With this you should be at the forefront of the financial landscape
By Moses Gathura Kamau
The purpose of this proposed article is to shed light and stimulate discussion on the effects of Digitalization of the economy especially within the East African Context and its effect on accounting policy, norms and cultures within the profession.
The advent of the digital age has brought far reaching changes to all sectors of the economy, professions and way of life. Indeed it has been named the 4th industrial revolution where information technology has been the key driver of these digital changes.
The accounting profession has quickly taken steps here at home and internationally both technically and legislatively to adapt to these changes including but not limited to:
1. Legislative & Technical Review of Laws and Regulations leading to the Accountants Act 15 of 2008
2. IFRS 9 Financial Instruments which contains accounting requirements for financial instruments, replacing IAS 39 Financial Instruments: Recognition and Measurement. The standard contains requirements in areas such as Classification and measurement. Financial assets are classified by reference to the business model within which they are held and their contractual cash flow characteristics.