American Journal of Business Management, Economics and Banking ISSN (E): 2832-8078 Volume 21, | February, 2024 P a g e | 70 www.americanjournal.org A NEW VIEW IN THE ACCOUNTING PROFESSION Pirakhunova F. N. STARS International University Dean of the Faculty of Global Business Technology and Finance Faridapirohunova@gmail.com Astanakulov N. T. STARS International University 3rd Year Student Majoring in Accounting and Audit A B S T R A C T K E Y W O R D S In recent years, the economy of Uzbekistan has seen significant growth in macroeconomic indicators, and the financial performance of domestic companies has also improved. In this regard, experienced and professional accountants are needed. The authors believe that in economics, the global accounting profession would be recognized as a leader in developing strong and sustainable organizations, financial markets and national economies and future adaptation to the requirements of International Financial Reporting Standards (IFRS). Accountant, specialty, accounting, cognitive technology, Luca Pacioli. Introduction Currently, in many areas of the economy, changes occur monthly, and unique innovations are created every day. Sometimes it seems that something truly fantastic will happen tomorrow. Humanity is constantly evolving, so it is important not only to monitor its evolution, but also to gain experience that allows it to survive in modern society. Today they talk more and more about the future, because questions of this nature are more relevant than ever. Many in certain professions fear and say that in the near future, new and advanced professions will be created that will replace existing ones, without giving workers the opportunity to adapt or retrain. Before choosing a specialty, graduates carefully study the pros and cons of each profession, not forgetting about the possibilities of prospects. Since computer specialties are especially popular among young people, an important part of the new generation connects their own future with this direction. What about the accounting profession? At first glance, it is very popular and in demand. [1,2]. American Journal of Business Management, Economics and Banking Volume 21 February, 2024 P a g e | 71 www.americanjournal.org Main part Delving into history, it becomes clear that accounting appeared many centuries ago. Although at that time people did not have information technology, and world trade was not a global dimension, accounting was necessary for running any economy [2]. It should be noted that the Italian mathematician Fra Luca Bartolomeo de Pacioli, one of the founders of modern accounting principles. The largest European algebraist of the 15th century, the author of the treatises “The Sum of Arithmetic” and “The Divine Proportion”, made an important contribution to the development of accounting as a science in his Treatise on Accounts and Records. Since then, accounting has continued to develop, change and convincingly demonstrate the social needs of representatives of this profession [3]. Today, it is difficult to imagine even the smallest company without an accountant. The activities of a large company are simply impossible without properly organized accounting. Even in times of crisis, we cannot do without representatives of this profession, which leads to constant demand for accountants in the labor market. Demands on accountants change over time depending on the needs of employers and the nature or scope of the work. The work of a future accountant may differ significantly from the work of a professional accountant today. The software becomes more sophisticated, so that the process of entering invoices can gradually transform into analysis of those same invoices. Controlling the accuracy of all accounting operations performed by the computer and, possibly, new gadgets that we do not yet know. But will an accountant take on such a role or will it be a different profession? Would a person be willing to give a machine all the responsibility for doing the accounting? There is food for thought here. If creating a balance using the program no longer surprises anyone, then automatically filling out a tax invoice will raise serious doubts. Requires input or normal calculation of complex formulas. Many methodological or technical errors can cause unnecessary problems not only for the accountant, but for the entire organization. It is also quite difficult to imagine how a computer will work with countless different types of documents: primary documents, reports, notes, reports, and so on. No less unclear, at the moment, remains the issue of automating the interaction of an accountant with lower- level workers who directly work with accountable assets, namely, monitoring the performance of their duties. How will the machine correctly monitor this? Perhaps the technologies are not yet perfect and their development will take a lot of time, as will accountants forming their own opinions about these very technologies. It is possible that soon accountants will completely and without hesitation trust all accounting to information technology. However, we need to look at this problem from a different perspective. By providing accounting with the help of modern software, you can significantly save time and effort. Email already allows an employee to quickly send documents to the tax office. An accountant no longer has to waste precious time standing in line, which also eliminates the need to travel somewhere else and print paper documentation once again. Consequently, the work of an accountant has become much easier in modern conditions, when sending a sufficient number of reports allows you to control the accuracy of the data presented in a particular accounting program. If the program does not have time to complete its operations during the working day, then it can be left to work overnight, which cannot be done with a person, without additional payment. It can also be assumed that in the future the essence of an accountant’s work may change, because, along with technology, processes in everyday life will change. An accountant may have to think for a long time American Journal of Business Management, Economics and Banking Volume 21 February, 2024 P a g e | 72 www.americanjournal.org about how to capitalize a spaceship, or how to depreciate robots. One thing is certain: the work of an accountant in the future will not be monotonous. He may have to take special training courses in crypto-accounting or other, as yet unknown, new automated accounting programs. Currently, cognitive technologies have begun to be used in audit practice. Thus, the largest international audit company KPMG announced the use of cognitive technologies to ensure a higher level of quality auditing [4]. The term “cognitive” comes from the Latin “cogniscere” - to know, to cognize [5,6]. When applied to the accounting profession, cognitive technology can enable accountants to obtain and analyze financial and legal information from non-traditional sources, including social networking sites, television, radio and the Internet, and determine whether any of this external data may influence the accounting system directly or indirectly. Combining all the information with financial statements will allow chief accountants to form a picture of a clearer understanding of the organization's potential business risks and select tools for processing them. The bottom line is that cognitive technologies will improve the ability of accountants to: - conduct a more detailed assessment of financial and other information, - more accurately identify atypical data and anomalies; - identify reporting, transactions or accounting process problems with greater accuracy. Specific examples of how accountants will be able to use cognitive technologies are the ability to process large amounts of data on the income of retail companies and inventory balances as of the balance sheet date. Also relevant is the use of automated technologies for assessing the assets and liabilities of companies at fair value and their credit ratings, etc. It is not surprising that today there are many skeptics who do not believe in all the above-mentioned “miracles”. Some changes give rise to other changes, and although the accounting profession is recognized as a profession of all times, it is necessary to take into account the prospects for its development. Conclusion Thus, no matter what the changes in the accounting profession are, they once again convince the younger generation to choose this profession - after all, with all the upcoming changes, accountants will certainly remain necessary, desirable, and highly paid specialists. References 1. Chart of accounts for accounting of financial and economic activities of business entities and instructions for its use. Ministry of Finance of the Republic of Uzbekistan March 30, 2000 No. 37. Bulletin of normative acts, 2002, No. 20 2. Atlas of new professions. Second edition. Moscow. Skolkovo, 2015. P.287. 3. Pacioli, Luca. Wikipedia. https://ru.wikipedia.org › wiki › Pacioli, Luca source: ru.wikipedia.org. 3. M.Ostanaqulov Davlat sektori va buxgalteriya hisobi. - T.: "IQTISOD-MOLIYA", 2009; 132b 4. Chernikova I.V. Cognitive sciences and cognitive technologies in the mirror of philosophical reflection // Epistemology and philosophy of science. 2011. vol. XXVII. No. 1. pp. 101 – 116. 5. Marc t. Macaulay. How cognitive tech is revolutionizing the audit. – [electronic resource] – access mode: https://www.financialexecutives.org/topics/strategy/howcognitive-tech-is- revolutionizing-the-audit.aspx. — Access date: April 20, 2018.