econstor

A Service of

zbw
Leibniz-Informationszentrum
Wirtschaft

Make Your Publications Visible.

Leibniz Information Centre
for Economics

Gulin, Danimir; Hladika, Mirjana; Valenta, Ivana

Conference Paper
Digitalization and the Challenges for the Accounting
Profession

Provided in Cooperation with:

IRENET - Society for Advancing Innovation and Research in Economy, Zagreb

Suggested Citation: Gulin, Danimir; Hladika, Mirjana; Valenta, Ivana (2019) : Digitalization
and the Challenges for the Accounting Profession, In: Proceedings of the ENTRENOVA -
ENTerprise REsearch InNOVAtion Conference, Rovinj, Croatia, 12-14 September 2019,
IRENET - Society for Advancing Innovation and Research in Economy, Zagreb, Vol. 5, pp.
502-511

This Version is available at:

http://hdl.handle.net/10419/207712

Standard-Nutzungsbedingungen: Terms of use:

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Documents in EconStor may be saved and copied for your
Zwecken und zum Privatgebrauch gespeichert und kopiert werden. personal and scholarly purposes.

Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle You are not to copy documents for public or commercial
Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich purposes, to exhibit the documents publicly, to make them
machen, vertreiben oder anderweitig nutzen. publicly available on the internet, or to distribute or otherwise
use the documents in public.
Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen
(insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, If the documents have been made available under an Open
gelten abweichend von diesen Nutzungsbedingungen die in der dort Content Licence (especially Creative Commons Licences), you
genannten Lizenz gewährten Nutzungsrechte. may exercise further usage rights as specified in the indicated
licence.

https://creativecommons.org/licenses/by-nc/4.0/

www.econstor.eu
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

Digitalization and the Challenges for the

Accounting Profession
Danimir Gulin
Faculty of Economics and Business, University of Zagreb, Croatia
Mirjana Hladika
Faculty of Economics and Business, University of Zagreb, Croatia
Ivana Valenta
Faculty of Economics and Business, University of Zagreb, Croatia

Abstract
Accounting profession is traditional profession and accounting rules and principles
have been established and are the same for many years. However, globalization
of business, stronger regulations and numerous technological solutions and
innovations are not bypassing the accounting profession either. Challenges for the
accounting profession are reflected in the need for rapid adaptation and
transformation of business practice and business processes without abandoning
away from basic accounting rules and principles. The aim of this paper is to analyze
and systematize the key challenges that digitalization brings for the accounting
profession. Research is based on the review of relevant and available professional
and academic literature. The results are showing that accounting profession is
faced with numerous challenges in the era of digitalization. Key challenges could
be systematized in following: the use of big data in accounting and reporting, cloud
computing and continuous accounting, artificial intelligence and blockchain
technology. The conclusion of this research is that changes in technology and
digitalization will have a significant impact on the accounting profession in the
coming period. Changes are moving toward reporting on a daily basis, difference
on the way of preparing business and strategic plans, implementation of digital
wallet and on-line accounting as well as outsourcing of accounting in distant
countries. Education system is going to change in circumstances of growing
digitalization of business. Also, users of accounting information in digital era are
changing; they want accounting information right away when a business event
occurs, not with time lag. Those changes will influence on the way accountants
carry out their job, it will be necessary the knowledge of new skills especially in
engineering, and, finally, that will lead to new types of the accounting professionals.

