The Impact of Financial Technologies on Digital Transformation of Accounting, Audit and Financial Reporting

Abstract

FinTech is a combination of Finance and Technology which involves use of modern smart technology like big data analytics, cloud computing, artificial intelligence, machine learning, and robotics, for doing finance. Financial technology development has influenced nearly all financial services industry, from granting to insurance, from accounting to consultancy, from consumer finance to investment banking. As a result of digital transformation, preparation of XBRL-based structured digital Financial Reports, block-chain trading, accounting of new digital assets, cryptocurrency has assigned more strategic functions to accountants, while simultaneously supported the auditing to reduce the risk at the minimum level. In order to obtain or retain competitive advantage it is essential to invest money, time into implementing in innovations. A cloud system is part of the basic infrastructure now. When the entire business model changes so do change the ways of accounting, auditing and financial reporting that are inevitable components of business. The integration of modern digital technologies into finances, has enabled finance professionals to achieve greater efficiency, work speed, and financial transparency. Keywords: Financial technologies; Digital Accounting and IFRS; Cryptocurrency; Blockchain; XBRL-standard; Audit; Financial Reporting;