1. How has accounting developed in the Industrial Revolution (IR) 4.0 era?

The Industrial Revolution (IR) 4.0 era is the evolution of automating processes over the whole
industry. It is a whole transformation of every sectors which every system would develop and
digitalize due to technology advancement. The way of technology is transforming the accounting
development as well.
IR 4.0 is expected to influence accounting development and practice in some aspects.
Development of technology remove some slow and manual processes in accounting. High
accuracy extraction of data could be obtained from digitalized software in a short time. New
technology allows greater analysis of business and accounting data which allow organization to
achieve competitive advantage. Quality of accounting data has been improved in IR4.0 to be used
during decision making purposes. The credibility and relevance of reporting has been increased
through self-controlling, self-auditing systems and demand-pull custom accounting for individuals.
In conclusion, IR 4.0 increased the flexibility and even increased the productivity,
efficiency, quality in the aspect of accounting.

2. What are the issues/ problems emerge during the era?

There are few major problems emerged during the era of IR 4.0 which would affect every
organization in the industry. Some of the organization is lacking of awareness on the concept of
IR 4.0. Lack of awareness has disallowed them to enjoy certain benefits in terms of the use of
technology in their organization. In Malaysia, there is no clear comprehensive policy and
coordination on IR 4.0 has caused some organizations have no clear direction in moving their
business to IR 4.0. Besides, lacking of standard by some professional bodies has caused some
reliability issue as different organization are using different types of technology which generate
different kind of data.
3. How do these issues/ problems impact the accounting practices? Elaborate.
The issues of IR 4.0 have some impacts on accounting practices. Lacking of specific
accounting standard very likely to affect the reliability of accounting data. Different organization
have different type of technology to generate their data. The data might not be consistent at all as
there is no framework to govern them. Besides, although accountants can work faster compared to
the old era. However, the change of technology has caused massive work to accountants. It would
significantly increase their workload as we have underestimated the power of technology.
4. Does the IR 4.0 has any impact on accounting professionalism? Discuss.
IR 4.0 definitely has impact on accounting professionalism. To adapt with the fast development
and changes, accountants have to equip themselves with the needed knowledge. While awareness
has been created, professional bodies has to come out development programmes on accounting
standard development which related to IR 4.0 to increase the reliability of accounting data. The
role of accountants are changing as well which their roles are moving away from bookkeeping to
strategic business partners.
https://www.miti.gov.my/index.php/pages/view/industry4.0?mid=559

https://www.accountancyage.com/2018/02/26/fourth-industrial-revolution-impacting-accountancy/

https://www.journalofaccountancy.com/newsletters/2017/sep/industry-4-0-change-accounting.html

https://www.accaglobal.com/my/en/member/member/accounting-business/2016/11-
12/insights/industrial-revolution.html