Digital Financial Reporting

In an article published for Chesapeake System Solutions, Standardize to Streamline - The Implications of Supply Chain Standards for Accountants; Mike Willis, Partner, PricewaterhouseCoopers and Chairman, XBRL International; summarizes the benefits standards offer to streamline processes.

Standardize to Streamline
The benefits of supply chain standardization in the retail grocery segment accrued to producers, distributors, retailers and consumers. The entire supply chain benefited from a six-fold increase in product diversity.

Yesterday I posted an entry on this blog, Road Work Ahead: Last Mile of Finance, which delivers a similar message. Accounting and financial reporting processes are changing. These changes are not unique to accounting and financial reporting, other industries are being impacted.  Mike gives the example of the retail grocery supply chain. In another blog postI pointed out some things health care are up to in this area.