Great article in Accounting Today by Daniel Hood (Editor) today about the accounting profession and its relationship to technology… From Accounting Today: T homson Reuters’ Jon Baron … roughly a third of them (accountants) are dooming themselves to extinction by not embracing change and technological transformation
She has worked tirelessly behind the scenes to gain support and adoption of XBRL global data standard by the accounting profession to support the management accountant
The article takes a look at the US SEC’s recent focus on financial reporting and the use of new technologies to detect financial statement accounting anomalies/fraud… In 2015, the SEC brought enforcement cases against 191 parties (in contrast to 128 parties in 2014), a significant increase over prior years
The law requires that federal spending information be tagged using a common data standard (linked to government accounting definitions) and this information would be placed on an Open Data Cloud platform for public consumption and analysis since the information would be in a computer-readable format
ATTENTION: IMA MEMBERS -- Its not too late to register for the DATA AMPLIFIED GLOBAL CONFERENCE IN PARIS The IMA is an ASSOCIATION PARTNER and Strategic Finance Magazine is a Media Partner for the Conference 15% DISCOUNT IS AVAILABLE FOR IMA MEMBERS AROUND THE WORLD USING IMA15 DISCOUNT CODE WHEN REGISTERING FOR THE CONFERENCE European Securities & Markets Authority (ESMA), European Central Bank (EBA) and other European Regulators will be discussing mandates requiring the use of XBRL for business reporting data format including updates related to the US Securities & Exchange Commission (US SEC) regarding the mandate using Inline XBRL and the opportunity for foreign filers to use the IFRS accounting standard if using the XBRL data standard Blockchain, Distributed Ledgers, Smart Contract, Sustainability Reporting/Accounting and the use of LEI to be some of the additional topics to be discussed at the global conference.
SO WHY NOT MOVE STRUCTURED DATA TO MAINSTREAM ACCOUNTING, TAX, AUDITING AND BUSINESS INFORMATION? -- moving the use of structured data beyond what public companies are disclosing to the capital markets on the Internet t o other business areas in the world of management accounting? How can the management accounting profession become more relevant as we continue to move into the digital age?
Great article in Accounting Today about the status of XBRL adoption worldwide and its use to reduce business and regulatory reporting burdens (using Standard Business Reporting) and enhance analytics because tagged data is in a machine-readable structured format as discussed by John Turner, CEO of XBRL International
According to a recent survey from the IMA ( as reported in Accounting Today ) – management accountants are beginning to gather, review and disclosure this information to various stakeholders: “About a quarter of them have done that, and 18 percent of them are measuring their carbon footprint, so there is movement in that direction,” said IMA vice president of research and policy Raef Lawson
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Sustainable, responsible and impact investing has grown to account for more than $1 out of every $6 under professional management in the U.S. in 2014 , according to the latest estimates from the U.S