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Can Blockchains Serve an Accounting Purpose?
Abstract
The blockchain has enabled the successful creation of decentralized digital currency networks. This success has prompted further investigation into the usefulness of blockchains in other business settings. Because of the blockchain’s use as a ledger, the question arises whether the blockchain could become a more secure alternative to current accounting ledgers. We show that this is infeasible. By casting this question in the context of the Byzantine Generals Problem, which the blockchain was designed to solve, we identify multiple flaws hindering implementation of the blockchain as a financial reporting tool. Whereas blockchain-based digital currencies only exist within the blockchain, economic transactions exist outside of accounting records. This distinction prevents an acceptable level of transaction verification using the blockchain model. Additionally, the security benefits of the blockchain that render it ostensibly immutable are not fully available or reliable in an accounting setting.
... Innovations in digital payments, driven by platforms like PayPal and Venmo, have prompted companies to adopt these technologies to enhance operational performance and financing activities (Boulianne & Fortin, 2020;Bourveau et al., 2022). Despite blockchain's potential benefits for accounting and auditing, its application remains nascent, facing challenges such as user confidentiality, privacy issues, and transaction verification concerns (Coyne & McMickle, 2017;M. Liu et al., 2019). ...
... Off-balance-sheet assets, like crypto assets, pose additional challenges. Some auditors view blockchain implications as unclear (Coyne & McMickle, 2017), while others believe it could enhance stakeholder trust (Carrasco & Romi, 2022). Thus, management discretion in reporting crypto transactions is critical and can be assessed through total discretionary and discretionary accruals. ...
... Earlier research indicates that blockchain technology has the potential to revolutionise accounting systems and redefine the roles of accountants and auditors across various domains, including managerial accounting, financial reporting, and financing (Coyne & McMickle, 2017;Lombardi et al., 2022;Pimentel & Boulianne, 2022;Pimentel et al., 2021). This transformative potential is further demonstrated by the findings of this study, as presented in Tables 3-5, which provide valuable insights into the factors influencing the reporting of crypto aspects in financial statements. ...
The purpose of this study is to investigate the factors influencing companies’ decisions to voluntarily disclose cryptocurrency-related aspects in their 10-K filings. By utilizing the SEC’s EDGAR database, we collected 687 10-K filings from 268 companies that reported on cryptocurrency activities between 2015 and 2022. These companies are actively involved in various aspects of crypto assets, with a predominant focus on cryptocurrency. To analyze our data, we employed fixed effect (within) regression models. Based on our findings, growth companies attract funds more from creditors than investors, securing financial leverage for new initiatives. Also, discretionary accruals provide insights into the implications of crypto asset disclosure practices. The increasing adoption of cryptocurrencies and blockchain technology by companies presents opportunities to transform traditional financial systems. Voluntary disclosure of cryptocurrency and related activities is an increasing practice, emphasizing accountants’ needs to adapt and integrate it into the 10-K reports.
Keywords: Voluntary reporting, Blockchain, Cryptocurrency, Financing decisions, Discretionary accruals.
... Balios [21] further define it as a networked computer system that supports a range of corporate functions, such as hardware, software, and data storage and transmission. IT infrastructure, according to Coyne et al. [28], is a collection of digital solutions, systems, and procedures that facilitate information flow inside a company. It is made up of the hardware, software, and telecommunications services required to distribute, store, and process electronic data. ...
... Big data technology can be used to generate new insights into customers and identify opportunities for quality improvement [53]. To value big data as an asset, accounting and finance professionals will need to define key assumptions, determine which data is of value, and choose an acceptable evaluation methodology, each type of data can be weighted based on data quality dimensions such as credibility, relevance, accuracy, completeness, and monetization of data sources [12,28,29,31,39]. To build confidence in the quality and origin of that data among all internal and external stakeholders, the work of accountants and specialists has increased. ...
... They also dealt with the impact of big data and business analytics on corporate systems, referring to the challenges facing companies in the context of big data and the importance of the data's possessing high-quality attributes such as relevance, timeliness, and accuracy, to ensure that the information is useful for decision-making. Chen et al.; Coyne et al. [28] examined the relationship between the accounting function and big data by focusing on social networking data, and they explained that the impact of big data and social networks was not limited to marketing, but extended to accounting, decision-making processes, and the speed of response to customer requirements, which is reflected in performance, they explained that performance indicators will be able to absorb big data in the future. ...
The purpose of this paper is to examine the mediating effect of the rate of quality of accounting information systems on the relationship between big data technology and firms’ financial performance in firms listed on the Palestine Stock Exchange. The researchers conducted an account of the previous studies in this field. The researcher used the deductive approach in studying and analyzing previous studies related to big data by relying on books, periodicals, theses, and accounting standards related to the subject of the research. The researcher applied an inductive approach when conducting the field study and testing the statistical hypotheses related to the study of the relationship between the use of big data technology and firms’ financial performance. The findings show a correlation coefficient of (0.54) and a coefficient of determination of (48%), indicating that big data analytics positively affects the rate of return on assets, and that there is a statistically significant relationship between the advancement of accounting information systems and the enhancement of financial performance in big data technology, as measured by the rate of return on equity and the rate of return on assets, which have correlation rates of (0.53) and (42%), respectively. This relationship is reflected in the data on the existence of a statistically significant relationship between the use of big data technology and the enhancement of financial performance with big data technology. The intention of big data, as well as the absence of fundamental differences between the sample individuals, states that the use of big data technology leads to improved performance through the development of various accounting practices and good inventory management by predicting customer behaviour, thus increasing the competitiveness of competition and improving the reputation of the establishment on social media. This is reflected in the company’s sales and its survival in the market, as well as the development of analytical models and advanced methods of analysis that limit fraud and help control it, which is one of the establishment’s goals at present. This paper contributes to the literature by showing that the use of big data leads to a change in methods of preparing the final accounts, especially the financial position, and displaying them at fair value, which increases investor confidence. The study offers insights into the necessity of holding training courses for accountants concerning technology related to digital transformation and big data analysis for use in developing accounting practices.
... In recent years, studies on factors affecting the intention to adopt blockchain in corporate accounting have attracted the attention of many scholars around the world [8,[10][11][12]14]. Studies are mainly based on technological behavior theories such as the Technology Acceptance Model (TAM) of Davis (1989) [35], the Theory of Reasoned Action (TRA) of Fishbein and Ajzen (1975) [36], the Theory of Planned Behavior (TPB) of Ajzen (1991) [37], and the Unified Model of Acceptance and Use of Technology (UTAUT) of Venkatesh et al. (2003) [38]. ...
... According to Smith (2017), blockchain can help businesses record financial transactions in real time, reducing their dependence on intermediaries such as banks or auditing organizations [13]. One of the most important applications of blockchain in financial accounting is smart contracts, which help automate financial transactions such as payments, debt reconciliation, and internal audits [11,12,15]. In addition, blockchain also supports improving the auditing process by providing instantly auditable transaction records, reducing audit costs and time [16]). ...
Blockchain technology has recently emerged as a transformative innovation with the potential to enhance transparency, accountability, and efficiency, key pillars of sustainable financial and accounting systems. Despite its relevance to sustainable digital transformation, the adoption of blockchain in accounting practices remains limited, particularly in developing economies such as Vietnam. This study investigates the behavioral factors influencing the intention to adopt blockchain in financial accounting among manufacturing enterprises, drawing on the Unified Theory of Acceptance and Use of Technology (UTAUT) and the Theory of Planned Behavior (TPB). Survey data from 320 Vietnamese manufacturing firms were analyzed using Cronbach’s Alpha, exploratory factor analysis (EFA), confirmatory factor analysis (CFA), and structural equation modeling (SEM) to examine both direct effects and mediating pathways. The results reveal that performance expectancy, effort expectancy, social influence, facilitating conditions, and perceived cost significantly affect attitudes, which in turn strongly predict intentions to adopt blockchain. Attitudes also partially mediate these relationships, underscoring their central role in shaping sustainable technology adoption behavior. Notably, trust in technology does not exert a significant influence, suggesting that practical and organizational enablers outweigh individual-level trust in this context. This study contributes to the emerging literature on blockchain-enabled sustainable accounting by extending the UTAUT–TPB framework and offering insights for policymakers, technology providers, and managers aiming to foster sustainability-driven digital transformation in financial practices.
