Year: 2025
Type: article
Abstract: The world of accounting is undergoing tremendous change as we move further into the digital age. In 2025, businesses and accounting professionals face a landscape shaped by emerging technologies, regulatory changes, and evolving client expectations. These challenges demand a proactive approach to stay competitive and compliant in a fast-paced market. From the introduction of artificial intelligence and blockchain to the financial reporting systems, the accounting profession is at a pivotal crossroads of increasing focus on sustainability and the standards initiated by International Accounting Boards... Current accounting standards include International Financial Reporting Standards (IFRS) for global entities and Indian Accounting Standards (Ind AS) for Indian companies, which are largely converged with IFRS. Other specific standards, like the US's Generally Accepted Accounting Principles (GAAP), are followed by different entities. These standards provide rules for recognizing, measuring, presenting, and disclosing financial information to ensure consistency and transparency in financial reporting. Key applications include automated invoice processing and matching, real-time fraud detection, streamlined bank reconciliations, accurate financial forecasting, and intelligent client communication through chatbots.
DOI: 10.46632/jbab/4/3/7
Language: English
Subfield: Industrial and Manufacturing Engineering
Field: Engineering
Domain: Physical Sciences
Open Access status: bronze
OpenAlex ID: W4415026495
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