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AC562 lecture 2

Explore the impact of technological advances on financial reporting, delving into the potential obsolescence of traditional balance sheets. Analyze the benefits and drawbacks of adapting reporting methods to the digital landscape, considering completeness, timeliness, and security. Discuss the design aspects for a modern business reporting model, including format, regulation, content, and stakeholder engagement.

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AC562 lecture 2

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  1. AC562 lecture 2 • The Internet as a reporting medium • IASC paper • Hussey, Guiliford and Lymer paper

  2. ‘Due to technological advances, the balance sheet, as a primary financial reporting statement, will be obsolete.’ Discuss this statement. Conclude on whether you think this possibility is a good or bad thing.

  3. IASC paper • Technological opportunities for business reporting • Empirical studies relating to Internet reporting • Descriptive research • Speculative research • Standard for business reporting on the Internet

  4. Code of conduct • Relationship of a web-based report to other web-based material or reports in other forms • GAAP reconciliations - IAS reconciliation? • Completeness of information • Audited/unaudited information • Timeliness – dating of documents • Equal availability • Responsibility for electronic information • Security precautions/authentication

  5. For lecture 3 in week 5 • Assuming the existing reporting model and regulatory framework could be scrapped, and you were asked to design a business reporting model for a private company with a wide stakeholder base, what would be the key aspects of you model? • Format, content, regulation, security, objectives of financial reporting

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