Honors College

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Browsing Honors College by Subject "Accounting"

Now showing 1 - 5 of 5
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    Building a Better Accounting World with Artificial Intelligence
    Ruggirello, Marlissa; Schaefer, Kathryn
    This thesis’s purpose is to explore how the emergence of artificial intelligence in accounting shifts the focus and daily tasks and responsibilities of accountants. The project will also explore the impact that these new advancements in artificial intelligence will have in the accounting world in areas such as document management and bookkeeping. From artificial intelligence implications, the immediate and future impacts of these shifts in technologies will become present and utilized to enhance the field in the right direction. Through the implementation of artificial intelligence, new knowledge is uncovered that will enhance the everyday tasks of an accountant such as bookkeeping and journalizing entries. This enhancement will allow the focus of accountants to shift to more advisory services and other high-value tasks. The methodology used will be exploratory content from individuals from accounting firms and scholarly peer-reviewed journals through the Oakland University Libraries database. This methodology will be obtained through primary sources and secondary research. The results of this research will aim to provide knowledge to those currently in the field or those becoming part of the field, so they stay ahead of the game and competition to stay employed. Current accountants or people who plan on graduating soon as accountants will benefit from this thesis to stay an asset to their current or future company by being technologically advanced and advancing the company technologically for the evolving future.
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    Cybersecurity Threats to Small Accounting Organizations
    Latic, Aldijana; Schaefer, Kathryn
    Many small organizations do not pay attention to cyberthreats, which have been occurring more frequently. Accounting firms of small organizations should invest more resources in cybersecurity awareness early on to prevent spending more money on fixing these issues in the future. This research paper focuses on reviewing the cyber training inside many small organizations worldwide. Typically, small organizations’ business strategies do not focus on this issue and many recruiters do not have the skills necessary to hire the correct people for this job. The companies should be aware of identifying, analyzing, and preventing threats to their internal information technology systems. Small organizations should be supported by trained personnel to ensure effective daily activities with the highest security.
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    FASB Lease Accounting Standard Update 2016-02: An Exploration of Similarities and Differences to IFRS 16
    Harms, Cassandra; Free, Donna
    For accounting professionals across the globe, certain rules and regulations are put in to place to maintain the ethical and transparent practices of financial accounting. U.S. companies follow the regulation process of the Financial Accounting Standards Board that issues Accounting Standard Updates to the FASB Codification that provides the metrics that public, private, and non-for-profit companies use for better reporting practices. For global companies that operate in international markets, the International Accounting Standards Board issues separate IFRS Standards that present accounting practices for global companies to operate more efficient and financially transparent. One of the most major recent changes to the FASB Codification is related to Topic 842 - Leases, Accounting Standard Update 2016-02. This ASU is related to IFRS 16 - Leases. This thesis will explore the standard-setting process of the two entities that has led to the change in reporting for leases, both in the United States and internationally. A comparison will be drawn to contrast the similarities and differences between ASU 2016-02 and IFRS 16, that connects companies and accounting professionals to properly report leases for interested parties in the near future.
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    FASB Revenue Recognition ASU 2014-09: Impact on the Software Industry
    Jones, Julianna; Free, Donna
    Revenue recognition standard ASU 2014-09 was issued by FASB to provide clearer guidance and improve how revenue is reported on financial statements. This has significantly impacted several industries, especially the software industry. It is discussed what FASB sought to change by issuing ASU 2014-09, and why ASU 2014-09 was issued. Software companies face significant challenges regarding revenue, so the new standard significantly impacted them. In addition, there was an analysis done regarding whether the standard helped provide better quality information for users of software companies’ financial statements. Both professional research and the financial statements of two software companies were analyzed to determine this information. It was discovered ASU 2014-09 has ultimately improved the recognition of revenue for software companies by providing better quality information for users of financial statements, as the benefits of a consistent framework for revenue recognition outweigh the drawbacks of the potential for more aggressive revenue recognition.
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    Note Disclosures in 10K Reports
    Taylor, Lilliana; Free, Donna
    Note disclosures are an important component of annual reports, but further research can illustrate how these disclosures differ across industries. Further research into 10K reports can reveal how companies use disclosures to fulfill conciseness and transparency recommendations when communicating with stakeholders. Analyzing recent 10K reports from samples of firms in different industries can reveal which note disclosures are most prominent, which industries disclose the most, and how prevalent specific types of disclosures, such as sustainability and contingent liabilities disclosures, are across a variety of firms. This analysis focuses on the notes to the financial statements, rather than any other accompanying information in the annual reports. Results can help establish a spectrum of transparency and disclosure behavior. Benefits from this research include a greater understanding of note disclosures across different industries so companies can compare themselves to competitors, related fields, and other firms in their supply chains. The primary beneficiaries of this research include external 10K preparers, who are typically Certified Public Accountants (CPAs), and internal firm management seeking to view annual reports in the context of their broader industries and the overall scope of 10K reports