The future of financial

reporting 2025:
Emerging technology
and corporate reporting.

A discussion paper based on the British Accounting and Finance Association (BAFA) Financial Accounting & Reporting Special Interest Group (FARSIG) Virtual Symposium, 10 January 2025
 THE FUTURE OF FINANCIAL
REPORTING 2025:
About ACCA. EMERGING TECHNOLOGY
We are ACCA (the Association of Chartered Certified Accountants), AND CORPORATE REPORTING
a globally recognised professional accountancy body providing
qualifications and advancing standards in accountancy worldwide.
A discussion paper based on the British Accounting and Finance
Founded in 1904 to widen access to the accountancy profession, Association (BAFA) Financial Accounting & Reporting Special
we’ve long championed inclusion and today proudly support a diverse Interest Group (FARSIG) Virtual Symposium, 10 January 2025.
community of over 252,500 members and 526,000 future members
in 180 countries.

Our forward-looking qualifications, continuous learning and insights Simone Aresu Andrea Melis
are respected and valued by employers in every sector. They equip Associate Professor in Accounting Professor of Corporate Governance
individuals with the business and finance expertise and ethical University of Cagliari and Management Accounting
judgment to create, protect, and report the sustainable value delivered University of Cagliari
Penny Chaidali
by organisations and economies.
Lecturer in Accounting Luigi Rombi
Guided by our purpose and values, our vision is to develop University of Cardiff Senior Lecturer in Accounting
the accountancy profession the world needs. Partnering with University of Cagliari
Silvia Gaia
policymakers, standard setters, the donor community, educators
Professor of Accounting Christian Stadler
and other accountancy bodies, we’re strengthening and building a
University of Essex Senior Lecturer in Accounting
profession that drives a sustainable future for all.
and Finance
Omiros Georgiou
Find out more at accaglobal.com Associate Professor in Accounting
Royal Holloway,
University of London
University of Birmingham

For further information, please contact:

Sharon Machado, Head of Sustainable Business, Policy and Insights,
ACCA Sharon.Machado@accaglobal.com

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2
About the Financial Accounting and Reporting
Special Interest Group (FARSIG).
FARSIG is a group set up under the aegis of the British Accounting and Finance Association
(BAFA). The main purpose of FARSIG is to further the objectives of BAFA and for that purpose to:

■ encourage research and scholarship in financial accounting and reporting

■ establish a network of researchers and teachers in financial accounting and reporting
■ enhance the teaching of financial accounting and reporting
■ provide support for PhD students in financial accounting and reporting
■ develop closer links with the accountancy profession in order to inform policy
■ publish a newsletter and organise targeted workshops
■ develop and maintain relationships with BAFA and the professional accountancy institutes
■ provide a forum for the exchange of ideas among accounting academics.

The symposium, which is one of an annual series that started in 2007, provides a forum for academic, practitioner
and policy-orientated debate. Such forums are useful for expressing and developing rounded opinions on the
current meta-issues facing financial reporting. Furthermore, they serve to illustrate the policy relevance and impact
of current academic and practitioner thinking and outputs, in accordance with calls from the Economic and Social
Research Council for relevant and rigorous research combining practitioner and academic perspectives.

The authors would like to express their thanks to the five main speakers. The authors have tried to capture
faithfully the flavour of the original speeches. Thanks are also due to the Association of Chartered Certified
Accountants (ACCA) for hosting the symposium and for its support of the publication of this discussion report.
Finally, could any readers who wish to learn more about FARSIG or to become FARSIG members please contact any
one of the authors.

