Industry impacted by GST; AI may replace accountants in 10 years: Survey

The implementation of Goods and Services Tax (GST) in India has brought disruption in the industry, claimed 64 per cent of people surveyed by the International Federation of Accountants (IFAC). The survey findings emphasized the importance of accounting professionals for businesses to be compliant with GST, underscoring the willingness for compliance and the trust of people in the acumen and expertise of accounting professionals. One-third of Indians believe professional accountants play a major role in combating fraud and corruption in the country, with 80 per cent noting that the accounting profession enhances the financial transparency in India’s economy, the survey said. It further pointed out that technology will play a large part in transforming the accounting profession, enabling accountants to play a more strategic and analytical role for their clients in the future.

“Automation and the increased use of AI in the profession presents an exciting opportunity for the next generation of accountants to become well-versed in these new technologies at an early stage in their career,” IFAC president Rachel Grimes said.

Additionally, 70 per cent of adults in India think that new technologies such as blockchain, automation and artificial intelligence (AI) will replace professional accountants in the next 10 years, making them obsolete, while 64% said they would not trust AI alone to fulfill their personal and business accounting needs.

The survey was conducted online by Harris Poll on behalf of IFAC, which tests public perception of key issues facing the accounting profession in India.