The Digital Transformation of Accounting Standards: Past Developments, Current Practices, and Future Directions for Research

Abstract: Accounting standards has been significantly enhanced by the fast-changing technological advancement. However, its implementation produces challenges such as technology issues, privacy and confidentiality, organization resistance, high costs, regulatory issues, inconsistency of data, issues to ethicality, over-dependence on technology, and digital divide. These complexities hamper the integrated process and restrict the adoption and tabooing into the benefits of digitization in accounting. Solving these challenges needs a holistic and coherent roadmap aimed at improving the skill of the workforce, developing infrastructures, providing clear regulation, and international cooperation. This paper thereby discusses the challenges and recommed the future prospects of approaching them by focusing more on issues such as innovation and capacity development. Keywords: Digitalization, Regulatory Frameworks, Ethics, Digital Divide, Accounting standards. Title: The Digital Transformation of Accounting Standards: Past Developments, Current Practices, and Future Directions for Research Author: Sokunbi Ayodeji Julius International Journal of Novel Research in Marketing Management and Economics ISSN 2394-7322 Vol. 11, Issue 3, September 2024 - December 2024 Page No: 94-108 Novelty Journals Website: www.noveltyjournals.com Published Date: 10-December-2024 DOI: https://doi.org/10.5281/zenodo.14353182 Paper Download Link (Source) https://www.noveltyjournals.com/upload/paper/The%20Digital%20Transformation-10122024-1.pdf