Keywords: digitalization, big data and reporting, cloud computing, artificial

intelligence, accounting profession, accountants’ skills
JEL classification: M40, M41, M49

Introduction
Digital technology has an impact on the strategic and competitive aims of the
company, but also it affects on the business models, competitive advantages as
well as on company’s approach to the market. Also, there is a significant influence
of digital technology on the accounting information and management control
systems (Mancini et al., 2017). Accounting rules and principles have been
established for many years and they do not change over time. On the other hand,

502
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

accounting industry is evolving and it changes. As a consequence of development

of technology, the coverage of accountants’ tasks and activities is transforming
and client expectations are changing. Development of technology and
digitalization allow updates and changes of accounting profession. Development
of modern computer systems leads to reducing the workload of accountants;
repetitive actions that existed in environment of traditional methods are made easy
and quickly.
Technological developments, globalization and increasing competition force
professions to change constantly. The accountancy profession is at the forefront of
professions that is and will be most affected by technological developments and
globalization. It is evident that, with technological development, many digital
systems that did not exist ten years ago are now actively used in the accountancy
profession (Tekbas, 2018). According to results of the research conducted by Frey
et al. (2017) 702 job titles are at risk of automation, and the accounting profession
in on the top of this list with high probability of being automated and digitalized in
the near future.
Goal of this paper is to systematize and analyze key changes in the accounting
profession that will be affected by the digitalization. Research is based on the
review of available relevant professional and academic literature.
Paper is structured into five parts. First part of the paper is introduction, while
second part consists of the literature review. Methodology that is used in the paper
is presented in third part. The influence of the digitalization on accountants’
activities and tasks and main digital solutions for accountants are presented in
fourth part of the paper. Main conclusions and limitations of the research as well as
directions for future research are presented in the last part of the paper.

Literature review
In order to assess the possibility for automation of accounting tasks and processes,
it is needed to distinguish routine tasks that can easily be automated and non-
routine tasks that are difficult to be conducted by machines or software. Oschinski
et al. (2017) highlighted that jobs and tasks that require critical thinking, high-level
creativity and training as well as human contact will not be automated soon.
However, routine tasks which do not require high level of education and training
and that require a little human communication can be easily automated (Kim et
al., 2017).
According to Arntz et al. (2017) many accounting tasks already are automated
in many companies (especially in large companies). Those tasks are invoicing,
payroll and bookkeeping and they are automated because they consist of routine,
repeated, stable and structured actions. Moudud-Ul-Huq (2014) highlighted that
digitalization and automation is helpful for the auditors during the following
processes: audit planning, analytical review procedures, materiality assessment,
internal control evaluation, risk assessment and going-concern decisions.
There are a few researches that analyse how many companies today use digital
solutions, and what they expect to use in next few years. Those researches are
mainly initiated and implemented by biggest audit firms.
KPMG conducted a study on Digitalisation in accounting, and main digital
solutions that are already implemented in companies in Germany or will be
implemented in the near future, and they are: paperless accounting, interfaces to
internal or external systems, management of data quality, process automation,
uniformity of systems, integrated consolidation system, real time reporting, creation

503
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

of transparency, big data analyses, tools for visualisation and cloud computing
(KPMG, 2017).
PWC made a survey on a sample of 76 large and medium sized companies
based in Germany about the current status and further digital development. The
most popular areas for artificial intelligence for the companies surveyed are
automatic reading of invoices and documents for accounting (39% of responses)
and automated payment transfers (29%). Third place on the list of priorities is shared
by monitoring data and consistency checking of documents, with 10% of responses
each (PWC, 2018).
In survey conducted by PWC, one of the questions referred to plans which
companies have toward using new technologies. Answers showed that 22% of
interviewed companies will start using document recognition, 20% will in the near
future start sharing data directly with customers and suppliers, 19% of companies
will use payment transfers and 14% of companies find replacement of Excel
worksheets.
In 2017 KPMG conducted a research about which of the following statements on
digitalization in accounting will apply to their company in the next year. The results
are similar to results of the survey conducted by PWC. Most of the companies that
participated in the research will implement paperless accounting, uniformity of
systems and interfaces to external systems. Most of them will also apply
management of data quality and integrated consolidation system and also a big
data analyses (KPMG, 2017).
As a result of these researches it can be concluded that companies are
preparing for the implementation and changes in business as result of digitalization.
Implementation of a new software support solutions is a very long and expensive
process, especially if it is about internal solution development. For that reason, a lot
of companies that provide services and develop new solutions for accounting
system see here a big chance. Companies that have already implemented new
solutions or are in the phase of implementation are primarily large companies due
to the fact that in smaller companies’ implementation of costly solutions is not cost-
effective.

