Digital Financial Reporting

In the article, Why Everyone Missed the Most Important Invention in the Last 500 Years, author, futurist and thinker Daniel Jeffries argues that triple-entry accounting is the most important invention in 500 years. Here is a brief excerpt from Jeffries article:

Accounting: History’s Sexiest Subject

Here’s the thing: Without accounting, you wouldn’t be reading this article on your iPad, or driving to work in a new car or listening to music on Pandora. Without accounting there’s no commerce, no trade. Without commerce there would be no planes, no trains, no tractors, no steam engine, no skyscrapers or computers. There would be no nation states, no boats, no shipping containers traveling all over the world ferrying goods from the far corners of the Earth.

In fact, without accounting you’d still be subsistence farming or hunting in the forest.

You see, there’s only been two accounting breakthroughs in the entire history of the world before now.

So it seems that triple-entry accounting will be the third accounting breakthrough!  What do you think?