Big data, big impact on accounting

Name:李欣芸
ID:D0740772
BLOG #2:Big data, big impact on accounting
website: https://aplusmag.goodbarber.app/topics/c/0/i/17867251/big-data-big-impact-accounting

    Big Data will have increasingly important implications for accounting, even as new types of data become accessible. The video, audio, and textual information made available via Big Data can provide for improved managerial accounting, financial accounting, and financial reporting practices.
  
    This article described that Big data and data analytics will affect accounting in many ways by influencing how business is conducted and how financial statements are prepared and audited. And it divided into 4 parts:

  1. Big data and financial accounting
  2. Big data and managerial accounting
  3. Big data and auditing
  4. Big data and accounting standards

     In managerial accounting, Big Data will contribute to the development and evolution of effective management control systems and budgeting processes. In financial accounting, Big Data will improve the quality and relevance of accounting information, thereby enhancing transparency and stakeholder decision making. In reporting, Big Data can assist with the creation and refinement of accounting standards, helping to ensure that the accounting profession will continue to provide useful information as the dynamic, real-time, global economy evolves.

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