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Epilogue

Epilogue. Accounting − The Future. Inputs. Processing. Outputs. Accounting and Technology. Computerized accounting systems handle much of the world’s accounting today and will continue to do so in the future. Inputs. Processing. Outputs. Accounting and Technology.

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Epilogue

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  1. Epilogue Accounting − The Future

  2. Inputs Processing Outputs Accounting and Technology Computerized accounting systems handle much of the world’s accounting today and will continue to do so in the future.

  3. Inputs Processing Outputs Accounting and Technology Will become increasingly automated. Physical copies of accounting documents will be replaced with digital documents. Barcode technology will continue to mature. Database technology, while important today, will continue to dominate accounting and management information systems.

  4. Inputs Processing Outputs Accounting and Technology Most all accounting and other information will be processed through database systems. Today’s Structured Query Language (SQL), database interface language, will probably be replaced by more efficient and user friendly languages.

  5. Inputs Processing Outputs Accounting and Technology With the rapid development of Extensible Business Reporting Language (XBRL), a great deal of flexible and easy to access financial information will be available on the Internet. XBRL is probably the most important technology development for financial reporting since the spreadsheet.

  6. The Accounting Profession AICPA Vision Project Core Purpose for CPAsMake sense of a changing world. Vision StatementCPAs are trusted professionals who enable people andorganizations to shape their future. Combining insightwith integrity, CPAs deliver value by . . . (1) Communicating the total picture with clarity and objectivity;(2) Translating complex information into critical knowledge; (3) Anticipating and creating opportunities; and (4) Designing pathways that transform vision into reality.

  7. Core Competencies for CPAs • Communication and leadership skills. • Strategic and critical thinking skills. • Focus on the customer, client and market. • Interpretation of converging information. • Being technologically adept.

  8. IASB International Accounting Standards Board • Formed in 2001 to replace the International Accounting Standard Committee. • The 14-member board represents nine countries and is funded by the accounting profession. • Worldwide effort to bring convergence of accounting standards on an international scale.

  9. Research andDevelopment Data Collection and Processing Information Analysis and Support Design AccountingInformationSystem DecisionMaking Database Information Production Marketing Distribution CustomerService Students and Accounting Information Value Chain Functions

  10. End of Epilogue

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