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Challenges facing accountants in the knowledge economy
Irene Fung
Australian National University, Canberra ACT
Abstract
This paper examines some areas where the conventional accounting system has failed to respond to the new requirements of the knowledge-based economy. In particular, it has failed to deliver corporate strategies to complement the technological resources that may comprise the organization's chief source of competitive advantage. Some alternative practices used by some innovative firms are considered in this article.
Keywords
knowledge economy, technological innovation, strategic accounting principles
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