Methodology
In order to achieve the research goals, available relevant professional and
academic literature were studied and analyzed. Academic literature was obtained
from searching the following databases – Proquest, EBSCO Host, and Web of
Science. The following search subject was used – digitalization in accounting,
changes and trends in accounting profession, cloud computing, artificial
intelligence, big data and blockchain technology. We selected most relevant
articles (for the topic of this paper) that were written in English and for which the full
paper was available. Professional papers were gathered through searching the
web pages of biggest audit firms and professional bodies for accountants and
auditors. Research included subjects in the area of digitalization and its effect on
the accounting profession. Selected academic and professional papers were
analyzed by using scientific-research methods as it is induction and deduction
method, method of analysis and synthesis, generalization method and abstraction
method.

504
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

Results
Digitalization and accounting profession
There are different reasons why accountants should accept and apply modern
digital solutions. Factors that can have a significant impact and be a motivation for
technological change according to study conducted by Wilson et al. (1992)
among the UK accounting profession are as follows: need to meet prescribed
deadline for accounting tasks and the importance to provide better and timely
information for different users. Furthermore, by using technology the quality and
relevance of the accounting information will be improved (Al-Htaybat et al., 2017),
the period needed for preparation will be shortened and information will be
available in real time without delay.
With accounting processes becoming automated and less time-intensive,
accountants are becoming more connected to their clients and are increasing
their advisory services when it comes to daily business operations. In their study,
Herbert et al. (2016) investigated that digitalization and automation are used in
order to eliminate or minimize routine and repetitive tasks, so it will enable
employees (accountants) to focus on more creative, non-routine and non-
structured tasks that required more thinking and additional skills. This change in
approach will have an impact on the future activities of experienced accountants.
Because most services are now cloud-based and financial data is available
preferable quickly, companies (clients) are willing to change accounting firms
faster than in the past if they are unsatisfied with the services they receive.
Despite digitalization and automation have many advantages for successful
conducting a business and perform accountant’s tasks, it has to be pointed out
that automation and artificial intelligence could not perform accountant’s most
valuable functions which are interpreting and analysing financial information
(Zarowin, 1994). According to results conducted by Kokina et al. (2017) about the
current capabilities of cognitive technologies and the influence of these
technologies on auditors and audit process, the senior accountants indicated that
the need for human accountants would not go away anytime soon.
A positive prediction of automatization is that machines and robotic automation
will enhance the value of services, not diminish it. Basic services can and will be
delivered even more efficiently, allowing accountants to have more time to discuss
their client’s current situation and future needs.
Accountants and financial advisors will use the same tools to move from data
entry, recordkeeping and simple analysis to strategic business consultancy. Primary
analytics programs such as Excel will probably be replaced. Financial controllers
and CFOs start using structured data, unstructured data, and predictive analytics
to access large base of customer information, financial trends and industry
information to make insightful forecasts.
Technological development and technologies like the cloud, artificial
intelligence and blockchain will strengthen the role of accountants and the entire
financial industry, because reducing manual data entry and improving the speed,
quality and accuracy of data.
In the 21st century, the accountancy profession needs a new model able to
respond to technological changes and developments in the process of
digitalization and e-transformation so that the accounting profession is more
effective. Accounting Engineering is the redesign of the accountancy profession in
light of technological developments, such as digitalization, artificial intelligence,
and the Fourth Industrial Revolution (Tekbas, 2018). Accounting Engineering will

