The Impact of Drone Technology on The Accounting Profession: The Case of Revenue Recognition in Long-Term Construction Contracts

Abstract

The accounting profession has gone through radical changes due to recent technological advancements in AI, blockchain technologies, big data, etc. More recently, the accounting literature discussed the possibility of using the drone innovative technology in conducting inventory observation as well as internal and external auditing. This study is a visionary paper which investigates the applicability of a remotely auditing process using drone technology in real-estate accounting. The drone will be used to conduct site inspection to assess and monitor the construction progress through applying the percentage of completion method to recognize revenues from long-term contracts. This innovative technology has the ability to collect better data quality, saving cost and saving time with improved site safety which will help improve the auditor tasks.