The Muamalat Newsletter Vol. 2 2023

FEM eNewsletter | Dec 2023 20 References Gambhir, B. and Bhattacharjee, A. (2021), “Embracing the role of artificial intelligence in accounting and finance: contemplating the changing skillset expectations”, Development and Learning in Organizations, Vol. 36 No. 1, pp. 17-20. https://doi.org/10.1108/DLO-01-2021-0016 Hatch, J. (2021, March 5). Harnessing The Power Of Artificial Intelligence In Accounting. Forbes. Retrieved from Holmes, A. M., Douglass, A. (2022). Artificial Intelligence: Reshaping the Accounting Profession and the Disruption to Accounting Education. Journal of Emerging Technologies in Accounting. 1 March. 19 (1): 53–68. https://doi.org/10.2308/JETA-2020-054 Kommunuri, J. (2022), “Artificial intelligence and the changing landscape of accounting: a viewpoint”, Pacific Accounting Review, Vol. 34 No. 4, pp. 585-594. https://doi.org/10.1108/PAR-06-2021-0107 Rossen Petkov; Artificial Intelligence (AI) and the Accounting Function—A Revisit and a New Perspective for Developing Framework. Journal of Emerging Technologies in Accounting 1 March 2020; 17 (1): 99–105. https://doi.org/10.2308/jeta-52648 Stancheva, E. (2018). How Artificial Intelligence Is Challenging Accounting Profession. 12. 126-141. unique needs of various organizations, irrespective of their size. This flexibility ensures that AI solutions can adapt to the evolving complexities of businesses, making them versatile and valuable assets in different industries and settings (Hatch, 2021). The future landscape of AI in accounting is dynamic, marked by technological innovation. As organizations embrace these advancements, the role of accountants will continue to evolve, transcending the limitations of manual processes and ushering in an era where financial narratives are co-authored by human expertise and artificial intelligence. This collaboration promises to enhance the efficiency, accuracy, and strategic value of financial management. Conclusion In the world of finance, the integration of AI brings together efficiency, insight, and strategic thinking. When we look at how AI is changing accounting, we see that it’s breaking down the old, rigid ways of doing things. Instead, it creates a landscape where human intelligence and machine learning work together. AI in accounting isn’t just about automating tasks. It’s also about turning accountants into strategic advisors who make decisions based on data. But this transformation comes with challenges, like the cost of implementing AI, ethical concerns, and the need to find skilled people who understand AI. Looking they’ll guide organizations through the complexities of a technology-driven financial world. In this time of constant innovation, the story of AI in accounting keeps evolving. Each chapter reveals new opportunities and challenges. It’s like a big canvas, and AI keeps adding vibrant colors to the picture of a future where numbers not only speak but also tell exciting stories of financial success and resilience. Dr. Nur Hidayah Laili Senior Lecturer Accounting hidayah@usim.edu.my Assoc. Prof. Dr. Khairil Faizal Khairi Associate Professor Islamic Social Finance khairil@usim.edu.my ahead, we see the future of accounting filled with advanced analytics, more use of blockchain technology, and a shift in the roles of financial advisors. Accountants won’t just manage numbers, AI in accounting isn’t just about automating tasks. It’s also about turning accountants into strategic advisors. “ “