Future Accountants (Pty) Ltd, (Future Accountants), is a forward thinking, technologically driven accounting practice that specialises in accounting and taxation services for clients. As technology changes rapidly, accountants need to continually adapt. Future Accountants has therefore teamed up with a vibrant technological cloud computing firm that is driven by the values of innovation and collaboration. The firm will provide Future Accountants with a specialised software programme, called Premier, designed and customed to suit Future Accountants clients accounting and taxation needs. This specialised software programme cost Future Accountants usd500 000. Premier was specifically designed and customed for the business of Future Accountants and Future Accountants will have sole access to all modules on the system and receive customer support as well as any updates to the system as required.

REQUIRED: Prepare a memorandum to the Board of Directors of Future Accountants (Pty) Ltd to discuss the following:

The accounting treatment of the Premier cloud computing program in the financial records of Future Accountants as per the definition of an asset Conceptual Framework.

Provide 2 examples of value creation that a professional accountant may provide to their clients by fulfilling the role as business advisors.

Provide 2 changes that accountants may experience in their future roles due to the advancements in technology.