Technology impacts financial and business reporting, but to what extent? The Canadian Institute of Chartered Accountants (CICA) recently concluded a study examining the impact of technology on financial and business reporting and related issues the accounting profession needs to consider.
The study found that “the Internet is changing the boundaries, framework, and the fundamental role of financial reporting in society.” Because financial reporting on the Net is high in North America, some considerations must be made to embrace this technology.
Considerations include the impact of electronic on-line reporting on content, timing and format of financial information, and the integrity of electronic financial information. The study also explores the implications of electronic on-line reporting on current accounting models.
The study may be obtained from the CICA via email or call their order department at 1-800-268-3793.