A monumental change is emerging in accounting: the movement away from the decades-old method of...
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Accounting
A monumental change is emerging in accounting: the movement away from the decades-old method of periodic financial statement reporting and its lengthy closing process, and toward issuing financial statements on a real-time, updated basis ... real-time financial reporting provides financial information on a daily basis. Current technology allows financial events to be identified, measured, recorded, and reported electronically, with no paper documentation (Source: "Real-Time Accounting," The CPA Journal, April 2005). Discuss the above statement explaining: - Would a shift toward real-time financial statements make the financial information more useful or less useful? More or less relevant? More or less reliable? (10 marks) - In this regard, what is the potential role of the accountant? (10 marks)
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