AICPA News Update: Technologies are poised to reshape the accounting landscape
Friday, July 7, 2017 at 01:50PM
Charlie in Digital Financial Reporting

I am a member of the American Institute of Certified Public Accountants (AICPA). The AICPA is a professional organization of certified public accountants and has approximately 418,000 members in 143 countries currently. 

Each week or so we get an "AICPA News Update".  The update provides information on news important to the profession.

Today, this is how that AICPA News Update started of:

Technology has undoubtedly been the catalyst for change throughout history. But today, this change is happening faster than ever before. The world will look very different in a few years - and the accounting profession is no exception. Artificial intelligence, blockchain and other technologies are poised to reshape the accounting landscape, and we need to be ready.

The AICPA News Update goes on to reference a Journal of Accountancy article for the month of July 2017, Real talk about artificial intelligence and blockchain.

Interestingly, I published my own article with a similar message in late June, Accounting and Auditing in the Digital Age.  My article provides more and better details that explain the change that is about to occur and helps professional accountants understand how to "be ready" as suggested by the AICPA News Update.

About a year ago the CFA Institute made a paper available calling for broader and deeper use of structured data and stated that accountants and auditors needed additional training.

Don't make the all-to-common mistake that most professional accountants make which is to try and understand the change that is about to occur from your current perspective.  That will not work.  Most professional accountants, most business professionals really, did not receive the appropriate training in college that would enable them to get their heads around what is about to happen.

You do not need to join the "learn to code hysteria".  In fact, most professional accountants don't need to learn that much about technology, maybe a little and if you learned a lot you would have an advantage for certain tasks. Some professional accountants will need to learn more than others, but not the typical professional accountant.

My advise is to start by reading the article above, Accounting and Auditing in the Digital Age.  Stay tuned to this blog also.  While for the last 10 or so years this blog related to figuring out how to tame the XBRL beast.  Going forward, I will provide more information useful to the average professional accountant, particularly CPAs and CAs.

Article originally appeared on Intelligent XBRL-based structured digital financial reporting using US GAAP and IFRS (http://xbrl.squarespace.com/).
See website for complete article licensing information.