Assessment cover sheet / feedback form

ASSESSMENT COVER SHEET / FEEDBACK FORM

Introduction 2
Accounting 2
Advancement of technology 3
Data and its position in accounting sphere 4
Information and its essential aspects 5
Dissimilarities between Data and Information 5
International financial accounting standards (IFRS) 6
Definition of Asset 6
International Accounting Standard 16 “Leases” 7
Data analytics 7
Big data meaning 8
Transformation of the Data 9
Blockchain method in upcoming accounting environment 9
Financial technology 10
Data analysis and valuation 10
Conclusion 11
References 12

Introduction

Accounting

Accounting is the systematic tracking of an individual's or financial information of the company. The data is analyzed and reported in financial reports. Individuals and businesses utilize those reports to help make strategic economic decisions. Moreover, accounting is the method that assists in the recording, summarizing, analyzing, and reporting of data that pertains to financial relations, as well as the preparation of financial statements. In addition, accounting has long depended on technology to assist in the management of arithmetic problems and the sorting of data. In the past, accountants relied on crude abacuses, adding machines in conjunction with paper ledgers, and eventually digital calculators to do their tasks. However, as technology continues to advance, this has changed in a variety of respects. Although, in order to preserve credibility and openness in the financial sector, the International Financial Reporting Standards (IFRS), which allow investors and company operators to make educated financial choices, were developed.

Advancement of technology

When data is used to fuel improvement and alteration, technology helps to motivate the crucial processes that are necessary. The successful implementation of a data approach is dependent on the selection and implementation of the appropriate technology to integrate data in critical commerce operations.