505
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

enable accountants to use different digital systems to acquire the right knowledge
and to manage and use technology in the learning-teaching process. An
accounting engineer is a person who can adapt to technological developments
and actively use technological products in professional practices, combine
practical and theoretical knowledge with philosophy, mathematics, and
technology (Tekbas, 2018).
Digitalization implies a different philosophy in the way in which companies are
managing and conducting their business, processes and activities (Mancini et al.,
2017). According to Mancini (2016), keywords that characterise the philosophy of
digital technology are ubiquity, openness and sharing. Accordingly, data and
information are freely available, and their flow is without restrictions among
organisations and groups of people. Availability of comprehensive data about the
business in real time in the era of digitalization will have a significant impact on the
way companies prepare their strategic plans. Data that are available to managers
are more accurate, various and present current trends, so companies’ strategic
plans are more appropriate to a modern business environment.
The existence of digital wallet as an electronic or online service has a significant
impact on the customers’ confidence on the online trade and the volume of
electronic transactions. Payments for goods and services purchased online are
secure for the personal information and for the actual transaction. Digital wallets
are developed and designed in order to be accurate when transferring data to
retail checkout forms.

Main digital solutions for accountants

Main digital solutions that have a big impact on accounting profession are:

Artificial intelligence
Smart technologies like Artificial intelligence and machine learning have been
actively providing near-real-time information to businesses. Artificial intelligence
and automation can significantly reduce the need for human labour, and it can be
integrated into accounting and auditing processes. Artificial intelligence can be
successfully applied for more structured, programmable and repetitive tasks where
gathering human knowledge and expertise is not extremely difficult and
demanding (Moudud-Ul-Huq, 2014). Smart technologies are not developing to
extinct human intelligence but to help accountants to become better strategic
advisors by providing crucial business insights. Artificial intelligence and machine
learning will give accountants better access to a range of near-real-time
information from a greater number of sources. Although Artificial intelligence is still
in the early stages of development, it was already being used by 18% of the
companies surveyed at the end of 2017, particularly for smart document OCR
(Optical Character Recognition) and automating payment transfers (PWC, 2018).
Development of the software leads to understanding of invoices rather than simply
matching order numbers and invoice amounts.

Blockchain
Blockchain allow businesses to access the same information in real-time from
different sources. Majority of businesses are utilizing this delivery method to secure
their sensitive accounting data and speed-up complex processes. Referring
blockchain as a technology for cryptocurrency is not valid. Along with
uninterrupted security and transparency, blockchain is capable enough to replace
traditional ways of handling auditing, compliance and reconciliation tasks. Results

506
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

of the survey conducted by PWC on a sample of German companies showed that

8% of the companies surveyed use blockchain technology. And those who are
already using blockchain want to use it above all to ensure data integrity, process
transactions and manage customer and supplier relations. It is also used for signing
contracts (PWC, 2018).

Continuous accounting
Technology development provides new opportunities for providing information on
a daily basis. Accounting is still based on a periodic review and analysis of financial
information, but stakeholders, auditors and others expect comprehensive and real
time reporting. Implementing and transitioning, from a periodic basis of accounting
and reporting focused strictly on financial information to a more comprehensive
view of accounting reporting will require a transition period and implementation
steps. Implementing and transitioning to a more comprehensive accounting
function will result in some displacement and disruption of current roles (Smith, 2018).

Big data
Big data and data analytics will affect accounting in many ways; for example by
influencing how business is conducted and how financial statements are prepared
and audited. Also, big data have a significant impact on the quality of decision
making process, because the measurement of data has been enhanced, data are
comprehensive and the information is better understood (Liu et al., 2014).
Availability of comprehensive data through digital solutions increases the
effectiveness and efficiency of accountants. Big data can reduce the time for
reporting because modern technologies provide real time updates. With analytic
skills and tools, professionals can effectively analyse data and get an insight into
data that will change the way business decisions are made. Big data will have
influence on financial and managerial accounting, but also on auditing. Big data
describes extremely large datasets typically greater than a petabyte that have
particular storage challenges and generally need to be analysed using
computational methods.

