Standardization and Harmonization in Accounting and Auditing through Digitalization
Standardization and Harmonization in Accounting and Auditing through Digitalization

Author(s): Velina Dimitrova
Subject(s): Social Sciences, Economy, Business Economy / Management, Sociology, Evaluation research, Social Informatics, Accounting - Business Administration, ICT Information and Communications Technologies
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: digitalisation; leasing; International Financial Reporting Standards; auditing, accounting
Summary/Abstract: Retrospective analysis of the reporting of leases in the enterprises and on this basis to highlight the differences with the applicable accounting and audit procedures. The focus of the analysis will be IFRS 16 Leases. What forced the changes in the standard from IAS 17 Leases to IFRS 16 Leases. Further on it will review the accounting of a right of use asset under IFRS 16 Leases and the audit procedures. The audit procedures revised in this article will concern the substantive procedures as currently they face heavy digitalisation and automation to make the work more efficient and precise. In addition, the article will show which and what kind of leases fall under the scope of the new standard IFRS 16 Leases. Along with that it will showcase how the digitalisation and AI can further improve the analysis of the IFRS 16 Leases and how can the technology advancements aid the audit and accounting process of the leases. What issues will be posed in extending the technological analysis into the procedures and how will it hold to the test of time.

• Details
• Contents