Integrated cloud financial accounting cycle. How artificial intelligence, blockchain, and XBRL will change the accounting, fiscal and auditing practices

Alessio Faccia, Mohamed Yousif Khamis Al Naqbi, Saeed Ahmad Lootah

Research output: Chapter in Book/Report/Conference proceedingConference proceeding

Abstract

In the business world the accounting cycle is characterized by numerous interconnected processes [1]. However, despite the invention of new technologies useful in each step of the process, their integration still appears limited and their potential is still little exploited. Here, the authors link all the available technologies to every step of the financial accounting cycle, envisaging the use of a cloud platform on which to build a solid integrated system. Although integration is far from easy (it is no coincidence that it has not happened yet) this model takes into account all the practical needs of the stakeholders involved in the process: accountants, chartered accountants, auditors, governments, public and fiscal authorities, shareholders, creditors, data analysts. This novel approach can seriously offer a breakthrough to accounting and finance big data management [2][3]. This represents an effective method to solve various challenges such as tax evasion, tax avoidance, money laundering, accounting errors, high data storage costs, high audit risks, difficult and unreliable reconciliations, data collection and data analysis, lack of comparability between financial statement of companies based in different countries [4][5].

Original languageEnglish
Title of host publicationICCBDC 2019 - Proceedings of 2019 3rd International Conference on Cloud and Big Data Computing
Publisher Association for Computing Machinery
Pages31-37
Number of pages7
ISBN (Electronic)9781450371650
DOIs
Publication statusPublished - 28 Aug 2019
Event3rd International Conference on Cloud and Big Data Computing, ICCBDC 2019 - Oxford, United Kingdom
Duration: 28 Aug 201930 Aug 2019

Publication series

NameACM International Conference Proceeding Series

Conference

Conference3rd International Conference on Cloud and Big Data Computing, ICCBDC 2019
CountryUnited Kingdom
CityOxford
Period28/08/1930/08/19

Keywords

  • Auditing forecast
  • Blockchain triple entry bookkeeping
  • Cloud accounting
  • Financial accounting cycle re-engineering
  • XBRL

ASJC Scopus subject areas

  • Software
  • Human-Computer Interaction
  • Computer Vision and Pattern Recognition
  • Computer Networks and Communications

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  • Cite this

    Faccia, A., Al Naqbi, M. Y. K., & Lootah, S. A. (2019). Integrated cloud financial accounting cycle. How artificial intelligence, blockchain, and XBRL will change the accounting, fiscal and auditing practices. In ICCBDC 2019 - Proceedings of 2019 3rd International Conference on Cloud and Big Data Computing (pp. 31-37). (ACM International Conference Proceeding Series). Association for Computing Machinery. https://doi.org/10.1145/3358505.3358507