Related to accounting and information systems, the most significant impact of

the development of information technology is the impact on data management,
or how companies manage data processing in order to get reliable information
(Mancini et al., 2017).
In her article, Cockroft (2018) made review of articles of big data in academic
research in accounting and finance. Results showed six under-researched areas of
big data in accounting and finance. These areas are privacy and security, data
visualisation and predictive analytics, data management and data quality.
Increased research in these areas will lead to improvements in industry practices,
and more opportunities for cross-disciplinary research.
In Table 1 are presented key effects that digitalization will have on the
accounting profession and performing of accounting tasks.

507
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

Table 1
Key Effects of Digitalization on the Accounting Profession and Performing of
Accounting Tasks
Area Effect
Main digital solutions Artificial intelligence
Blockchain
Cloud computing
Big data
Performing accounting Automatization of routine, repetitive and structured tasks
tasks (e.g. invoicing, payroll)
Non-routine and non-structured tasks will require human
thinking and additional skills and knowledge (e.g.
interpreting and analysing financial information)
Education and training Changes and modification of university programs
Critical thinking
Problem solving
Skills regarding the use of artificial intelligence
Accounting engineering
Interpersonal interaction and communication
Source: Authors’ work

In order to keep adding value for the company, accountants need to

developed new skills and acquire new knowledge regarding the use of artificial
intelligence and other digital solutions in modern business environment. There is
highlighted the need of all employees (including accountants) for development of
critical thinking and problem solving, high level of adaptability, flexibility and
interpersonal interaction; it is required to learn continuously (David, 2015; Marcello
et al., 2017). For successful career of future accountants are important many skills
and those are motivation, good written and oral communication, capability of
decision making, financial analysing and professional judgement (Parham et al.,
2012). Change in education is crucial and the education system should change by
focusing on critical and system thinking with the aim to develop creativity skills of
students. Finally, accountants will have a significant proactive role in conducting
and performing company’s business, so it is required that they will collaborate with
employees in other functions, especially with IT experts.

Conclusion
Digitalization and the development of information technologies represent a great
opportunity for companies. Furthermore, digitalization brings a lot of changes for
accounting profession. It will change the way accountants work and think. Despite
many of accountants think that digitalization will take their jobs, and that robots will
replace humans, results show that accountants will use digital solutions and
automation for routine tasks rather than replace accountants. There are tasks and
activities of accountants that require critical thinking and creativity, so it would be
not so easy to automate those tasks and activities. Accordingly, digitalization will
affect the development of accounting profession. Accountants should be ready
for automation and that requires specific and new knowledge and skills of
accountants. Routine, repetitive and structured tasks of accountants are or will be
automated in near future. Wider network of information, knowledge based system
and data mining are powerful tools for successfully running a business. New digital
solutions as artificial intelligence, blockchain, big data, cloud computing and

508
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

continuous accounting etc. will affect on reducing manual data entry and
improving the speed, quality and accuracy of data. As a consequence of
automation, the businesses can run very smoothly. Profession will transform from
bookkeepers and accountants to advisors, consultants and accountants
engineers. So, to the possible develop, accountants need to seize the opportunity
of development of technology that facilitates and enhances their profession.
Digitalization of processes and implementation of new software(s) that enable
knowledge-based management is very expensive, and it is available only for large
companies.
The process of digitalization of accounting and financial reporting on the daily
basis connected with the financial markets could have a significant impact on the
investor’s decisions, especially on small investors. The main reason for this is
contained in a daily balance sheet that is available to financial statement users in
the environment of digitalization of accounting and financial reporting.
Finally, despite of wide range of accountants' activities and tasks that can be
automated, human intelligence will always exceed machine learning.
The practical implication of this paper can be summarized in the fact that
accountants will shift their current activities to either advisory or consultancy.
Furthermore, IT, analytical and tax knowledge and skills of accountants will have to
be developed. Finally, those changes will require that universities change and
modify their education programs in order to prepare accounting students for work
in modern environment along automation and digitization.
Limitation of this study is related to the coverage of analyzed literature, because
it is not comprehensive. Although, the use of digitalization and automation is global,
there are still scarce professional and academic researches about the application
of digitalization in accounting and its impact on the accounting profession
(especially in certain countries).
Future research should be directed toward primary research through a survey as
well as in-depth interviews in order to gain knowledge about the changes the role
of accountants in environment of digitalization and automation and the use of
artificial intelligence, and about the accounting tasks that are automated in
companies with different size (micro, small, medium and large).