... It is worth noting that the year 2017 marked the actual beginning of accounting research on blockchain technology, with the emergence of several seminal studies in this field, including those by (Coyne & McMickle, 2017;Dai & Vasarhelyi, 2017;Kokina et al., 2017;O'Leary, 2017). The differences between the aforementioned studies in identifying the initial year covered by the accounting literature survey on this topic, is due to the inclusion of several reports, such as those by (Deloitte c, 2016;EY, 2016;KPMG, 2016b;PwC, 2016). ...
... Other notable publications such as those by (Bonsón & Bednárová, 2019;Demirkan et al., 2020;Kokina et al., 2017;Moll & Yigitbasioglu, 2019;Schmitz & Leoni, 2019), which provide a comprehensive literature reviews on blockchain technology in accounting, evaluating research outputs, and outlining future research directions. Studies such as (Coyne & McMickle, 2017;Kwilinski, 2019) investigated the impact of blockchain on accounting practices and financial reporting efficiency, while Mosteanu & Faccia, (2020)explored the role of integrated digital technology systems. Di Vaio & Varriale, (2020) examined blockchain's role in supporting supply chains, focusing on process management and decision-making, and Kshetri, (2021) analyzed its impact on monitoring and sustainability standards. ...
This study aimed to assess the landscape of accounting research on blockchain technology by employing a hybrid approach that combines content analysis of ten literature reviews directly related to the subject and bibliometric analysis of 469 international publications listed in the Scopus database, published between 2017 and 2023. The study concluded that the core research themes revolve around bookkeeping nature and procedures, Accountants and auditors Tasks and competencies, technical challenges, and legislative issues. Future research is expected to focus on topics such as the triple-entry system, education, accounting education methodologies, technology acceptance models, stakeholders, and intellectual property. The dominance of descriptive and exploratory studies over experimental research was also noted, a factor that should be considered in future studies.
... Si bien blockchain garantiza la inmutabilidad de los datos registrados, los errores en la programación de contratos inteligentes pueden permitir transacciones erróneas o incluso maliciosas. Coyne & McMickle (2017) "advierte que la falta de regulación específica sobre la auditoría de contratos inteligentes podría representar un riesgo, ya que los errores en su programación pueden comprometer la validez de las transacciones y la integridad de los registros financieros. Esto resalta la importancia de realizar auditorías continuas y desarrollar prácticas más rigurosas para la codificación de estos contratos" (p. ...
... Esta falta de regulación específica crea un vacío legal que puede llevar a inconsistencias en la interpretación de las mejores prácticas en el uso de blockchain en auditoría. Coyne & McMickle (2017) "menciona que las NIA aún no han incorporado directrices claras para auditar transacciones en blockchain, lo que genera incertidumbre sobre su aplicabilidad en la auditoría financiera. La ausencia de directrices claras puede generar riesgos legales para las empresas y los auditores, ya que no existen reglas estandarizadas sobre cómo proceder con la verificación de transacciones en blockchain" (p. ...
LLa auditoría financiera enfrenta desafíos constantes en la verificación y aseguramiento de la información contable. Blockchain ha emergido como una tecnología con el potencial de transformar estos procesos, ofreciendo mayor transparencia, seguridad y trazabilidad en los registros. Sin embargo, su implementación enfrenta barreras tecnológicas, económicas y regulatorias que dificultan su adopción generalizada. El objetivo de este estudio es analizar la viabilidad de blockchain en auditoría, identificando sus beneficios y limitaciones, así como los factores clave que influyen en su adopción. A través de un enfoque metodológico cualitativo, basado en una revisión sistemática de literatura y el análisis de casos de uso reales, se examinan aspectos como la escalabilidad, interoperabilidad y costos de implementación. Los hallazgos sugieren que, aunque blockchain puede mejorar la eficiencia y confiabilidad en auditoría, su adopción requiere ajustes regulatorios y capacitación profesional. Se concluye que la evolución normativa y el desarrollo de estándares específicos serán clave para su integración en el ámbito contable y financiero.
... The Commission on Sponsoring Organizations of the Treadway Committee (COSO), which is accepted as an international authority, defined the concept of enterprise risk management as "a process established to provide reasonable assurance of achieving the organization's objectives and to identify possible events that may affect the organization and to manage the risks arising from them." Thus, enterprise risk management has begun to approach events from a systematic perspective by adopting a proactive style of action (Coyne & Mcmickle, 2017). ...
... The concept of value is the most important one. The Enterprise Risk Management Framework published by COSO defines the basic components, creates a common language for risk management, and provides guidance or advice on this issue (Coyne & Mcmickle, 2017). ...
Blockchain technology, which gained prominence with the advent of Bitcoin in 2008, has garnered significant attention across various sectors due to its inherent transparency, security, and decentralization. The ability to operate without central authorities has facilitated more efficient and secure transactions, particularly in an increasingly digital environment where cybersecurity has become a critical concern. Cybersecurity, defined as the protection of electronic systems, networks, and data from malicious threats, is paramount for individuals, organizations, and nations. Blockchain has emerged as a promising solution in the cybersecurity domain, offering enhanced data integrity and immutability. Each block in the chain is cryptographically linked to the previous one, making data tampering exceedingly difficult. The decentralized nature of blockchain, requiring validation from multiple participants, reduces the risk of single-point failures and enhances protection against cyberattacks, such as Distributed Denial of Service (DDoS) attacks. Blockchain aligns closely with the Confidentiality, Integrity, and Availability (CIA) triad in cybersecurity by employing encryption techniques and private keys for data protection, ensuring immutability of records, and providing continuous access through distributed networks. While its potential applications are broad, ranging from healthcare to supply chain management and Internet of Things (IoT), several limitations still hinder blockchain’s widespread adoption in cybersecurity. Chief among these are issues related to scalability and resource management, as high transaction volumes can lead to inefficiencies in speed and cost. Emerging solutions, such as hybrid blockchain models, sidechains, and sharding, are being explored to address these challenges. Despite these obstacles, blockchain presents a resilient framework capable of enhancing cybersecurity measures across multiple sectors. Continued research and innovation are necessary to overcome existing limitations and fully unlock the potential of blockchain in reducing cyber risks. As blockchain technology evolves, its role in fortifying defences against cyber threats is expected to become increasingly pivotal, providing a robust and adaptive mechanism to combat future cyberattacks.
... Basically, the article explains that consensus does not mean verification and shows that 58% of the inspected articles rely on this misconception. Extending the critique of Sergent [82], Coyne and McMickle [88] explains that "The maintainers of these blockchains know nothing about the true validity of the transaction….the agreement between the two parties that resulted in the asset transfer. ...
... Therefore, as has already happened in the past for non-standard transactions, this is unlikely to be allowed [40], [110]. Due to all these false beliefs and limitations, Coyne [88] argues that blockchain cannot serve an accounting purpose. We do not share the same pessimistic vision. ...
The Bitcoin Network is a sophisticated accounting system that allows its underlying cryptocurrency to be trusted even in the absence of a reliable financial authority. Given its undeniable success, the technology, generally referred to as blockchain, has also been proposed as a means to improve legacy accounting systems. Accounting for real-world data, however, requires the intervention of a third party known as an Oracle, which, having not the same characteristics as a blockchain, could potentially reduce the expected integration benefit. Through a systematic review of the literature, this study aims to investigate whether the papers concerning blockchain integration in accounting consider and address the limitations posed by oracles. Results support the view that although research on the subject counts numerous articles, actual studies considering oracle limitations are lacking. Interestingly, despite the scarce production of papers addressing oracles in various accounting sectors, reporting for ESG already shows interesting workarounds for oracle limitations, with permissioned chains envisioned as a valid support for the safe storage of sustainability data.
