What are some of the tech skills accountants of the future will need? Data creation, data governance, data analytics and Big Data according to the Accounting Today article
This also includes human capital data disclosure by companies including gender pay and pay ratio data including composition of boards of directors
IMA is one of the original founders of the XBRL global data standard ( Ms. Liv Watson , IMA member and Mother of XBRL) for structured data used by the accounting profession for public disclosure, business and financial reporting so data can be in a machine-readable format. Because XBRL tagged data is structured – data tagged in XBRL is perfect for extreme data analytics allowing currency and language linked to XBRL to be immediately converted and analyzed
Great article from the European Securities Market Authority on what EU public companies must do using the new Inline XBRL Global Data Standard for Better Transparency & Accountability by putting financial and non-financial financial statement info in a machine-readable format
Over the years the IMA has championed the use of XBRL as a machine-readable data format for financial reporting to promote greater transparency and accountability to support economic growth and new jobs in the capital markets
Likewise, companies have increased their commitments to ESG: Ceres research shows that among that 600 largest public companies, “nearly two-thirds have commitments to reduce greenhouse gas (gHg) emissions, half are actively managing water resources and nearly half are now actively protecting the human rights of their employees by disclosing human capital data in its financial statement reports as well