Recent developments in technology have introduced dramatic changes to the practice of the accounting profession. This paper provides a comprehensive review of current developments in big data, machine learning, artificial intelligence, and blockchain utilized in general business practice and by specialized practitioners in the accounting profession worldwide. This paper explores the evolution of the accounting profession following these recent technological developments and assesses the impact of future developments. Inherent challenges and opportunities posed by these new technologies pertaining to accounting professionals and accounting educators are also examined, including an increased demand for IT professionals with accounting experience as opposed to accounting major graduates. Considering the dramatic changes and developments of AI applications in accounting, this paper reflects how all these technologies and the associated requirements of job candidates will affect the desired capabilities of accounting graduates and provides further discussion regarding what higher institutions and their accounting graduates can do to adopt such changes.

Following the rapid development and maturity of Blockchain (BC) and Internet of Things (IoT) technologies, this study proposes two applications of a BC-IoT transaction model in the accounting field. The BC-IoT transaction model is capable of automatically collecting, uploading and recording all relevant data in the enterprise transaction process under the premise of satisfying certain assumptions. This model does not require manual intervention at any point in the process; no data recorded on the distributed ledgers can be tampered with or revoked. The data collected using this model can be used as information on events, providing data support for the events approach to basic accounting theory. This practice responds to the important insight of Sorter, who proposes the provision of accounting information in real time and on demand to substantially improve the usefulness of accounting information. This study also identifies that BC technology can significantly improve the relevance, faithful representation, timeliness, comparability, and other aspects of accounting information quality.

Internet-based companies such as Amazon, Facebook, and Tencent hold an enormous amount of consumer data that are utilized to create business value via big data analytics. Although some companies use big data to provide professional services, such as targeted advertising and product recommendations, according to the current CAS, IFRS, and U.S. GAAP accounting standards, these assets are not recognized as assets since they are generated internally. This paper starts with a discussion of how Amazon, Facebook, Tencent, and Walmart use big data to create value for their businesses and then argues why it makes sense to recognize big data as intangible assets. Possible methods of data asset evaluation and their implications for business managers are also explored.

Live streaming entertainment services are a relatively recent phenomenon with an increasing market share. YY Live, which is a leading live streaming entertainment service provider in China, launched at $11.32 USD on Nasdaq in 2013 and is currently valued at $106.25 USD (as of 24th May 2018). In contrast to other popular social media platforms in the Western world, such as Facebook Live and Amazon Twitch, which rely on advertising revenue, the live streaming broadcast industry in China bases its business model on viewers buying virtual gifts. This business model has been accepted on Wall Street; thus, its success deserves further academic attention. This paper aims to reveal this industry’s business model and explore the reasons for the widespread success of these streaming services. This study conducts interviews with officers from YY Live and performs a content analysis of news reports. The discussion demonstrates several challenges of current YY Live business models, especially the partnership between the host and host union and the psychological impact of the gift-giving model.