Class Activity 1 - Lesson 1

Class Activity - Lesson 1

Re: Class Activity - Lesson 1

by CHUNG MIN LOONG -
Number of replies: 0
Yes, 1 day in future the accountancy job would have partially replaced by AI, however there are many gaps to fill in or iron out before reaching the readiness and maturity for accounting profession to rely on AI. A more practical approach would be start from simple to mid level technical assistance to the accountant. Similar concept in autonomous driving, where driver still holds the steering wheel to ensure road safety. 1 of the main challenge of using AI in accountancy is meeting the requirements of legislation law, furthermore different countries have own laws. 2nd AI's database needs to be updated from time to time to learn accounting elements, characteristics, concepts and principles. Example: the classification of tangible and intangible assets has to be standardized in order to be consistent without create new unrecognized assets by the AI. All the monetary transactions have to be quantified or expressed in valid financial terms such as money. With AI getting into accountancy field, it would not replace today's accountancy jobs, in fact it would increase more jobs and business opportunities for accountant to accept more contracts or projects while managing multiple jobs at a time with AI assistance. Also there will be more jobs surrounding AI development would be created, such as engineer, technician and setting up AI database centers. Accountant occupation or profession still has the niche as final approval and accountable for the outcome or results produced by AI.

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