Emerging issues in accounting : a theoretical review

Abstract

PURPOSE: This is a review that seeks to identify and critically analyze major emerging problems in accounting theory and practice. The paper also describes the benefits and challenges of adopting and applying the key themes. Additionally, this paper strives to recommend some viable solutions on how to address the challenges associated with each emerging problem.

METHODOLOGY: Several journal articles and other scholarly literature from databases and directories such as Google Scholar, JSTOR, Ebsco Host and ScienceDirect were the main sources of literature on this emerging topic in accounting.

FINDINGS: The survey considers the following as some of the most important emerging issues in accounting and the accounting profession. Cloud-based technology in accounting. automated accounting; outsourcing of accounting functions; Changes in accounting standards. forensic accounting; value-based accounting; big data accounting; blockchain technology in accounting; accounting with artificial intelligence; impact of Covid-19 on accounting practices and accounting professionals.

ORIGINALITY/VALUE: This paper is the result of a literature review on emerging accounting issues. This paper provides essential knowledge as business organizations seek to adapt to the new accounting regime. Knowledge and skills acquired by outlining major emerging issues in accounting. This study, through its findings, contributes to key determinants in choosing some of the new methods of performing accounting and financial functions.