The Role of Emerging Technologies in Enhancing Accounting Practices

Karrar Mohammed AL Shafeay

Karrar Mohammed AL Shafeay University of Kufa, Faculty of Administration and Economics, Najaf.

Keywords: Emerging Technologies, Artificial Intelligence (AI), Blockchains

Abstract

This study explores the potential of emerging technologies, specifically blockchain and artificial intelligence (AI), to enhance accounting practices within Iraqi economic units. With a sample of 150 responses from accountants and financial managers, the research investigates the correlation between the application of these technologies and improvements in accounting processes. Findings reveal a significant association between the use of AI systems and blockchain technology in enhancing accounting practices. The study underscores the importance of leveraging emerging technologies to streamline data processing, enhance accuracy, reduce costs, and facilitate informed decision-making in accounting. These results highlight the transformative impact of technological advancements on accounting methods in the context of the Iraqi economy, suggesting avenues for further research and practical implications for stakeholders in the field.

References

A. Yoshikuni, R. Dwivedi, R. de Lima, C. Parisi, and G. Oyadomari, "Role of Emerging Technologies in Accounting Information Systems for Achieving Strategic Flexibility through Decision-Making Performance: An Exploratory Study Based on North American and South American Firms," Global Journal of Flexible Systems Management, vol. 24, no. 2, pp. 199–218, June 2023.

F. Kusumawardhani, D. Ratmono, S. Wibowo, D. Darsono, S. Widyatmoko, and N. Rokhmana, "The Impact of Digitalization in Accounting Systems on Information Quality, Cost Reduction, and Decision Making: Evidence from SMEs," International Journal of Data and Network Science, vol. 8, pp. 1111–1116, 2024.

J. Slezák, "Artificial Intelligence, Big Data, Blockchain, and Cloud Computing – Future Accounting?," Trendy v podnikání - Business Trends, vol. 13, no. 1, pp. 16-33, 2023.

J. Heimel and M. Müller, "Controlling 4.0," in "Management 4.0 – Unternehmensführung im digitalen Zeitalter," M. Erner, Ed. Berlin, Germany: Springer, 2019, pp. 389–430.

M. Bellucci, D. Bianchi, and G. Manetti, "Blockchain in Accounting Practice and Research: Systematic Literature Review," Meditari Accountancy Research, vol. 30, no. 7, pp. 121-146, 2022.

M. Sheth and R. Shukla, "Emerging Technologies and Their Impact on Accounting and Insurance," Bombay Chartered Accountant Journal, July 2018.

H. Balicka, "Digital Technologies in the Accounting Information System That Support Decision-Making Processes,".

A. Atik and G. Kelten, "Blockchain Technology and Its Potential Effects on Accounting: A Systematic Literature Review," Istanbul Business Research, vol. 50, no. 2, pp. 495-515, 2021.

B. Alkafaji, M. Dashtbayaz, and M. Salehi, "The Impact of Blockchain on the Quality of Accounting Information: An Iraqi Case Study," Risks, vol. 11, no. 58, 2023.

E. N. Güdelci, "A New Era in Blockchain Technology and Better Accounting Information," Journal of Accounting and Taxation Studies, vol. 15, no. 2, pp. 437-461, 2022.

Y. Zhang, F. Xiong, F. Xie, X. Fan, and H. Gu, "The Impact of Artificial Intelligence and Blockchain on the Accounting Profession," IEEE Access, vol. 8, pp. 2020-2032, 2020.

J. Tian and L. Li, "Research on Artificial Intelligence of Accounting Information Processing Based on Image Processing," Mathematical Biosciences and Engineering, vol. 19, no. 8, pp. 8411-8425, 2022.

D. Anantharaman, A. Rozario, and C. Zhang, "Artificial Intelligence and Financial Reporting Quality,"

A. Santra, "Artificial Intelligence: Its Impact on Accounting- A Review Work," NSOU-OPEN JOURNAL, vol. 7, no. 1, 2024.

S. Askary, N. Ghazaleh, and Y. Tahat, "Artificial Intelligence and Reliability of Accounting Information,"

E. Ezenwa and U. Nkem, "Impact of Artificial Intelligence (AI) on Accountancy Profession," Journal of Accounting and Financial Management, vol. 7, no. 2, 2021.

A. Alwajid, "The Impact of the Use of Blockchain Technology on Accounting Information Systems: A Field Study in Joint Stock Companies Listed on the Iraqi Stock Exchange," World Economics & Finance Bulletin (WEFB), vol. 21, April 2023.