... Christensen, Floyd, Liu, and Maffett [31] investigate the real effects of mandated information on social responsibility in financial reports, providing empirical evidence on the impact of disclosure regulations on corporate behavior. Coyne and McMickle [32] evaluate the potential of blockchain technology to serve an accounting purpose, discussing its implications for financial reporting and audit processes. Dai and Vasarhelyi [33] propose a framework for blockchain-based accounting and assurance, outlining the potential benefits and challenges of adopting blockchain technology in the accounting profession. ...
... Similarly, the literature demonstrates blockchain's potential to enhance data security and privacy [25,53]. Empirical analysis reveals improved data security measures and increased trust in financial data integrity among organizations integrating blockchain [32,58]. ...
This study investigates the transformative potential of blockchain technology in financial accounting by examining its applications, challenges, and implications. The study begins with a review of blockchain’s origins and its ability to address inefficiencies, fraud risks, and transparency limitations in traditional accounting. A mixed-methods approach was employed, combining qualitative thematic analysis and quantitative statistical techniques. The qualitative analysis involved thematic coding of data from case studies and organizational reports, while the quantitative analysis assessed financial data using descriptive and inferential statistical methods. Eight organizations from diverse industries—including banking, retail, and technology—were purposively sampled to capture varied experiences and applications of blockchain technology. Key findings reveal blockchain’s ability to enhance transparency, efficiency, and security in financial transactions, offering significant advantages for financial reporting and auditing. However, challenges such as regulatory uncertainties, scalability concerns, and technical complexities remain barriers to its widespread adoption. This research provides actionable recommendations to overcome these challenges and maximize blockchain’s benefits in financial accounting. By integrating theoretical insights with empirical evidence, this study contributes to advancing the understanding of blockchain’s role in transforming financial practices, offering practical guidance for academia and industry practitioners alike.
... The influence of blockchain technology on supply chain transparency and ESG is especially significant when it comes to reporting on sustainability (Amel-Zadeh et al., 2018;Coyne et al., 2017). Organizations can build an unchangeable and traceable record by logging each step of the supply chain onto a blockchain . ...
... Building trust in sustainability data is made secure by blockchain's tamper-resistant and decentralized architecture. A more transparent, responsible, and sustainable future is being paved by ongoing advances and cooperation within the blockchain and sustainability sectors, despite the hurdles that still face both (Corazza et al., 2020;Coyne et al., 2017;Guthrie et al., 2019). ...
Energy firms have recently become interested in blockchain, an advanced technology in many fields and industries worldwide. Blockchain technology makes it possible to decentralize transactions, integrate the Internet of Things (IoT) and smart contracts, and enhance regular corporate processes. Smart grids, smart meters, and electric vehicles (EV) are all examples of digitalization in the energy sector. In this context, this chapter assesses the applicability and value of these blockchain technologies in the energy industry for sustainability and tries to examine the challenges with blockchain in the industry thoroughly. For this chapter, the principles and characteristics of blockchain energy, as well as its application and progress in the energy-based industry, are investigated. There is also a discussion of the difficulties and potential of blockchain technology in the energy sector. As a result, it is anticipated that the new blockchain technology would significantly affect the energy sector
... The influence of blockchain technology on supply chain transparency and ESG is especially significant when it comes to reporting on sustainability (Amel-Zadeh et al., 2018;Coyne et al., 2017). Organizations can build an unchangeable and traceable record by logging each step of the supply chain onto a blockchain (Dai et al., 2017). ...
... Building trust in sustainability data is made secure by blockchain's tamper-resistant and decentralized architecture. A more transparent, responsible, and sustainable future is being paved by ongoing advances and cooperation within the blockchain and sustainability sectors, despite the hurdles that still face both (Corazza et al., 2020;Coyne et al., 2017;Guthrie et al., 2019). ...
In this chapter, the authors explore the transformative potential of blockchain technology in enhancing Environmental, Social, and Governance (ESG) reporting. As sustainability becomes a central focus for corporations and investors, the demand for transparent, accurate, and verifiable ESG data has surged. With its immutable ledger and decentralized nature, blockchain offers a solution to many of the challenges faced in current ESG reporting practices, such as data manipulation, inconsistent standards, and lack of traceability. This chapter delves into integrating blockchain in ESG frameworks, highlighting its ability to provide real-time tracking of sustainability metrics, ensure data integrity, and foster stakeholder trust. Through case studies and expert insights, we examine how blockchain can redefine the future of sustainable reporting, making it more reliable, transparent, and aligned with global sustainability goals. The chapter also addresses potential challenges, including the technological, regulatory, and ethical implications of widespread blockchain adoption in ESG reporting.
... Second, blockchain provides a permanent and immutable audit trail, allowing the trail of every transaction to be traced and verified transparently (Tapscott & Tapscott, 2017). Third, blockchain can improve the security and reliability of financial information by using cryptography and peer-to-peer network consensus (Coyne & McMickle, 2017). ...
... For example, fintech company Ripple uses blockchain technology to facilitate real-time and transparent cross-border fund transfers (Tapscott & Tapscott, 2017). Meanwhile, insurer Allianz has been exploring the use of blockchain to increase transparency in asset management and claims handling (Coyne & McMickle, 2017). ...
Transparency and integrity of financial statements are crucial elements in building stakeholder trust in business entities. However, a number of massive financial scandals have shaken public confidence in the reliability of reported financial information. This research aims to explore the application of blockchain technology in improving the transparency of financial statements from a financial accounting perspective. Using qualitative approaches and literature study methods, this research analyzes the concept, architecture, and operational mechanisms of blockchain, as well as examines case studies and best practices that have been applied. The results show that blockchain has the potential to improve the transparency and integrity of financial statements by creating a reliable and immutable audit trail, as well as providing a distributed and decentralized platform that eliminates the need for third parties vulnerable to data manipulation. However, blockchain deployments also face challenges such as regulatory issues, lack of standardization, resistance to change, and technical constraints. The research recommends closer collaboration between stakeholders, development of effective implementation frameworks and guidelines, as well as advanced research to explore the technical, regulatory, and social aspects of implementing blockchain in financial accounting.
... Moreover, research has investigated the role of blockchain in enhancing audit processes, financial transactions, and decision-making, demonstrating the potential of blockchain to streamline operations and improve accountability (Gao and Lin 2023;Coyne and McMickle 2017;Xiao et al. 2023). The development of blockchain technology has also prompted discussions on governance, trust, and control within blockchain systems, underscoring the need for a deeper understanding of its institutional implications of blockchain technology (Meijer and Ubacht 2018). ...
Blockchain technology can potentially transform the food industry by offering opportunities for increased transparency, traceability, and efficiency. This review article explores the opportunities and challenges of blockchain in the food industry, including food safety and traceability, supply chain management, food authentication and verification, and consumer engagement. Blockchain can improve food safety and traceability, allowing the real‐time tracking of products and their ingredients from farms to forks. Blockchain can streamline supply chains, reduce waste, and improve efficiency. Blockchain can help verify the authenticity of food products and prevent counterfeiting and fraud. Blockchain can provide consumers with real‐time information about food products and encourage healthier choices. The adoption of blockchain technology in the food industry faces regulatory challenges, particularly in terms of food safety and labeling. Blockchain systems must address the security and privacy concerns of food industry stakeholders including consumers, farmers, and manufacturers. Blockchain technology holds significant potential for the food industry but presents significant challenges. This review article highlights the opportunities and challenges that blockchain presents in the food industry, areas where blockchain can have the greatest impact, and areas where further research and development are needed.
