DIGITALIZATION AND THE CHALLENGES FOR ACCOUNTING PROFESSION IN AN EMERGING ECONOMY

Abstract

Technological evolution is reshaping our entire world of reality. It is a challenging milieu that is compelling all stakeholders in the economic field to be dynamic, competitive and proactive. As such, the traditional analog thinking pattern in the business domain has shifted in favor of digitalization. This paradigm shift has caught lots of attention as a logical phase in the evolution of technology. Digitalization comes with the promise to alter all functional areas of business, including the accounting function. Hence, the accounting industry is faced with the challenge of optimizing its activities through digitalization adaption. By evaluating relevant research and practitioners' reports, this article focuses on the implications of digitalization on the accounting profession, and how the profession can adapt to this disruptive change. We took a business-oriented and service-based approach to this revolutionary issue and proposed a new accounting model that might change the reporting utility.