What are some of the tech skills accountants of the future will need?...“We’re going to get into unstructured data in the accounting profession—we’re going to see ‘fast data’ that is immediately available and actionable that accountants can supply clients
Information on the data exchange standard required by the DATA Act has been published to provide technical glimpse into implementation. On May 9, 2014, President Obama signed into law the DATA Act. The DATA Act was passed unanimously by Congress (which included Senator Menendez's...
Today management accountants are also taking responsibility for managing information which includes non-financial data as well as financial data through their performance management, budgeting, corporate governance, risk management, and internal controls activities.
For those management accountants that want to know more about Blockchain – according to Wikipedia provides this information: “ Block chain or blockchain is a distributed database that maintains a continuously-growing list of transaction records hardened against tampering and revision
Consequently, as structured data enhances the need for reporters to control the quality of the digital disclosure of financial and non-financial information the need for digital assurance services will grow to provide that independent third-party endorsement of this data– just liked audit reports used by companies today in paper move to XBRL GLOBAL DIGITAL FORMAT… Unfortunately, the transition between assurance of paper audited reports and digital tagging data elements using structured data formats like XBRL has not happened in the marketplace and new audit and accounting professional standards ARE NEEDED AS WE ENTER INTO THE DIGITAL AGE… Management accountants can play an important role in offering new services related to digital assurances of XBRL structured data tagged documents as the demand for structured data expands into other asset classes beyond public company disclosures such as Standard Business Reporting and the use of structured data contained in XBRL Blockchain for derivatives, mortgages, municipal bond marketplace, tax, insurance, financial data contained in health/medical reporting for example… PLEASE NOTE: WE ARE IN THE BEGINNING STAGES OF USING STRUCTURED DATA IN THE WORLD OF ACCOUNTING, TAX, AUDIT AND CORPORATE GOVERNANCE
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XBRL allows management accountants to not only review their own company’s financial operation but also look at peers for data analytic comparisons and exceptions
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
Watch out United States EDGAR Online – the European Union is building a “next generation” -- “EDGAR-LIKE” corporate disclosure platform to be used by 28 EU member states for global investors that will be built upon BLOCKCHAIN and global financial and non-financial data access standards like...
For many years – just the financials were important enough to demonstrate this commitment – but efforts are underway on a global perspective to have companies include both financial and non-financial reporting to show how they support communities and society they serve -- THE PUBLIC LICENSE TO OPERATE. Can management accountants play an important role in this transformation using XBRL, cybersecurity, privacy, blockchain, distributed ledgers, and smart contract to make this disclosed information more accessible to the capital markets? IMA and Leveraging COSO Internal Controls - Ingrated Framework (ICIF) to Improve Confidence in Sustainability Performance Data Former FASB Chairman Robert Herz, IMA (Institute of Management Accountants) President and CEO Jeff Thomson, and sustainability reporting expert Brad Monterio of Colcomgroup, released a jointly authored thought paper late last year, “ Leveraging the COSO Internal Control – Integrated Framework (ICIF) to Improve Confidence in Sustainability Performance Data .”