Digital Financial Reporting

The Journal of Accountancy, the trade magazine of certified public accountants, published the article Real talk about artificial intelligence and blockchain this month.  Here is on excerpt from that article:

"Technology is poised to transform the accounting profession. Artificial intelligence, robotics, and blockchain are on the verge of automating many traditional core CPA tasks. The profession is at a critical moment, one from which it will emerge in a far different form."

Like I have said, this stuff is going main stream.  One of the panelists sort of makes the right connection between AI and XBRL, but not that clearly.

Clearly I agree with the Journal of Accountancy.  I published a similar article a few days earlier, Accounting and Auditing in the Digital Age.  My article goes into more detail and makes the role XBRL plays in this paradigm shift more clear.  I also explain what CPAs should be doing now to stay on top of these changes.