References
1. Al-Htaybat, K., von Alberti-Alhtaybat, L. (2017), ”Big Data and corporate reporting:
impacts and paradoxes”, Accounting, Auditing and Accountability Journal, Vol. 30,
No. 4, pp. 850-873.
2. Arntz, M., Gregory, T., Zierahn, U. (2017), “Revisiting the risk of automation”,
Economics Letters, Vol. 159, pp. 157-160.
3. Cockroft, S. (2018), “Big Data Opportunities for Accounting and Finance Practice
and Research: Big Data in Accounting and Finance“, available at:
https://www.researchgate.net/publication/322938351_Big_Data_Opportunities_for_
Accounting_and_Finance_Practice_and_Research_Big_Data_in_Accounting_and_
Finance (11 April 2019).
4. David, H. (2015), “Why are there still so many jobs? The history and future of
workplace automation”, Journal of Economic Perspectives, Vol. 29, No. 3, pp. 3-30.
5. Frey, C. B., Osborne, M. A. (2017), “The future of employment: How susceptible are
jobs to computerisation?”, Technological Forecasting and Social Change, Vol. 114,
pp. 254-280.
6. Herbert, I., Dhayalan, A., Scott, A. (2016), ”The future of professional work: will you be
replaced, or will you be sitting next to a robot?”, Management Services Journal, 2016
(Summer), pp. 22-27.

509
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

7. Kim, Y. J., Kim, K., Lee, S. (2017), ”The rise of technological unemployment and its
implications on the future macroeconomic landscape”, Futures, Vol. 87, pp. 1-9.
8. Kokina, J., Davenport, T. H. (2017), ”The Emergence of Artificial Intelligence: How
Automation is Changing Auditing”, Journal of Emerging Technologies in Accounting,
Vol. 14, No. 1, pp. 115-122.
9. KPMG (2017), ”Digitalisation in accounting“, available at:
https://hub.kpmg.de/digitalisierung-im-rechnungswesen-
2017?utm_campaign=Digitalisierung%20im%20Rechnungswesen&utm_source=AEM
&__hstc=214917896.3a0d5dcb67dcc1c3314090953e2c528d.1556354963109.1556354
963109.1556467129734.2&__hssc=214917896.1.1556467129734&__hsfp=1828149151
(18 April 2019).
10. Liu, Q., Vasarhelyi, M. A. (2014), ”Big Questions in AIS Research: Measurement,
Information Processing, Data Analysis, and Reporting”, Journal of Information
Systems, Vol. 28, No. 1, pp. 1-17.
11. Mancini, D. (2016), “Accounting information systems in an open society – Emerging
Trends and Issues”, Management Control, Vol. 1, pp. 5-16.
12. Mancini, D., Lamboglia, R., Castellano, N. G., Corsi, K. (2017), “Trends of Digital
Innovation Applied to Accounting Information and Management Control Systems”,
in Corsi, K., Castellano, N. G., Lamboglia, R., Mancini, D. (Eds.), Reshaping
Accounting and Management Control Systems – New Opportunities from Business
Information Systems, Springer, Cham, Switzerland, , pp. 1-19.
13. Marcello, S., Ray, T., Carmichael, D., Peterson, J., Ramamoorti, S. (2017), ”The Future
of Auditing: A Roundtable Discussion”, The CPA Journal, pp. 39-57.
14. Moudud-Ul-Huq, S. (2014), ”The Role of Artificial Intelligence in the Development of
Accounting Systems: A Review”, The UIP Journal of Accounting & Audit Practices,
Vol. 12, No. 2, pp. 7-19.
15. Oschinski, M., Wyonch, R. (2017), “Future stock? The impact of automation on
Canada’s labour market”, Institute C.D. Howe Institute, Commentary No. 472,
available at:
https://www.cdhowe.org/sites/default/files/attachments/research_papers/mixed/
Update_Commentary%20472%20web.pdf (4 June 2019).
16. Parham, A. G., Noland, T. G., Kelly, J. A. (2012), ”Accounting Majors’ Perceptions of
Future Career Skills: An Exploratory Analysis”, American Journal of Business Education,
Vol. 5, No. 1, pp. 29-35.
17. PWC (2018), ”Digitalisation in finance and accounting and what it means for
financial statement audit“, available at: https://www.pwc.de/de/im-fokus/digitale-
abschlusspruefung/pwc-digitalisation-in-finance-2018.pdf (13 April 2019).
18. Smith, S. S. (2018), ”Digitization and Financial Reporting – How Technology Innovation
May Drive the Shift toward Continuous Accounting“, Accounting and Finance
Research, Vol. 7, No. 3, pp. 240-250.
19. Tekbas, I. (2018), ”The Profession of the digital age: Accounting Engineering“,
available at:
https://www.ifac.org/global-knowledge-
gateway/technology/discussion/profession-digital-age-accounting-engineering
(19 April 2019).
20. Wilson, R. A., Sangster, A. (1992), ”The automation of accounting practice”, Journal
of Information Technology, Vol. 7, No. 2, pp. 65-75.
21. Zarowin, S. (1994), “CPA 2000: What’s ahead for accounting software”, Journal of
Accountancy, Vol. 177, No. 3, pp. 54-58.

