ACCOUNTING IN THE ERA OF DIGITALIZATION IN MALAYSIA: THE CONCEPTUAL FRAMEWORK

Abstract

The digitalization of accounting practices presents both opportunities and challenges for businesses in Malaysia. This paper establishes a conceptual framework focusing on the implications of digitalization on the accounting profession encompassing financial accounting, management accounting and forensic accounting, emphasizing the necessity for adaptation, skill enhancement, and regulatory changes. This research seeks to explore the impacts of advancements like big data analysis, artificial intelligence (AI) and blockchain technology on transforming accounting procedures to improve operational efficiency and effectiveness within organizations. By exploring the influence of digital technologies on accounting processes, this research contributes to the understanding of effective accounting practices in a rapidly evolving digital landscape. The paper proposes a paradigm for integrating new technologies into accounting processes and delineates the implications for practitioners, regulators, and educators in Malaysia.