Since human history began, new ways of working or inventions have emerged which have fundamentally changed the accepted methods of living and/or doing business. Whether thiswas the wheel or the printing press, the 'technology of the day' has disrupted accepted practice,and usually required learning new skills or approaches. In the modern era, much of this disruption has occurred through information technology, such as the internet. This presents four technologies of varying degrees of maturity which are likely to change the accounting profession: Big Data, Cloud Computing, Artificial Intelligence (AI) and Blockchain. We explain what each technology is and how it might impact the business world and how accountants need to potentially change their skillsets to address the challenges these disruptive technologies bring. The introduction of data analytics and innovative technologies, such as artificial intelligence, bots and drones, provides the opportunity for the greatest change in the accounting professionsince the passage of the Securities Act of 1933 and the Securities Exchange Act of 1934,"explained D. Scott Showalter, chair of the Federal Accounting Standards Advisory Board, and professor of practice in the Poole College of Management at North Carolina State University."No matter the discipline, whether audit, accounting, tax or advisory, all will be affected by these innovations."

There was little question among accounting's leaders that advancements in technologywere setting the pace, and that the profession needed to do its best to keep up."The relevancy ofthe accounting profession in the next decade will be largely impacted by how capable we are at visualizing and harnessing the potential benefits of new technology, and how willing we are tomake the changes necessary to take advantage of the enhanced technology of tomorrow," saidDavid Vaudt, chairman of the Governmental Accounting Standards Board.

Too many firms are looking for solutions from new technology, software and apps, to the detriment of skills-building and process improvements that would better serve clients withbroader and deeper services," he said. "In short, firms are primarily using technology to reduce costs and increase productivity, instead of leveraging technology to get better at doing what clients want mostproviding proactive insight, analysis and guidance. Technology can replace people, and it is; you can see it in hiring trends and in per-partner incomes.

But technology cannot replace the judgment and wisdom that clients really want from their accountants. This techno-centric behavior is pushing aside the client-centric habits that have made accounting the great profession it remains today. The profession does so at its peril."

Source:Crookes L., Conway E. (2018) Technology Challenges in Accounting and Finance. In: Conway E., Byrne D. (eds) Contemporary Issues in Accounting. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-319-91113-7_4.

REQUIRED:

I) interpret on the following aspect on how technology and digitalisation enables the accounting and finance field:

1. To assess how Blockchain can be utilised to improve national and corporate governance.