... Los principales factores que afectan la implementación de blockchain en la contabilidad incluyen la resistencia al cambio por parte de las organizaciones, los altos costos de desarrollo e integración con los sistemas actuales, y las barreras regulatorias que dificultan su adopción generalizada (Coyne & McMickle, 2017). Además, la escalabilidad de blockchain representa un reto significativo, ya que la capacidad de procesamiento de transacciones en tiempo real sigue siendo limitada en comparación con los sistemas tradicionales (Yermack, 2017). ...
Blockchain technology has emerged as an innovative solution in the accounting field, standing out for its ability to improve the transparency, security and integrity of financial records. This study performs a systematic literature review to analyze the benefits and limitations of its implementation in accounting. The methodology is based on the selection and critical analysis of scientific articles indexed in Scopus and Web of Science, focusing on the main findings on the impact of blockchain in accounting processes. The results show that this technology enables immutability of records, reduces the need for intermediaries and optimizes audits through smart contracts. However, it faces significant challenges, such as scalability, high implementation costs and the lack of a clear regulatory framework to support its application in accounting. In addition, interoperability with traditional accounting systems represents a barrier to its widespread adoption. In conclusion, although blockchain has the potential to transform accounting, its viability will depend on the development of technical and regulatory solutions that facilitate its integration into the accounting ecosystem
... The literature research included publications in English and articles published during the last seven years, from 2017 to 2024 (up to the end of September). We chose this period because although BT emerged in 2008 (Nakamoto, 2008), the BTera for accounting and auditing began in 2017 (Coyne & McMickle, 2017;Dai & Vasarhelyi, 2017;Deloitte, 2017a). We excluded earlier years as BT was an emerging topic that, at the same time, was subject to rapid advancements. ...
Purpose
This study aims to provide an overview of blockchain technology (BT) adoption within the auditing domain. It focuses on three stages of BT adoption, i.e. pre-implementation, implementation and post-implementation.
Design/methodology/approach
Of the 2,610 initial sources, we selected and analyzed 63 relevant articles from the Scopus database.
Findings
This study uncovered a promising and multidisciplinary field of research primarily driven by scholars with less practitioner involvement. Review and conceptual research were the most prevalent, highlighting the need for significant efforts in developing empirical research. This study provides a framework for BT adoption. It offers valuable insights into the adoption approach, covering the period from when organizations justify the need for adopting BT in auditing to the stage when they experience its full potential and derive various benefits. For the future research agenda, we posted 35 research questions about building a comprehensive approach to BT adoption.
Originality/value
This study approached BT adoption in auditing through the lens of three stages, i.e. pre-implementation, implementation and post-implementation.
... Guidelines for Auditing Management Systems (2011) describe the capabilities of blockchain in several situations, including the need for proof of guarantor, identity of ownership, and in a specific space of time. As a result, blockchain has claimed to have the potential to make accounting information more reliable and timely with a better alternative to accounting and auditing systems [2], [3], provides authentication transparency [4], [5]. ...
The emergence of Blockchain Technology is closely related to improving the ISO 27001 Information Security Management System for confidence in data and information security, preventing manipulation and various information risks that occur. This study examines the effect of the Audit Firm on companies that carry out ISO 27001 certification. This study uses 578 samples listed on the Indonesia Stock Exchange from 2013 – 2017. This study uses a quantitative method with OLS regression testing STATA 14. This study obtained the results that the Audit Firms have a significant influence at the 5% level on the company’s decision to improve the Information Security Management System as proxied by ISO 27001. This research has an empirical contribution to developing theory, participating in developing research related to ISO 27001 certification, and assessing the existence of an Audit Firm on the improvement of the Security Management System. Corporate information in the era of blockchain technology.
... The evaluation methods utilized in traditional auditing techniques depend on past assessments of financial statements while testing random samples but fail to identify accounting errors efficiently (Alles 2015). The introduction of blockchain technology supports continuous auditing through its realtime system which gives users direct access to unalterable transaction records while removing the requirement of intermediaries in financial verification according to Coyne & McMickle (2017). By moving forward the efficiency along with reliability of audits regulatory bodies achieve better capacity to monitor transactions (ICAEW, 2018). ...
The research surveys the innovative effects of blockchain technology on management accounting alongside auditing operations with emphasis on how it builds transparent systems and efficient operations and data-based decision capabilities. During traditional financial accounting businesses focus on external reporting needs while management accounting serves internal financial planning tasks and strategic evaluation needs. Decision support systems based on blockchain technology allow organizations to define this set of functions by creating instantaneous transaction logs and safeguarding data integrity and executing financial procedures automatically. Auditing professionals experience fundamental changes because blockchain technology delivers operational real-time validation tools and detects fraud as they work to transition from historical retrospective assessments and sampling verifications. Most research in blockchain examines its usage in financial accounting yet neglects to evaluate its impact on management decision conduct and internal controls. A research project develops this gap through concept-to-evidence integration to explore blockchain implementations among management accounting and auditing fields. A systematic examination of blockchain adoption's practical aspects and opportunities draws from insights gathered from industry case studies and professional experts together with cross-industry evaluations. The research examines both regulatory challenges and technical obstacles alongside organizational barriers that organizations face when implementing blockchain systems and presents essential strategic suggestions to governments and corporations and their regulatory institutions. The research delivers a sophisticated assessment of blockchain effects on accounting and auditing which advances our collective understanding about digital transformations in financial management to help direct upcoming advancement of accounting practice
... AI-driven platforms, including Cognii and ALEKS, have been shown to enhance personalized learning experiences, improving student comprehension and retention rates (Al-Htaybat et al., 2018). Blockchain technology has gained prominence for its practical application in teaching auditing and secure record-keeping, enabling students to engage directly with emerging industry tools (Coyne & McMickle, 2017). Additionally, data analytics tools like Tableau and Power BI are increasingly integrated into the curriculum, developing students' competencies in analyzing and visualizing complex datasets (Richins et al., 2017). ...
The rapid advancement of technology has significantly transformed accounting education, necessitating a deeper understanding of its impact on teaching practices and research trends. This study aims to explore the evolution of technology in accounting education through a bibliometric analysis, focusing on identifying key research trends, innovative teaching methods, and their implications for curriculum development. The significance of this study lies in its ability to provide actionable insights for educators, policymakers, and researchers to enhance pedagogy, align academic standards with industry needs, and prepare students for a technology-driven professional landscape. The methodology involves a comprehensive bibliometric analysis of peer-reviewed literature on technology in accounting education. Using data visualization and trend analysis tools, the study examines publication patterns, influential works, emerging themes, and key research gaps. The applied approach ensures a robust synthesis of existing knowledge while uncovering future opportunities for academic and practical advancements. The findings reveal significant trends in the adoption of digital tools, such as artificial intelligence, data analytics, and cloud computing, as well as their integration into accounting education. These outcomes demonstrate the growing emphasis on equipping students with competencies aligned with modern industry requirements. The study also identifies innovative teaching practices and potential areas for further research, offering valuable contributions to the academic community and professional organizations. Overall, this study contributes to the field by providing a roadmap for enhancing accounting education through technology integration, fostering better alignment between academia and industry, and encouraging future research on emerging technological trends.
... The author's name is Coyne J.G. The use of blockchain technology, as demonstrated by et al. [30], creates a transparent, real-time, and verifiable accounting system. This technology improves auditing procedures, reduces trade costs, accelerates transaction settlement, decreases the risk of fraud, enhances transaction auditability, and improves monitoring efficacy. ...
