Digital Financial Reporting

"Tomorow's audit, today.  The new equation of people + technology." That is a statement made on this PWC web page. Scroll down a bit and you see this graphic of "One auditor. Three mindsets."  Audit IQ, Digital IQ, Experience IQ.

So what exactly is a "digital IQ" and how do you get a digital IQ or improve the one you have?

What PWC is probably refering to is all the stuff I have become to recognize that is critically important to understand the next phase in the evolution of financial accounting, reporting, auditing, and analysis.

We are transitioning from the industrial age to the inforrmation age.  Accountants, as well as others, are going to need to adapt.

A paradigm shift is occurring, a transformation.  Gartner defines transformational as something that "enables new ways of doing business across industries that will result in major shifts in industry dynamics."  Major shifts means lots of change and some winners and some losers. 

The territory of accounting, reporting, auditing, and analysis are changing.  Old maps will not work to understand this change.  You need a new map. Mental maps that have worked for the past 40 years will not work for the next 40 years. Since the territory has changed, old maps simply will not work for you.

But how do you get this new map?

To get a new map, I would suggest reading the following documents: 

• Computational Professional Services
• Essence of Accounting
• Financial Report Knowledge Graphs

 Digital is a mindset.