A short history of the digital reporting future
Thomas Toomse-Smith of the Financial Reporting Council’s Financial Reporting Lab looks at some of the history of digital reporting, why it hasn’t been popular and why it’s all about to change.
“The implementation of changes to the reporting model made possible by new technology is currently at an early stage. Companies are still essentially using a paper-based model then transmitting their accounts via the internet.” (The 21st Century Annual Report by ICAEW, 1998)
The accounting profession has been thinking about the technology-enabled future for a long, long time. The above quote from an ICAEW report at the beginning of the internet age envisaged the future to be just around the corner, but here we are, 20 years later, still using a paper-based model.