The blockchain is an emerging technology that is widely employed in several industries for transactional systems, including logistics in Supply Chain Management (SCM). One of the primary justifications for implementing a blockchain in distribution network management is its ability to lower overall production costs while ensuring the security of the system. However, existing inventory control systems that utilize blockchain technology are vulnerable to cyber-attacks. The objective of this study is to analyses actual risks and deficiencies in system design as a result. Ensuring trustworthiness and security in the supply management system is an essential necessity. This study focuses on the unique problems related to integrity and logistics in Supply Chain Management. The proposal presents a streamlined algorithm that utilizes blockchain technology to guarantee the integrity of data in Supply Chain Management systems enabled by the Internet of Things (IoT). The customized algorithms have been constructed using a private blockchain infrastructure. Topics covered include hash creation, smart contracts, mining, and other consensus algorithms. Proof of work (PoW) and proof of stake (PoS) are efficient methods for executing tasks in a decentralized network of peers. The proposed system was thoroughly examined and confirmed through experimental inquiry. The results were compared with several state-of-the-art methods, demonstrating the efficiency of our technique. This system demonstrates the utilization of blockchain technology to construct an e-transaction system. The concept is evaluated from a practical standpoint, considering both its development and usage contexts. This study serves as a prospective guide for the use of blockchain technology in facilitating intricate applications. The online transaction system allows end users to access and make transactions without the need for third-party validation.
... However, some researchers have expressed views that current ERP systems in place allow for appropriate recording of transactions, including control and assurance that fits the expectations from the public (Coyne and McMickle, 2017). The systems are relatively cost effective and avoid some problems if immature blockchain technology is used, such as interoperability, privacy and scalability. ...
Blockchain is distributed ledger technology praised by many tech-savvy executives to disrupt and change many businesses in the future, including the accounting and assurance profession. This study critically assesses the disruptive potential of the technology for modern accounting information systems and accounting professionals. It summarises limitations and constraints of the technology through qualitative research of academic literature, professional documents and tech websites. The study discusses scalability, transaction costs, interoperability and confidentiality issues as most significant constraints for accelerated adoption and deployment of blockchain based accounting information systems. The economic case of blockchain based accounting information system, real cases of practical implementation and appropriate governance structures are suggested as important areas for future research efforts. The term is combination of two words but is widely used as a combined single word > blockchain. Correction should be made throughout the text
... Ayrıca bu teknoloji sayesinde mutabakat yapmaya gerek kalmaz. Ancak bu teknoloji işletme varlıklarının kötüye kullanımını veya işletmelerde hatalı kayıt yapılmasını engellemez (Belluci vd., 2022: 129;Coyne ve McMickle;2017: 109). ...
... The literature highlights several challenges that blockchain presents to accounting systems, despite its advantages. Coyne and McMickle (2017) identify potential issues that could impede the adoption of blockchain as a financial reporting tool, such as confidentiality concerns in public blockchains, the risk of manipulation in private blockchains, and the restricted verification of transactions. Additionally, Dai and Vasarhelyi (2017) highlight three key areas of challenges (technological, organizational, and environmental) that may impede the adoption of blockchain technology in accounting and auditing. ...
Modern advances in technology have increased the demand for traditional accounting systems to be upgraded for real-time data processing, security, and standardized reports. Thus, this paper proposes a new accounting information system that integrates IoT, blockchain, and XBRL. The proposed system aims to automate the accounting process by using IoT to collect data and send it automatically to a blockchain, which acts as a database that will generate journal entries automatically through smart contracts. XBRL will then be used as an output method for standardized financial reports based on the data transferred from the blockchain. This paper uses a qualitative research design based on semi-structured interviews with 13 industry experts from IT engineering, academia, and financial systems analysis. NVivo software was used to conduct a thematic analysis of interview transcripts. The findings demonstrated that integrating IoT, blockchain, and XBRL is technically feasible, with significant potential to enhance accounting systems. Additionally, the findings identified key challenges of the proposed system, including the complexity of integration, data validation across technologies, costs, user adoption, and scalability concerns. However, the results showed that this system offers substantial benefits, such as real-time data capture from IoT devices, secure data storage and immutability through blockchain, standardized financial reporting via XBRL, accounting process automation, improved data accuracy, and enhanced security and transparency in financial reporting. The study also identified an optimal mechanism for ensuring seamless data transmission between these technologies. The study makes a valuable contribution to the accounting field by providing a new framework for automating data collection, enhancing data security, and streamlining financial reporting, with significant potential to advance accounting systems and improve transparency, accuracy, and efficiency in financial reporting. The study’s potential to impact accounting systems and financial reporting research and practice emphasizes its importance.
... The airline industry, education, the public sector, real estate, food industry, supply chain, healthcare and many more Thailand SRT and Thailand post Malaysia Banking, Fintech and education sector However, regardless of the other technologies such as Big Data and Machine Learning which started to shape the landscape of accounting, in this digital era, ledgers are in the form of databases. Due to the potential implementation of ledger technology in the accounting profession, there is much interest by parties that have expressed their desire and willingness to accredit the blockchain as the future of accounting and recordkeeping (Coyne and McMickle, 2017). Vincent et al. (2020) anticipate that Auditing firms use blockchain technology for a particular client in the first phase, which involves a permitted private blockchain, and it would not need heavy consensus algorithms. ...
Blockchain technology is a suitable tool for accounting; it begins with recording every transaction that is immutable and maintains a permanent record of transactions. This process helps in keeping a complete audit trail of transactions. Blockchain helps to track information easily without consuming much time. Blockchain offers ample opportunities to redesign the business system and can alter the landscape of the accounting profession. This paper reviews how blockchain's implementation expedites the process for accountants and examines its long-lasting implications. It further discusses how the early movers adopted blockchain technology and identified its drawbacks and openings for accounting. The paper also makes recommendations for accountants to familiarise, adjust, and uplift themselves with the role of strategic partners in blockchain implementation. It explains how it adds value to the organization's opportunities and challenges in applying blockchain technology to accounting and auditing.
This study investigates the connection between the creation of smart contracts in the Ethereum Virtual Machine and the returns of Ethereum and Bitcoin. The analysis reveals that while there is no connection between Bitcoin and smart contracts created on the Ethereum platform, a significant connection exists for Ethereum. Blockchain technology, which underpins cryptocurrencies, has garnered significant attention for its potential applications beyond financial transactions, including supply chain management, healthcare, and digital identity verification. We argue that blockchain adoption would increase the application of blockchain in general. We use the growth of smart contracts as a proxy for blockchain adoption. The findings suggest that the volume growth of smart contracts is correlated with the return on Ethereum but not on Bitcoin. This research contributes to understanding blockchain technology's impact on cryptocurrency performance and offers insights for academics and practitioners interested in the evolving landscape of digital assets.
This chapter reviews the development of accounting as a service activity to various organisations and industries. In theory, Accounting is described as a system of recording, classifying, and summarising financial information in such a way that users of the information can make economic decisions based on such information. Accounting as a science has its own history, which could be traced from 6000 BC until 1900s before the advent of computers and accounting software packages. However, accounting from 2000s has been greatly influenced by the advent of the Fourth Industrial Revolution Technologies notably artificial intelligence, machine learning, Internet of Things, Big Data Analysis and Blockchain Technology among others. Therefore, this chapter explores the roots of accounting from the earliest history of civilisation through to the double-entry bookkeeping to the modern professional and specialised accounting. The chapter also touched briefly on the influence of industrial revolutions on accounting as a service activity and accounting as a profession.
Blockchain technology was introduced as an online information program that helps maintain recorded operations without allowing manipulation and allows for a secure exchange of information, funds, or posts. Central to follow the movement of transactions between the parties concerned directly with each other (peer to peer) without the need for third-party intervention such as banks or intermediaries, as the real intermediary is millions of computers connected to the series, which move between them in an encrypted and secure way documented until they reach the other party, with the assurance that there is no manipulation or falsification during the transaction, and so this technique has an impact on the different sciences and the size and nature of this effect is determined by the nature of the profession. This technique can have a clear impact on the accounting profession because it is one of the social sciences affected in the surrounding environment, in addition to the fact that the services provided by this profession are useful information that helps to rationalize different decisions as well as include economic events that occur mostly between the parties of the seller and the buyer.
