Modernizing Accounting and Auditing: Three Technology Trends
Saturday, May 27, 2017 at 06:47AM
Charlie in Becoming an XBRL Master Craftsman

There are three specific new technologies that can be leveraged to significantly improve accounting and financial reporting.  Those technologies will transition into the mainstream, modernizing accounting and auditing over the coming years.  Those three technologies are:

Double-entry bookkeeping was the invention of medieval merchants and was first documented by the Italian mathematician and Franciscan Friar Luca Pacioli. Double-entry bookkeeping is one of the greatest discoveries of commerce and its significance is difficult to overstate.  Which came first, double-entry bookkeeping or the enterprise?  Was it double-entry bookkeeping and what it offered that enable the large enterprise to exist; or did the large enterprise create the need for double-entry bookkeeping?

Accounting practices, processes, and procedures evolve over time.  Accounting was first done using clay tablets.  Today, we use electronic spreadsheets.

Whether you consider the changes that are occurring the Fourth Industrial Revolution, or the Digital Industrial Revolution, the rise of artificial intelligence, or refer to these changes as something else; call them what you want be the change is real.

Don't remain an information barbarian.  Don't wait for robots make you irrelative.  Don't wait for the change to be done to you.  Adapt.  Innovate.  Lead.  That is what professional accountants do.

Article originally appeared on Intelligent XBRL-based structured digital financial reporting using US GAAP and IFRS (http://xbrl.squarespace.com/).
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