Doing Business on the Globalised Networked Economy: Technology and Business Challenges for Accounting Information Systems

Doing Business on the Globalised Networked Economy: Technology and Business Challenges for Accounting Information Systems

DOI: 10.4018/978-1-4666-0164-2.ch006
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Abstract

This chapter deals with the realisation of business transactions on the globalised networked economy; technology and business challenges for accounting Information Systems are discussed, and the chapter presents an environmental accounting infrastructure. Accounting services will definitely constitute the future of our global economies – as they always have in all levels, but now, the difference is that this dominance of accounting services shall be evident and apparent in all levels of the society and the economy. This means that the emergence of the accounting service science as an independent branch of the accounting discipline that will be taught, studied, researched, and examined, shall take place. For sure, this is not a novelty; management (and traditional) accounting experienced, at some point of their lifetime, their transformation from a profession into a science.
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6.1. The Market For Accounting Software

Arithmetic may be an exact science, but accounting is not, especially when dealing with corporate financial reporting. In fact, the idea of precision in financial reporting is an illusion, as confessed publicly by a former chief executive of one of the world's largest public accounting firms; grounding his opinion, the ex-chief added that a financial report cannot ever be more than a reasonable representation of an organizations fiscal state at a given moment.

Almost all definitions for science, in the broadest sense, refer to any systematic knowledge or practice, accounting practitioners and professionals still disagree though a good compromise may be that common sense is actually needed to keep accounting as an art, not a science.

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