Purpose
The purpose of this study is to explore the disruptive potential of blockchain technology in the field of accounting. By conducting a systematic review and bibliometric analysis, the research aims to identify key clusters and trends that illustrate how blockchain can transform traditional accounting practices. This includes improving transparency, enhancing data security, automating processes and integrating emerging technologies such as artificial intelligence. This study also seeks to highlight current research gaps, challenges in practical implementation and the future impact of blockchain on governance and financial systems.
Design/methodology/approach
This study uses two main methodologies: a systematic literature review and bibliometric analysis. The systematic review follows the PRISMA 2020 guidelines to identify and analyze relevant articles from Scopus, Web of Science and EBSCO databases, using specific search equations related to blockchain and accounting. A bibliometric analysis was conducted using VOSviewer to identify key clusters and trends within the collected literature. Clustering techniques, such as exploratory factor analysis, were applied to explore the relationships among documents, keywords and authors, providing insights into the evolution of blockchain’s impact on accounting practices.
Findings
The results of this study reveal four primary clusters in the intersection of blockchain and accounting: CryptoLedger Accounting Network, TransparentChain Trust Framework, IntelliLedger Accounting Tech and DigiGov Ledger Insights. These clusters highlight key areas where blockchain technology is transforming accounting practices, such as enhancing transparency and trust in supply chains, integrating artificial intelligence for accounting automation and improving data security. The bibliometric analysis also identified emerging trends, including the increasing relevance of smart contracts, the challenges of integrating blockchain with existing systems and the need for updated regulatory frameworks.
Practical implications
In this sense, this paper presents several theoretical and practical implications, as well as identifying possible limitations and gaps in current knowledge, providing new opportunities for the establishment of future lines of research, such as robust regulatory frameworks, privacy and security considerations, and the practical implementation of blockchain solutions in real-world accounting scenarios.
Originality/value
This study provides a unique contribution by synthesizing the disruptive impact of blockchain technology on accounting through a combination of systematic literature review and bibliometric analysis. By identifying four distinct research clusters, this paper offers fresh insights into how blockchain integrates with accounting practices, particularly in transparency, automation and security. It also highlights emerging challenges and research gaps, such as regulatory frameworks and practical implementation. The originality lies in the comprehensive exploration of blockchain’s multifaceted role in modernizing accounting, offering valuable guidance for both academics and practitioners navigating this evolving field.
The emergent blockchain technology has led to the transformation of knowledge-based economies and business innovation. Yet, there is a lack of research models to explain the development and evolution of blockchain technology in the management and financial applications. This study adopted a co-citation analysis based on the correlation matrix of highly cited papers extracted from the Web of Science to develop a related theory named the BEMT model. We systematically reviewed 91 publications that fit our inclusion and exclusion criteria and had co-citations associated with similar intellectual studies. The articles were reduced to seven research themes and four clusters in technology and financial, security, application, and digital platforms and network management across four stages of blockchain evolution. based on the factor analysis and the hierarchical cluster analysis (HCA). The results are concluded by a management theoretical model to explain the evolution of blockchain and technology management in the service industry. We firstly employed semantic similarity and co-citation analysis to explore the relationship among relevant research, clustering it into distinct main focuses across different periods. We addressed the existing issue of insufficient organization of existing articles and developed a theoretical model to systematically explain the experimental observations. This article provides important theoretical and management implications in explaining the blockchain evolution from blockchain 1.0 to 4.0 based on how digital information is being processed and managed for future development of applicational features.
Penelitian ini bertujuan untuk memetakan tren penelitian terkait Digital Financial Reporting (DFR) menggunakan pendekatan bibliometrik berbasis data dari Scopus. Analisis dilakukan menggunakan perangkat lunak VOSviewer untuk mengidentifikasi jaringan ko-kutipan, kolaborasi antar penulis, institusi, dan evolusi topik penelitian dari tahun 2000 hingga 2024. Hasil penelitian menunjukkan peningkatan signifikan dalam publikasi tentang DFR, khususnya setelah tahun 2020, dengan fokus pada kualitas informasi akuntansi, keberlanjutan (sustainability accounting), dan inovasi teknologi seperti blockchain dan decentralized finance. Penulis dan institusi terkemuka, seperti "al-okaily m." dan Financial University under the Government of the Russian Federation, memainkan peran penting dalam menyebarkan pengetahuan di bidang ini. Meskipun tantangan seperti resistensi organisasi, standar global, dan keamanan data tetap ada, penelitian ini menunjukkan bahwa DFR memiliki potensi besar untuk meningkatkan transparansi, akuntabilitas, dan efisiensi pelaporan keuangan. Temuan ini memberikan wawasan penting bagi peneliti, praktisi, dan pembuat kebijakan untuk mengarahkan pengembangan DFR di masa depan.
Blockchain technology is in fact a public ledger that gathers data in a chain of blocks, which gradually improves security, trust, transparency, quality, decentralization, and immutability while operating businesses. In the present scenario of business, the organization is not only concentrating on improving the activities related to operational aspects, but it also needs to meet the expectations of various stakeholders. Corporate social responsibility (CSR) is such a concept which facilitates the organization to cater the information related to various social and environmental concerns arising out of the business operations. It is now the liability on the part of the organization to communicate these CSR-related concerns in such a way that they effectively meet the expectations of stakeholders. CSR communication has become an integral part of the organization’s marketing strategy not only through the rise of public awareness on environmental and social issues but also because there is a demand for the correct use of CSR communication. However, organizations face difficulties in their CSR activities and actions, and due to this challenging situation, there is a rampant need for a solution. Blockchain is one of the most rewarding technology because it stores and records information in such a way that it makes it practically impossible to change or cheat the system. In fact, blockchain provides the desire transparency, traceability, decentralization, and accountability that CSR communication lacks recently. Therefore, this study identifies those common difficulties of CSR communication based on a literature review and proposes implementing blockchain as a solution for these problems. Finally, the objective of this study is to investigate what are the common problems or difficulties in CSR communication, and furthermore, what are the usefulness and benefits of blockchain, and could these benefits really overcome the identified difficulties?
Objectives: This study explores the application of Blockchain Technology (BCT) to enhance the effectiveness of Accounting Information Systems (AIS) in enterprises in Ho Chi Minh City. Theoretical Framework:Grounded in the Technology-Organization-Environment (TOE) framework, the research investigates the interplay between technological, organizational, and environmental factors influencing Blockchain Technology adoption. Method: The mixed-methods approach encompasses qualitative interviews to refine the research model and quantitative surveys of 198 enterprise representatives, analyzed through Partial Least Squares Structural Equation Modeling (PLS-SEM). Results and Discussion: Results demonstrate that perceived benefits, compatibility, organizational learning, and innovation positively impact Blockchain Technology adoption, while complexity and competitive intensity act as barriers. The integration of Blockchain Technology into AIS improves data quality, operational efficiency, and decision-making accuracy, addressing issues of transparency and fraud prevention. However, challenges such as high implementation costs and technical intricacies persist. Research Implications: The study offers practical implications for managers seeking to leverage emerging technologies for competitive advantage and policy recommendations to facilitate technology adoption in developing economies. Originality/Value: Original contributions include the empirical validation of TOE in the Vietnamese context and insights into how Blockchain Technology enhances AIS functionality. This research bridges gaps in the literature by providing actionable guidance for optimizing accounting systems in a dynamic business environment.
This chapter explores the integration of blockchain technology into accounting information systems (AIS) within large corporations, addressing the limitations of traditional centralized systems such as data inaccuracies, fraud, and inefficiencies. Through a mixed-methods approach, including quantitative data analysis and qualitative case studies, the study demonstrates how blockchain can enhance data accuracy, transaction speed, transparency, and stakeholder trust. Despite challenges like regulatory uncertainties and the need for organizational change, the findings suggest that blockchain has the potential to revolutionize corporate accounting. Future research should focus on scalability, regulatory frameworks, and integration with emerging technologies.
