The Financial Accounting Standards Board (FASB) released an accounting standards update to improve financial reporting for insurance companies that issue long-duration contracts such as life insurance, disability income, long-term care, and annuities. The data-intensive nature of IFRS 17- and FASB-targeted improvements offers an opportunity for strategic vision and, for some insurers, a leap forward for data and analytics modernization on the back of mandatory compliance. Data analytics aids accountants in identifying patterns in customer spending, identify market behavior, anticipate trends and predict regulatory reactions. Accountants who specialize in data analytics manage, analyze and mine multiple streams of data. Data Analytics also assists firms in gaining meaningful and actionable insights from their financials. Another key contributer of Accounting Data Analytics, is that it helps in managing risks and identifying process improvements that can improve efficiency. Data Analytics in Accounting has transformed the Accounting sector and increased the competition in the market. The SEC used data analytics to analyze large volumes of financial data and identify patterns and trends that suggested potential financial reporting problems. For example, the SEC used data analytics to identify companies that consistently reported earnings that exceeded analysts' expectations by an unusually large margin, which could indicate potential accounting manipulation.

An example is that data aids Accountants in reviewing complicated tax concerns about investment scenarios. This data help accountants make quicker and allowing businesses to react faster to opportunities and outsmart their competitors and the market. With accounting growing as fast as it is, understanding the role of Data Analytics in Accounting has become very crucial. Accounting Data Analytics can help to make effective business decisions and meet client expectations. To incorporate a Christian worldview and values into ethical data analytics, an accountant must work with their values at their helm. It will equip them to identify potential financial reporting problems and take appropriate action to address them, while upholding ethical principles and promoting the greater good. The Bible points out that financial accounting is necessary to avoid fraud, to monitor agents, and to reduce conflicts over resources