Christian Stadler is the chairperson of the FARSIG Committee and a Senior Lecturer in Accounting and Finance at
Royal Holloway, University of London, UK. Simone Aresu is an Associate Professor in Accounting at the University of
Cagliari, Italy. Penny Chaidali is a Lecturer in Accounting at the University of Cardiff, UK. Silvia Gaia is a Professor of
Accounting at the University of Essex, UK. Omiros Georgiou is an Associate Professor in Accounting at the University
of Birmingham, UK. Andrea Melis is a Professor of Corporate Governance and Management Accounting at the
University of Cagliari, Italy and Luigi Rombi is a Senior Lecturer in Accounting, also at the University of Cagliari, Italy.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 3
 Foreword.
ACCA was pleased to host the 2025 FARSIG symposium to discuss the multifaceted ways in which technology could help the accountancy
profession improve the delivery of relevant and reliable information in the corporate reporting ecosystem. Amid uncertainties brought by
geopolitical tensions, inflation and climate change, the need for timely and connected financial and sustainability information to support
critical business decisions becomes more apparent; enabling organisations to seize opportunities and manage risks.
Sharon Machado While having available real-time high-quality data that’s New processes may need to be introduced, or existing and potential future scenarios are more decision-useful.
Head of Sustainable Business, capable of satisfying the needs of all stakeholders may processes modified to feed data into a technology for In this way, corporate reporting fuelled by technology will
Policy and Insights, ACCA seem like a distant dream, this symposium boldly explored it to do its job and deliver the resulting information to transition from a conventional compliance exercise to a
how converging technology and corporate reporting could intended users. Taking a holistic approach to corporate value-creating exercise.
make this possible, as its theme suggests. reporting should help to identify upfront the problems to
be addressed by technology and the intended outcomes, Nonetheless, the fundamental beacon of trust and integrity
Technology is reshaping the work of accountants in both such as being tailored for those for whom the information remains intact. Balancing optimism with governance helps
business and public practice. Accountants would do well to is produced, its purpose, and its extent/granularity and accountants to stay level-headed and build a culture
understand the capabilities as well as the limitations of the frequency. How information is delivered is just as important of experimentation while respecting the ethical use of
various technologies and appreciate the need for building a as its quality. technology and data protection. Thus, implementing
bespoke technology stack for each organisation (including safeguards such as relevant policies, an ethical code of
accountancy firms) according to its size, complexity, the While there are fears that technology, such as AI and conduct and appropriate training is necessary.
‘As the role of accountants problems to be solved and the intended outcomes. Whether
it’s artificial intelligence (AI), cloud technology, cybersecurity,
robotics, could replace accountants and eliminate jobs,
accountants should focus on making technology their I encourage you to read the practical insights in this
expands to include data analytics, robotics or internet of things (IoT), a personal ‘sidekick’ for navigating uncertainties, facilitating paper and consider how you will realise the unlimited
possibilities brought by technology to improve the way
advisory and business technology seldom operates in silo. One technology often
relies on another to perform optimally. Besides, getting a
decision-making and driving strategic priorities. That means
supplementing their core technical expertise with other accountants deliver relevant and reliable information
partnering, data-driven new technology to work in unison with existing systems can value-adding technology-based capabilities to deliver high about an organisation’s events and transactions and the
resulting or expected implications – both financial and