Günümüz dünyasında kişilerin ve işletmelerin karar almaları yardımcı olan doğru, güvenilir ve ihtiyaç duyulan bilgiye istenen zamanda ve düşük maliyet ile erişim hızla gelişen bilgi teknolojileri ile daha da önem kazanmıştır. İnsanoğlu, bilgi ve tecrübe eksikliğinden istemeden hata veya yanlış yapabilen aynı zamanda bilerek veya isteyerek de hile yapan duygusal bir canlı varlıktır. Mevzuaten düzenli yapılması gereken kontrol veya denetimler de
varsa bir hata veya hile, bu iddianın tespit edilmesinde başka bir
insanoğlu tarafından gerçekleştirilen soruşturma, inceleme veya
denetim gibi adlar altında kontroller yapılmaktadır. Yapılan bu
kontroller, muhasebe alanında denetim olarak adlandırılır. Yapılan
denetimler ise bazen denetçilerin bilgi ve tecrübe eksikliği, zaman
yetersizliği gibi sebeplerden yetersiz veya eksik kalabilmekte ve
denetçilerin olması gerekenden farklı bir görüş açıklamasına neden
olabilmektedir.
Blockchain technology, brought into existence in the year 2008 by Satoshi Nakamoto, is an open and distributed ledger tool offering secure and permanent storage of transactions. It offers decentralized control of transactions. Over the period, three different versions of blockchain have been developed. It is widely used in sectors like healthcare, education, etc. Circular economy is such a production and consumption ecosystem that focuses on waste reduction, reuse, and recycling. The present study tries to analyze the avant-garde state of blockchain technology's application for circular economy by adopting a bibliometric and systematic approach. Taking a filtered sample of 1339 papers from Scopus database, bibliometric analysis was conducted with an aim to understand the evolution of blockchain's usage in circular economy. Later, systematic review of the relevant papers is done that highlighted major prospects and barriers to blockchain's adoption. The study also cites present applications of blockchain by corporates and governments. Finally, it concludes with suggestions for blockchain's better adoption. The present study is one of its kind, true to the knowledge of the authors. Such bibliometric analysis combined with systematic review is an outcome of the original work of the authors. The combined results of the two reviews have not yet been done in the field of study.
تهدف الدراسة إلى تسليط الضوء على أهم تقنيات الذكاء الاصطناعي التي يمكن استخدامها نظراً لمزاياها والفرص التي توفرها لتطوير منظومة الموازنة العامة للدولة في العراق، وتم دراسة وتحليل أهم تقنيات الذكاء الاصطناعي المستخدمة في مجال المحاسبة لإنشاء نموذج مبتكر يمكن استخدامه لإعداد الموازنات الحكومية، وتم فحص الأساليب والتطبيقات المستخدمة في شركات المحاسبة العالمية، إلى جانب توضيح الأهداف والفوائد التي تحققت لمهنة المحاسبة. وقد ساعدت هذه التقنيات في تسهيل العديد من المهام المحاسبية، مثل إدارة التكاليف، وإدارة البيانات الضخمة، وتحسين أساليب التنبؤ، ومراقبة حركة مبيعات المخزون، والتعرف على احتياجات العملاء ومستويات رضاهم. كما تم تحديد العوائق التي تحول دون استخدام تقنيات الذكاء الاصطناعي في البلدان النامية، مثل الحاجة إلى معايير محاسبية مناسبة والحاجة إلى الوعي الكافي باستخدام وتكوين التقنيات ذات الصلة. وأخيراً، تم اقتراح إنشاء نظام إلكتروني لإعداد الموازنة الوطنية العراقية وإدارة البيانات المتعلقة بالتمويل والعمليات المالية بين وزارة المالية والجهات الحكومية الأخرى.
يهدف البحث لتسليط الضوء على اهم تقنيات الذكاء الاصطناعي التي يمكن الاستفادة من مميزاتها والتسهيلات التي تقدمها لتطوير نظام الموازنة العامة للدولة في العراق. تم دراسة وتحليل اهم تقنيات الذكاء الاصطناعي المستخدمة في المجال المحاسبي من اجل تشكيل انموذج مبتكر يمكن استخدامه في اعداد الموازنات الحكومية. تم مراجعة التقنيات والتطبيقات المستخدمة في الشركات المحاسبية العالمية مع بيان الاهداف والفوائد التي تحققت لمهنة المحاسبة. حيث ساهمت هذه التقنيات بتسهيل الكثير من مهام المهنة المحاسبية مثل ادارة التكاليف و ادارة البيانات الكبيرة و تحسين طرق التنبؤ ومراقبة الحركة البيعية للمخزون اضافة الى استشعار حاجة العملاء ومستوى الرضا لديهم. كما تم تحديد معوقات استخدام تقنيات الذكاء الاصطناعي في الدول النامية, مثل عدم ملائمة المعايير المحاسبية و عدم وجود وعي كافي باستخدام وتكوين التقنيات ذات العلاقة. اخيرا تم اقتراح تشكيل نظام الكتروني لإعداد الموازنة الحكومية في العراق وكيفية ادارة البيانات الخاصة بالتمويل والعمليات المالية بين وزارة المالية والوحدات الحكومية الاخرى. يساهم النظام المقترح بتحسين نظام التدقيق وكشف الاحتيال المالي وتسهيل عملية تقييم اداء التنفيذ لبرامج الموازنة. اضافة الى تحسين طرق التخصيص و توزيع الاولويات المالية حسب الرؤى الحكومية بشكل فعال وكفاءة عالية.
This book presents a review of the transformative impact of fintech and blockchain technologies on the financial industry. The book aims to bridge the gap between technical jargon and practical understanding, making it accessible to a wide audience. It begins by introducing fundamental concepts and tracing the evolution of these technologies. Subsequent chapters explore specific applications such as digital payments, lending, and investment management. The final sections address regulatory challenges, security concerns, and the future outlook for fintech and blockchain. Key features of the book include a I) clear and concise explanation of complex technical concepts, making them understandable for both industry professionals and general readers, ii) real-world case studies and examples to illustrate the practical applications of fintech and blockchain, iii) insights into the regulatory environment and potential risks associated with these technologies and iv) a forward-looking perspective on the future of finance, Readers will understand the intricacies of blockchain, including its underlying technology, smart contracts, and potential use cases in the financial sector. It also helps readers to anticipate industry trends.
Introduction. In the context of the rapid development of digital technologies, accounting as a fundamental area of business is undergoing significant transformations. The digital transformation of accounting not only reforms traditional accounting methods, but also opens up new opportunities for increasing efficiency, transparency and strategic flexibility in business. The relevance of research on this topic is due to the rapid development of digital technologies, which stimulates profound changes in the operational and strategic management of companies. The purpose of the article – to deeply analyze the current trends of digital transformation in accounting, to determine the key directions of future changes and to assess their impact on the strategic role of accounting in modern economic conditions. Research results. Digital transformation in accounting is defined as the integration of digital technologies into all aspects of accounting processes and operations, which radically changes the ways of collecting, processing, storing and analyzing financial data. Key technologies such as cloud solutions, artificial intelligence, blockchain and big data analytics play a critical role in improving the efficiency of accounting procedures, enabling faster and more accurate collection, processing and analysis of financial information.
Purpose
This study aims to focus on the five most relevant and discursive emerging technologies in accounting (cloud computing, big data and data analytics, blockchain, artificial intelligence (AI) and robotics process automation [RPA]). It investigates the adoption and use of these technologies based on data collected from accounting professionals in a technology-developed country – Canada, through a survey.
