Modifying Accounting Standards to Evolve with Modern Technology
The purpose of this qualitative study was to identify trends in current literature regarding accounting standards to address the improving accounting firms’ ability and IT competency standards in order to utilize artificial intelligence. Artificial intelligence (AI) is likely vital to the success of accounting standards. However, if these standards enforce the use of technology without ensuring that businesses have appropriate resources then they will be pointless. The methodology of this research follows the formula of many qualitative studies that utilize content or thematic analyses. Scholarly databases such as ProQuest were searched for articles possessing the keywords ‘artificial intelligence’ and ‘accounting standards’ and ‘accounting technology’ for some. Numerous academic journals, historical texts, firm reports, and news reports were accessed. The results indicate the need for modified accounting standards. The need to use artificial intelligence (AI) and evolving technology can either mitigate or perpetuate resource issues. While there is a fear that technology will replace the accountant, there are many ways in which technology will simply make accounting easier. Cloud computing and real-time financial reporting/credit loss prediction models are promising uses of artificial intelligence. The use of accounting information systems (AIS) in the future of accounting standards will be vital to meet the new technological needs of modern businesses. To effect accounting standard changes that will benefit enterprises and financial institutions, the issue of access to AI must be addressed before the argument for AI technology and resource management can be seriously considered.