pose new challenges. quality and credible advice at speed. This mindset shift
insights enhance the opens their career and business to further growth. sustainability-related.
relevance and credibility Technology should truly automate work as much as possible,
minimise workarounds, and deliver high-quality data for As the role of accountants expands to include advisory Finally, I would like to extend ACCA’s thanks to the FARSIG
of the advice they can decision-making. It needs to trigger meaningful actions and business partnering, data-driven insights enhance the committee for organising the symposium, for providing
this discussion paper, which summarises some excellent
provide to their colleagues rather than merely rejigging presentations or creating
another dashboard. Therefore, the processes associated
relevance and credibility of the advice they can provide
to their colleagues and clients alike. Insights that are practical examples of using technology in corporate
and clients alike.’ with a technology are as important as the technology itself. produced through simulations involving both past trends reporting, and for enabling the interaction between
accountants in business and public practice with academics.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING Foreword 4
1. Introduction ‘Among the most pressing concerns in the immediate
term is the rise in geopolitical risk, particularly the
perception that existing conflicts may dramatically
‘Make 2025 new beginning, not as world divided but as nations united’ wished
the UN Secretary-General in his New Year message for 2025 (UN 2024). escalate or even proliferate (WEF 2025).’
According to the World Economic Forum’s Global Risks Report 2025 (WEF
2025), however, the year 2025 is characterised by geostrategic shifts, climate
change and rapid technological advancement, which – along with their complex
interdependencies – remain critically important in shaping global dynamics.
Among the most pressing concerns in the immediate trade and facilitating the green transition (IMF 2023;
term is the rise in geopolitical risk, particularly the WEF 2024). Geopolitical tensions continue to spill over
perception that existing conflicts may dramatically into the economic sphere. If 2025 witnesses a spiral of
escalate or even proliferate (WEF 2025). The aggressive trade policies, it could strain international
global political landscape is characterised by rising relations among major countries (eg the US and China),
geopolitical tensions, changing political alliances and as well as among traditional allies in Europe and North
emerging challenges. Increased levels of fear and America. The economic consequences would be
uncertainty characterise the geopolitical outlook in significant (WEF 2025). Equities in the financial markets
several regions. State-based armed conflict (including of advanced economies would probably rally (IMF
proxy wars, civil wars, terrorism, etc.) ranks as the top 2025) but an intensification of protectionist policies,
risk for 2025 (WEF 2025). The current geopolitical in the form of a new wave of substantial tariffs, could
climate is marked, for instance, by Russia’s invasion further exacerbate trade tensions, distort trade flows,
of Ukraine and the conflicts in the Middle East. In reduce investments and trade efficiency, and disrupt
these contexts, multilateral institutions have faced supply chains (IMF 2025).
considerable challenges in mediating effectively and
facilitating pathways toward conflict resolution. Europe, Despite this dramatic social, economic and political
in particular, is experiencing a historic shift towards self- scenario, the World Economic Forum’s global risks
reliance and possibly greater unity. Rearmament and report documents that ‘Environmental and, to a lesser
industrialisation initiatives are central to the political degree, technological risks dominate the long-term
agenda (WEF 2025). global risks landscape’ (WEF 2025: 44). In 2024,
six of the nine ‘planetary boundaries’ (eg climate
This political context deepens divisions in addressing change, ocean acidification, freshwater change)
emerging global challenges, eg strengthening global for environmental health were crossed (Potsdam

