"Our Prices Start at $11.99. As Our First Client, Use Coupon Code GET15 to claim 15% Discount This Month!!"
Topic: “In our lifetimes, we’ve all seen technology accelerate every industry it touches. Based on my more than 20 years of experience working in the accounting tech industry, I’ve witnessed this transformation firsthand. Most accountants already use digital tools and are optimizing processes to go paperless. Yet as technology continues to advance and further automate numerous functions, conversations turn to the prospect of human-less accounting.” (Nick Chandi, Forbes Councils Member 2018).
Evaluate the current and future trend of accounting and the impact on the role of accountants and ASIC in the dynamic accounting environment.
A major component of ACC700 subject is the group assignment. All students in ACC700 have to form groups with members drawn from your lecture group. Groups can be a minimum of three (3) students and a maximum of four (4) students. If you are not currently in a group by week 8, please see your tutor urgently.
Artificial intelligence (AI) is transforming the accounting and finance sector. With the ability to learn and adapt, AI is poised to develop increasingly sophisticated capabilities that will allow it to execute a growing number of tasks that accountants perform today. Given its heavy reliance on numbers and data, the accounting and finance sector is well placed to reap the benefits that AI has to offer.
While there had initially been fears that AI would displace accountants, the emerging consensus is that AI will prove to be a boon for accountants because it will allow machines to execute repetitive, mundane accounting tasks while freeing human accountants up to perform higher level activities that will increase their overall productivity. It is crucial that accounting professionals keep themselves abreast of key advancements in AI and how they can benefit from developments in this area.
As editors of this book, we have assembled authors with a diverse range of professional expertise to discuss important issues in the implementation of AI in the accounting and finance sector. In particular, we seek to answer several important questions: what is AI and what are emerging trends in this area? How can AI be implemented in the accounting and finance sector to solve problems? What are some practical steps that accountants can take to capitalise on AI? It is our hope that the issues examined in this book will contribute to the professional literature on AI in accounting and finance. We also hope that it will bring forth meaningful discussion of how AI will reshape the accounting and finance sector in the coming years and how the profession can continue to thrive alongside AI. (‘Charting the Future of Accountancy with AI’ CPA Australia Ltd 2019)
ACC700 PRINCIPLES OF ACCOUNTING T220 02/07/2020 12:11 *AUSTRALIAN INSTITUTE OF BUSINESS AND MANAGEMENT PTY LTD © PAGE 10 OF 17 CRICOS 03171A ABN: 72 132 629 979 Approved by KOI Academic Board for T2 2020
Examine how AI will reshape the accounting and finance sector in the coming years and how the profession can continue to thrive alongside AI. In particular, evaluate the current and future trend of accounting and the impact on the role of accountants and ethics in the dynamic accounting sector.
Your group will be assessed on three aspects of the assignment:
Final report of your group: 3,000 words plus or minus 20%, excluding Job Advertisements and Group Work Activity Report; Group Work Activity Report including group meeting minutes: around 750 words plus or minus 20%, excluding group meeting minutes (5%); and Group presentation based on group assignment: (5%).
The final report with group work report is due by week 11