510
ENTRENOVA 12-14, September 2019 Rovinj, Croatia

About the authors

Danimir Gulin, Ph.D. is a Tenured Professor at the Department of Accounting, Faculty
of Economics and Business, University of Zagreb. He received PhD in Accounting at
the Faculty of Economics and Business Zagreb. He was also educated at the
University of Graz, Austria, University of Kentucky, USA, and International Graduate
School of Management – IESE, Barcelona, Spain. His main research interests are
financial and managerial accounting, accounting for financial instruments and
financial reporting. He is a member of Committee for Financial Reporting Standards
(since 2007), and editor in chief of professional journal “Računovodstvo i financije”
and “Riznica” (since 2007). He published numerous professional and scientific
papers in international and national journals and participated in many scientific
international conferences. The author can be contacted at [email protected].

Mirjana Hladika, Ph.D. is an Assistant Professor at the Department of Accounting,

Faculty of Economics and Business, University of Zagreb. She received PhD in
Accounting at the Faculty of Economics and Business Zagreb. She was also
educated at the Bodo Graduate School of Business, Norway, Center of Excellence
in Finance, Ljubljana, Slovenia, and IFRS Foundation, London, United Kingdom. She
participated in Erasmus Program at Hochschule fur Wirtschaft und Recht in Berlin,
Germany. Her main research interests are financial and managerial accounting,
accounting for financial instruments, financial reporting and integrated reporting,
trends in accounting and accounting profession. She published numerous scientific
papers in international and national journals and participated in many scientific
international conferences. The author can be contacted at [email protected].

Ivana Valenta is a Teaching and Research Assistant at the Department of

Accounting, Faculty of Economics and Business, University of Zagreb. She received
Master of Economics in Accounting at the Faculty of Economics and Business
Zagreb. She attended Applied Time Series Econometric Methods and Forecasting
Course in Zagreb. Her main research interests are financial and managerial
accounting, accounting for financial instruments and integrated reporting. She
published several professional and scientific papers and participated in several
scientific international conferences. The author can be contacted at
[email protected].

511