Design/methodology/approach
The study investigates the adoption and use of emerging technologies based on data collected from accounting professionals in a technology-developed country – Canada, through a survey. This study considers the said nature and characteristics of emerging technologies and proposes a model using the factors that have been found to be significant and most commonly investigated by existing prior technology-organization-environment (TOE)-related technology adoption studies. This survey applies the TOE framework and examines the influence of significant and most commonly known factors on Canadian firms’ intention to adopt the said emerging technologies.
Findings
Study results indicate that Canadian accounting professionals’ self-assessed knowledge (about these emerging technologies) is more theoretical than operational. Cloud computing is highly used by Canadian firms, while the use of other technologies, particularly blockchain and RPA, is reportedly low. However, firms’ intention about the future adoption of these technologies seems positive. Study results reveal that only the relative advantage and top management commitment are found to be significant considerations influencing the adoption intention.
Research limitations/implications
Study findings confirm some results presented in earlier studies but provide additional insights from a new perspective, that of accounting professionals in Canada. The first limitation relates to the respondents. Although accounting professionals provided valuable insights, their responses are personal views and do not necessarily represent the views of other professionals within the same firm or the official position of their accounting departments or firms. Therefore, the exclusion of diverse viewpoints from the same firm might have negatively impacted the results of this study. Second, this study sample is limited to Canada-based firms, which means that the study reflects only the situation in that country. Third, considering the research method and the limit on the number of questions the authors could ask, respondents were only asked to rate the impact of these five technologies on the accounting field and to clarify which technologies are used.
Practical implications
This study’s findings confirm that the organizational intention to adopt new technology is not primarily based on the characteristics of the technology. In the case of emerging technology adoption, the decision also depends upon other factors related to the internal organization. Furthermore, although this study found no support for the effect of environmental factors, it fills a gap in the literature by including the factor of vendor support, which has received little attention in prior information technology (IT)/ information system (IS) adoption research. Moreover, in contrast to most prior adoption studies, this study elaborates on accounting professionals’ experience and perceptions in investigating the organizational adoption and use of emerging technologies. Thus, the findings of this study are valuable, providing insights from a new perspective, that of professional accountants.
Social implications
The study findings may serve as a guide for researchers, practitioners, firms and other stakeholders, particularly technology providers, interested in learning about emerging technologies’ adoption and use in Canada and/or in a relevant context. Contrary to most prior adoption studies, this study elaborates on accounting professionals’ experience and perceptions in investigating the organizational adoption and use of emerging technologies. Thus, the findings of this study are valuable, providing insights from a new perspective, that of professional accountants.
Originality/value
The study provides insights into the said technologies’ actual adoption and improves the awareness of firms and stakeholders to the effect of some constructs that influence the adoption of these emerging technologies in accounting.
Bilgi teknolojilerinde yaşanan baş döndürücü gelişmelerin başında, Blok zinciri, yapay zekâ gibi teknolojiler sayılabilir. Bu gelişmeler, her alanda olduğu gibi muhasebe ve denetim alanında da geniş bir şekilde uygulanmasının daha fazla verimlilik ve doğruluk açısından fayda sağlaması beklenmekte olup finansal muhasebe ve denetime, hatta tüm finansal piyasalara köklü değişiklikler getirme potansiyeline sahiptir. İş dünyasının gelişen yeni yapısına karşılık muhasebe ve denetim mesleğinin geleceğini küresel düzeyde şekillendirmek için düşünmek, tasarlamak ve buluşçu olmak sorumluluğu içinde çalışmalar yürütülmektedir. Paradigma değişimi, dördüncü sanayi devrimini başlatan büyük veri, blok zinciri teknolojisi, yapay zekâ gibi uzmanlık isteyen teknolojik alanları öne çıkarmaktadır. Bu çalışma, blok zinciri teknolojisinin genel olarak muhasebeyi, özel olarak ise yapay zekâ destekli denetimi nasıl etkileyeceğine ilişkin yayınlanmış çalışmaları araştırılmaktadır. Technologies such as Blockchain and artificial intelligence can be considered among the dizzying developments in information technologies. These developments are expected to provide benefits in terms of greater efficiency and accuracy if widely implemented in the field of accounting and auditing, as in every field, and have the potential to bring radical changes to financial accounting and auditing, and even to the entire financial markets. In response to the developing new structure of the business world, studies are carried out with the responsibility of thinking, designing and being innovative in order to shape the future of the accounting and auditing profession at a global level. The paradigm shift highlights technological areas that require expertise, such as big data, blockchain technology and artificial intelligence, which started the fourth industrial revolution. This study investigates published studies on how blockchain technology will impact accounting in general and AI-supported auditing in particular.
Research proposing the application of blockchain technology in accounting assumes the utilization of decentralized consensus mechanisms based on the exertion of scarce resources (Proof-of-Work; PoW), leading to the validation of transactions without the need of any third party. Together with the blockchain, a shared database, PoW is expected to lead to nearly immutable and, therefore, fraud-resistant, real-time financial registers. This conclusion must be reconsidered, taking into account recurrent top-management involvement in accounting scandals, often conducted through deliberate exposures of internal and external control systems. This paper asserts that blockchain-based accounting using PoW-based consensus paves the way for the suspension of controls by the management, since exerting the majority of computer power is easier than circumventing internal and external control systems in conventional accounting systems. Alternatives to PoW must be considered for blockchain-based accounting that prevents the management from conducting fraud and, thereby, qualifies the blockchain for its application in accounting.
SYNOPSIS
Accounting and auditing standards help manage a compromise between users' desire for more information and the costs to prepare and transmit that information. Previously forced to manage a paucity of information, businesses now look to capitalize upon the massive volumes of data and metadata that fill petabytes of space in their servers. Likewise, data from many sources and in many forms, many of which are irrelevant, inundate investors. Accounting and auditing standards have not kept pace, maintaining an emphasis on presentation, aggregation, and sampling. This essay argues that a change in standards to focus on data, the processes that generate them, and their analysis, rather than their presentation, will add value and relevance to the accounting profession, empower end users, and improve the efficiency of the capital markets.
The problem addressed here concerns a set of isolated processors, some unknown subset of which may be faulty, that communicate only by means of two-party messages. Each nonfaulty processor has a private value of information that must be communicated to each other nonfaulty processor. Nonfaulty processors always communicate honestly, whereas faulty processors may lie. The problem is to devise an algorithm in which processors communicate their own values and relay values received from others that allows each nonfaulty processor to infer a value for each other processor. The value inferred for a nonfaulty processor must be that processor's private value, and the value inferred for a faulty one must be consistent with the corresponding value inferred by each other nonfaulty processor.
It is shown that the problem is solvable for, and only for, n ≥ 3m + 1, where m is the number of faulty processors and n is the total number. It is also shown that if faulty processors can refuse to pass on information but cannot falsely relay information, the problem is solvable for arbitrary n ≥ m ≥ 0. This weaker assumption can be approximated in practice using cryptographic methods.
A number of properties and features of interprocess communication systems are presented, with emphasis on those necessary or desirable in a network environment. The interactions between these features are examined, and the consequences of their inclusion in a system are explored. Of special interest are the time-out feature which forces all system table entries to “die of old age” after they have remained unused for some period of time, and the insertion property which states that it is always possible to design a process which may be invisibly inserted into the communication path between any two processes. Though not tied to any particular system, the discussion concentrates on distributed systems of sequential processes (no interrupts) with no system buffering.
Reliable computer systems must handle malfunctioning components that give conflicting information to different parts of the system. This situation can be expressed abstractly in terms of a group of generals of the Byzantine army camped with their troops around an enemy city. Communicating only by messenger, the generals must agree upon a common battle plan. However, one of more of them may be traitors who will try to confuse the others. The problem is to find an algorithm to ensure that the loyal generals will reach agreement. It is shown that, using only oral messages, this problem is solvable if and only if more than two-thirds of the generals are loyal; so a single traitor can confound two loyal generals. With unforgeable written messages, the problem is solvable for any number of generals and possible traitors. Applications of the solutions to reliable computer systems are then discussed.
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