Digital Financial Reporting

A The New York Times article, The Robots Are Coming for Phil in Accounting, makes the following statement:

“With R.P.A., you can build a bot that costs $10,000 a year and take out two to four humans.”

Accounting bots are no joking matter.  An EY survey says 53% of accounting tasks can be handled by robots in the next three years.  Another article puts accounting and booking in the top 5 of jobs to be replaced.  An Oxford University study finds that 47% of all jobs in the United States are at risk.  That same study (page 69) says that there is a 94% probability that accountants and auditors will lose their jobs.

But the bots are only the beginning.  Big, big changes are in store for the entire global financial reporting platform. That includes accounting, reporting, auditing, and analysis. The move to modern accounting is already happening.

Makes one wonder about the value of a degree in accounting in its current instantiation. Accounting education really needs to change ASAP.  Perhaps it is time for new leadership in the accounting profession; the current leadership appears to be asleep at the wheel.  "Objects in mirror are closer than they appear."