APP INVASION AND TRADITIONAL ACCOUNTING PRACTICE
This study is anchored on apps invasion and traditional accounting practice based on the reality and foreseen threat of the gradual and slow eroding of conventional accounting practices. The study observed that internet services and information technology development provide an app-enabled platform in the accounting information capturing, processing, storage, and disseminating cycle. It gives easy access to timely and relevant financial information for investors, shareholders, and stakeholders to make critical decisions. The study also observed that there is a preponderance of scholarly and practitioners preference forums for IT-driven systems over traditional modes of accounting engagement, driven by the distinctive advantages of apps in a knowledge-impelled worldview over the traditional accounting practice, and underscores the continuous preference for apps as a medium for reporting accounting information. Thus, as long as companies do not shy away from the new knowledge derived from technological advancement in ICT. It also observed the three most perverted traditional accounting practices establishing the domain of traditional accounting practices, with their various accounting tools and techniques in practice.
In conclusion, apps are encouraged, particularly in large companies, listed with their countries’ Stock Exchanges, just as firm size and spread of shareholdings are essential determinants of app degree use. Moreover, the contemporary form of reporting accounting information through apps took a new dimension with the advancement in ICT and the introduction of accounting software with benefits and advantages. Hence, accounting practitioners must be willing to accommodate new ideas in technology-driven IFR. Also, researchers must engage practitioners in a gradual shift from the regular traditional accounting practice to breach the gap for smaller companies to bear. In addition, for the sake of following a general standard of reporting, the IASB should adopt IFR as a means of reporting. Finally, companies should also be prepared to accommodate some degree of risk from the new knowledge and funding of future research.
Keywords: Internet, invasion, apps, traditional accounting, financial information