How did the technology affect the accounting and IFRS?

The technology has made its considerable effects on every field of life. Almost all kind of businesses and professions have dramatically been changed by the essence of technology. The accounting and IFRS too have been affected by technology in so many ways. When accounting industry is analyzed in specific terms, there are many impacts have been embarked by technology. One of the biggest impacts is the inclusion of specialized accounting software. The traditional desk calculator, ledger and use of pen are vanishing away from the accounting field. The other change to the accounting field is marked by the technology of cloud bases systems. The firms are streamlining and managing their accounting information through cloud base system, which has made life easier for these firms in so many ways. The digitization of data as well as operations has allowed the accounting field to manage client transactions and relevant activities more efficiently. The technology has enabled accountants to be specific with their data handling, with correct results most of the time. The mobile accounting is another significant change to the accounting as use of mobile phones has become a major part of modern life. So, there are mobile applications, which can perform various accounting functions. The technology has allowed accountants to do more diverse tasks as technology has enabled them to save time from various tasks with its speed and accuracy (Ghasemi, Shafeiepour, Aslani, & Barvayeh, 2011)

The purpose of IRFS is to make sure that financial markets all around the globe can have more efficiency, transparency and accountability. The technology has also been significant to make viable impact on IFRS. The technological developments in IFRS has enabled to lift the standard of data collection and analysis, which is allowing companies to get access to diverse information with accurate predictions made for the future. The great thing about technology is that it has made the adoption of IFRS a convenient one, which was never experienced before. The latest analytics tools can help to collect so much detailed information about the customers, and give great range of information to companies in this regard. The great capabilities of artificial intelligence (AI) are allowing auditors to flag those anomalies, which are needed to be investigated to ensure that everything is on eth right track. Earlier, humans used to make errors with the data handling, but now technology has minimized these errors in the implementation of IFRS and allows the quality of standard to go higher than ever before (IFRS.ORG, 2018)

References of the technology affect the accounting and IFRS

Ghasemi, M., Shafeiepour, V., Aslani, M., & Barvayeh, E. (2011). The impact of Information Technology (IT) on modern accounting systems. Procedia - Social and Behavioral Sciences , 28, 112-116.

IFRS.ORG. (2018). Transforming the impact of financial information: the role of technology. Retrieved November 27, 2018, from https://www.ifrs.org/news-and-events/2018/06/transforming-the-impact-of-financial-information-the-role-of-technology/