2016) Investigating How Religiosity,
Ethics, and Other Factors Relate to Future
Accounting and Business Professionals' Views on
Work-Life Balance. Ethics (January 22, 2016).