Accounting and Its Challenges in the New Era

摘要

This study aims on providing the impact of industrial revolution 4.0 on accounting systems. This review paper provides the challenges into 4 (four) issues that are realtime accounting, big data, intellectual capital (IC) and accounting practitioners. This study elaborates that the existence of disruptive era changes the traditional accounting by pushing it to declare the real-time accounting and not only rely on the periodic information, as the revolution deals more with high-volume of data which is called big data that require an up to date information in a complex set of software. The new accounting also has to deal more with how to process the huge number of data that mostly unstructured and they have to be reported in the financial reports in order to be an important information to make a decision. Moreover, the new accounting has a challenge of measuring the intangible assets including IC that will be a majority assets of high-tech companies in the new era. All issues have pushed the accountants to improve their capability and knowledge not only in the traditional accounting but also in business specialist and IT.