We hear a lot about big data and advanced analytics in the media today...And now we are seeing the types of jobs associated with analytics rising in popularity
2 Comments - no search term matches found in comments.
a panel discussed the Rutgers AICPA Data Analytics Research Initiative (RADAR)
1 Comment - no search term matches found in comments.
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
Meaning evidence based data is not in a machine-readable format using one common accounting standard for government financial reporting to provide better data analytics to make evidenced based decisions
Advancements in technology have impacted the ways in which management accountants work, moving them along an arc towards more strategic thinking and data-driven decision making using advanced data analytics and other inputs
Machine-readable reporting and immediate data analytics is the way to go
Hosted by XBRL International, the Data Amplified Conference connects the business reporting supply chain to discuss their successes, new opportunities and existing challenges with data standardization, technology and analytics to drive better decisions
The IMA supports the build-out of XBRL because it allows management accountants to move away from keying data into Excel spreadsheets and move to data analytics – predictive analytics for companies they serve
This same financial reporting standard used in the private sector can be leveraged over to the US municipal bond marketplace to create better transparency and accountability in this increasing complex marketplace to protect the public interest by making this data more accessible and in a machine-readable format for better data analytics. Deloitte several years ago issued this video that describes the benefits of using XBRL for ESG reporting to help investors: https://www.youtube.com/watch?
As regulators, investors, companies, government and analysts increasingly use XBRL data for their analyses the market need for digital assurance of the specific reported data elements using XBRL will increase – especially as data is separated from original disclosure documents and mashed into new reports and data analytic surveys. Major search engines like GOOGLE are using structured data (XBRL is a version of structured data created by the accounting and auditing for business and financial data reported on the Internet) to better locate and process information: “Structured data use is increasing and is in approximately one-third of the commonly crawled web now and clicks increased by 43 percent using the structured data format. That’s because big brands tested the waters with their development time and resources and were able to tie results back to business value, like improving traffic or generating conversions.“ Brands like Google, Alexa, Amazon and Siri are reading and understanding their content efficiently and effectively using structured data from various industries for search engine optimization and data analytics. SO WHY NOT MOVE STRUCTURED DATA TO MAINSTREAM ACCOUNTING, TAX, AUDITING AND BUSINESS INFORMATION?