Section 1.0 Assessment Information Length: 2000 words (± 10% excluding bibliography) Weighting: 20%...

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Section 1.0 Assessment Information Length: 2000 words (± 10% excluding bibliography) Weighting: 20% Assessment due: Friday Week 11 Style and format: Submissions will be in the form of an essay and suggested guideline: 1. Introduction • General statement to introduce reader to the topic, which sets the context for the topic in a broad way • Outline of the main points that will be researched / analysed / presented in your essay 2. Analysis • What are your key findings • Are there any impacts or implications • One main point or key idea per paragraph 3. Recommendations • Summarise your key recommendations, if any. 4. Conclusion • Summarises the main points or arguments 2 • Restates the major point of view (your answer to the question) • Includes no new information • Should not need references Note: • At least one citation / reference for each key point/s • List references clearly Assessment Submission: Assignments to be submitted to “Turnitin”, a tool which will check for plagiarism. Any similarity over 35% will not be accepted. Assessment Return: Marks will be released at the beginning of Week 12. Essay Topic: Students to select an appropriate topic related to IoT (Internet of Things) or AI (Artificial Intelligence) and its impact on the Accounting Profession. Section 2.0 Other Important Information 2.1 Plagiarism Taking another person’s ideas, words or inventions and presenting them as your own without acknowledging your sources (citing or referencing), is plagiarism. Paraphrasing or rewording another person’s work, without acknowledging its source, is also plagiarism. If you are identified with plagiarism assessment mark will be zero. 2.2 Referencing Correct referencing is important for two main reasons. The first is to enable the reader to access source material you have relied upon, should they care to. The other is to ensure that you have properly recognized the contribution of the work of others to your assignment. If you do not do this properly, you are engaging in plagiarism—the theft, intentional or otherwise, of the intellectual or creative work of others.

Pranjal · Accepted Answer

ARTIFICIAL INTELLIGENCE AND ITS IMPACT ON THE ACCOUNTING PROFESSION
Table of Contents
1.0 Introduction	3
2.0 Analysis	3
2.1 Impact of Artificial Intelligence on Employment	3
2.2 Impact of Artificial Intelligence on the Stakeholders	5
2.3 Impact of Artificial Intelligence on Accounting Profession	6
3.0 Recommendation	9
4.0 Conclusion	10
References	11
1.0 Introduction
The development in information technology has paved the way to the future growth opportunity not only in the business but also for the society at large. The concept of robotics and artificial intelligence has been one of the recent inclusions of such development. Since human intelligence encompasses several challenges in terms of accuracy, efficiency, speed and therefore effectiveness, the concept of machine learning and artificial intelligence has emerged. The accounting profession is a dynamic one and changing with the passage of time. Artificial intelligence has impacted the business world and therefore consequently accounting profession has also been largely affected with the same. The instant paper may deal with the impact of artificial intelligence on the accounting profession in brief. 
At the very outset of the study, the researcher provides a background theme of the paper so that it becomes easier for the reader to understand the essence of the research. In the subsequent sections of the study, the detailed analysis has been carried out substantiating the impacts artificial intelligence may have on the future growth, development and challenges for accounting professionals Based on such discussion, finally, the researcher may arrive at a conclusion through a recommendatory note for the different stakeholders associated with the issue.
2.0 Analysis
2.1 Impact of Artificial Intelligence on Employment
It is a long debate that the application of computer technology, especially, artificial intelligence may significantly reduce the employment opportunities and the same holds true for accounting professional as well (Icaew.com, 2020). The classical and neoclassical economics theory may suggest that the technology may have a positive impact on employment as the same may increase business productivity and therefore new job opportunities get created. However, economists have not been able to explain the reason behind the Great Depression in the year 1930 in the context of computer technology and automation (Rana, 2018). 
The artificial intelligence affects the labour market as robotics may primarily substitute the human effort at work. The manual dexterity may get considerably substituted by machine learning (Aldredge, Rogers and Smith, 2020). However, the art form, especially the original and creative intelligence and fine arts and social intelligence such as persuasion and negotiation are some of the non-replaceable attributes through machine learning (Zhang et al, 2020). Hence, there exists substantial scope for accounting professionals and business houses as well to continue with the existing labour market and human intelligence as the same is not replaceable by the computer technologies (Icaew.com, 2020). However, the impact of technology on employment may be segregated in two different segments such as direct effect and indirect effect, which is shown in the figure below.
Figure 1: Impact of Artificial Intelligence on Employment
(Source: Stancheva-Todorova, 2018)
In the given figure, it shows that technology may largely substitute labour in order to enhance productivity and thereby lower the price. Also, technological innovation may help business houses to expand and create a new market for the product and services. On the other hand, the indirect effect of technology on employment is such that the technology may complement the labour and combined initiative may contribute to the improved outcome (Rana, 2018). Also, the reduced product cost and price may help the customer to make the business most successful by becoming loyal consumer which, in turn, helps the society to grow along with consumer as well as business.
2.2 Impact of Artificial Intelligence on the Stakeholders
The impact of automation technology is substantial on business process and individual capabilities as well as the society at large. The table below shows the various impact machine learning may have on these factors.

Section 1.0 Assessment Information Length: 2000 words (± 10% excluding bibliography) Weighting: 20% Assessment due: Friday Week 11 Style and format: Submissions will be in the form of an essay and...

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