Transcription of COMMENTARY - Rutgers University
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COMMENTARY - Rutgers University
COMMENTARYR obert K. ElliottonThe Thwd Wave Breaks on theShofe$ of AooountnigInformation technology (IT) is changingeverjrthing. It represents a new, post-indus-trial paradigm of wealth creation that is re-placing the indxistrial paradigm and is pro-fbiindly changing the way business is of these changes in business, the de-cisions that management must make are verydifferent fix>m former decisions. If the purposeof accounting information is to support busi-ness dedsion-making, and management's deci-sion types are changing, thenit is natural to expect ac-counting to change bothinternal and external ac-counting. Obviously, if busi-ness, management, and ac-counting change, accountingeducation and research mustchange: the types of studentsrecruited, the curriculum,the set of required capa-bilities of graduates, and theissues article begins bysummarizing the changesbeing driven by IT and theireffect on the needs for ac-coiinting information (sectionI).
great wave of new technol- ... Commentary on The Third Wave Breaks on the Shores of Accounting 63 w w' w" fully-executed. A simple accounting entry could record each stage of the contract. Thus, double-entry bookkeeping enabled an entity to keep track of a large number of contracts
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