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    The Industrial Revolution 4.0 is transforming accounting through automation and digitization of processes. This increases efficiency, productivity and data quality for analysis and decision making. However, issues have emerged like a lack of awareness, clear policies, and accounting standards for new technologies. This impacts reliability and consistency of accounting data. It also increases accountants' workloads as their roles shift from bookkeeping to strategic advisors. Professional bodies must develop programs and standards to ensure accounting adaptability and data reliability in this changing environment.

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    The Industrial Revolution 4.0 is transforming accounting through automation and digitization of processes. This increases efficiency, productivity and data quality for analysis and decision making. However, issues have emerged like a lack of awareness, clear policies, and accounting standards for new technologies. This impacts reliability and consistency of accounting data. It also increases accountants' workloads as their roles shift from bookkeeping to strategic advisors. Professional bodies must develop programs and standards to ensure accounting adaptability and data reliability in this changing environment.

    Original Description:

    Industrial Revolution 4.0 on Accounting

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    IR4.0

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    The Industrial Revolution 4.0 is transforming accounting through automation and digitization of processes. This increases efficiency, productivity and data quality for analysis and decision making. However, issues have emerged like a lack of awareness, clear policies, and accounting standards for new technologies. This impacts reliability and consistency of accounting data. It also increases accountants' workloads as their roles shift from bookkeeping to strategic advisors. Professional bodies must develop programs and standards to ensure accounting adaptability and data reliability in this changing environment.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    140 views2 pages

    Ir4 0

    Uploaded by

    rhvzjprv
    The Industrial Revolution 4.0 is transforming accounting through automation and digitization of processes. This increases efficiency, productivity and data quality for analysis and decision making. However, issues have emerged like a lack of awareness, clear policies, and accounting standards for new technologies. This impacts reliability and consistency of accounting data. It also increases accountants' workloads as their roles shift from bookkeeping to strategic advisors. Professional bodies must develop programs and standards to ensure accounting adaptability and data reliability in this changing environment.

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    1. How has accounting developed in the Industrial Revolution (IR) 4.0 era?

    The Industrial Revolution (IR) 4.0 era is the evolution of automating processes over the whole
    industry. It is a whole transformation of every sectors which every system would develop and
    digitalize due to technology advancement. The way of technology is transforming the accounting
    development as well.
    IR 4.0 is expected to influence accounting development and practice in some aspects.
    Development of technology remove some slow and manual processes in accounting. High
    accuracy extraction of data could be obtained from digitalized software in a short time. New
    technology allows greater analysis of business and accounting data which allow organization to
    achieve competitive advantage. Quality of accounting data has been improved in IR4.0 to be used
    during decision making purposes. The credibility and relevance of reporting has been increased
    through self-controlling, self-auditing systems and demand-pull custom accounting for individuals.
    In conclusion, IR 4.0 increased the flexibility and even increased the productivity,
    efficiency, quality in the aspect of accounting.

    2. What are the issues/ problems emerge during the era?


    There are few major problems emerged during the era of IR 4.0 which would affect every
    organization in the industry. Some of the organization is lacking of awareness on the concept of
    IR 4.0. Lack of awareness has disallowed them to enjoy certain benefits in terms of the use of
    technology in their organization. In Malaysia, there is no clear comprehensive policy and
    coordination on IR 4.0 has caused some organizations have no clear direction in moving their
    business to IR 4.0. Besides, lacking of standard by some professional bodies has caused some
    reliability issue as different organization are using different types of technology which generate
    different kind of data.
    3. How do these issues/ problems impact the accounting practices? Elaborate.
    The issues of IR 4.0 have some impacts on accounting practices. Lacking of specific
    accounting standard very likely to affect the reliability of accounting data. Different organization
    have different type of technology to generate their data. The data might not be consistent at all as
    there is no framework to govern them. Besides, although accountants can work faster compared to
    the old era. However, the change of technology has caused massive work to accountants. It would
    significantly increase their workload as we have underestimated the power of technology.
    4. Does the IR 4.0 has any impact on accounting professionalism? Discuss.
    IR 4.0 definitely has impact on accounting professionalism. To adapt with the fast development
    and changes, accountants have to equip themselves with the needed knowledge. While awareness
    has been created, professional bodies has to come out development programmes on accounting
    standard development which related to IR 4.0 to increase the reliability of accounting data. The
    role of accountants are changing as well which their roles are moving away from bookkeeping to
    strategic business partners.
    https://www.miti.gov.my/index.php/pages/view/industry4.0?mid=559

    https://www.accountancyage.com/2018/02/26/fourth-industrial-revolution-impacting-accountancy/

    https://www.journalofaccountancy.com/newsletters/2017/sep/industry-4-0-change-accounting.html

    https://www.accaglobal.com/my/en/member/member/accounting-business/2016/11-
    12/insights/industrial-revolution.html

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