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 1. Introduction 5
Institute for Climate Impact Research 2025). Extreme significantly in recent years to encompass a wide range ■ Irshad Mallam-Hassam (Managing Director of financial reporting. Specifically, these academic
weather phenomena (eg heatwaves, wildfires, droughts of governmental functions, including environmental of Realign Consulting, Mauritius) and professional experts shared their insights with the
and inundations) are expected to intensify; looking at governance, electoral processes and taxation (WEF audience into key current issues within the accountancy
■ Billie Mcloughlin (Practice Consultant at 2020
expectations for the next decade, this environmental 2025). When data collection and analysis are conducted profession, drawing on their own experiences to highlight
Innovation Training, United Kingdom)
risk has ranked first in WEF’s survey for the second responsibly, these technological capabilities can help both the opportunities and challenges arising from
consecutive year (WEF 2025: 44). These events are enhance substantially the efficiency and effectiveness ■ Vivek Mehrotra (Chief Financial Officer emerging technologies (AI, Big Data, cloud accounting,
becoming more common and expensive, with the of public service delivery. Nonetheless, according to the Americas and Wipro Ventures at Wipro, India) etc). These technologies – often characterised as
inflation-adjusted cost per event having increased nearly WEF’s latest global risks report (2025), such benefits are ■ Jodie Moll (Associate Professor at the disruptive – are increasingly reshaping the landscape
77 per cent over the last five decades (Whitt and Gordon perceived to be contingent upon the existence of strong School of Accountancy, Queensland University of the accountancy profession and the daily work of
2023). Biodiversity loss and ecosystem collapse are legal safeguards (eg the European Union’s General Data of Technology, Australia) accountancy professionals.
now ranked second, up from third place last year. Critical Protection Regulation (GDPR)) and the maintenance of
changes to Earth’s systems rank third, followed by natural public trust through transparent and accountable practices ■ Ogan Yigitbasioglu (Senior Lecturer at the As in previous years, the symposium was held via a
resource shortages in fourth, with pollution in tenth place, by both governments and companies. School of Accountancy, Queensland University virtual platform, with the aim of promoting inclusivity and
collectively portraying a bad outlook for environmental of Technology, Australia). facilitating the participation and engagement of a global
risks (WEF 2025: 44). The private sector continues to Amid a turbulent social, economic and political landscape, audience. The presentations were followed by a thought-
the 2025 annual FARSIG symposium on ‘The Future of These five high-profile speakers were convened virtually provoking and dynamic panel discussion, facilitated by
identify these risks as primary concerns over longer
Financial Reporting’ took place. As in recent years, the to present and discuss current challenges and emerging Christian Stadler, the Chair of FARSIG.
time horizons – a perspective that contrasts with that of
18th annual symposium was held in collaboration with the trends, and their expected implications for the future
civil society and most national governments, which tend
to prioritise these risks within shorter timeframes (WEF Association of Chartered Certified Accountants (ACCA)
2024; 2025). and conducted virtually on Friday, 10 January 2025.
The event occurred against a backdrop of continuing
Owing to the potentially long-term adverse consequences developments and challenges facing the accountancy ‘Discussions extended beyond traditional themes to consider
of emerging technologies, technological risks are
increasingly prominent in rankings of perceived risks
profession. The discussions addressed areas that are
mainstream in both the profession and academia, while
the increasing impact of internet-based technologies – such
over a 10-year horizon, despite not being considered maintaining a forward-looking perspective. Discussions as AI, blockchain and cloud accounting – on the daily activities
immediate threats (WEF 2025). This trend is largely
driven by rapid advances in areas such as artificial
extended beyond traditional themes to consider the
increasing impact of internet-based technologies – such
and evolving roles of accountancy professionals.’
intelligence (AI). Government technology, in particular, as AI, blockchain and cloud accounting – on the daily
is undergoing a profound transformation, driven by the activities and evolving roles of accountancy professionals.
integration of AI, digital platforms and data analytics with The title of the 2025 FARSIG 18th annual symposium
the core functions of public administration. Governments was ‘The Future of Financial Reporting 2025: Emerging
have become increasingly reliant on complex digital Technology and Corporate Reporting’. In keeping with
infrastructures and now possess unprecedented access tradition, the annual symposium served as a forum for both
to vast quantities of citizen data. While high-technology academics and practitioners to engage in discourse on
companies have historically served as strategic partners the ‘state of the art’, featuring well-informed, high-profile
to national governments, this collaboration has expanded speakers, listed below in alphabetical order:

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 1. Introduction 6
Issues raised during the symposium Table 1.1: Overview of the key themes raised at ‘The Future of Financial Reporting’ symposia, 2008–2025
Before delineating the topics discussed in the
presentations delivered during the 18th annual
2025 ■ Accounting 2024 • Accounting 2023 • Accounting 2022 • Materiality in 2021 • The Endorsement 2020 • Accounting regulation
symposium, this report summarises the main themes and technology and reporting for for goodwill sustainability reporting Board for non-financial
presented and debated at the symposium in Table ■ Accountancy
private companies • Accounting • Sustainability reporting • Reliability of information
1.1. Table 1.1. also reports the key themes since the profession • Accounting education for intangibles in capital markets financial reporting in • Accounting for
symposium’s inaugural event in 2008. and training • Research and • Sustainability reporting extraordinary times intangibles
• Accounting and development reporting for market players • Narratives in corporate • Accounting profession
technology • Climate-related annual reports • Integrated Reporting
disclosures prototype • The standard setting
• A roadmap to improve for financial and non-
sustainability reporting financial information

2019 • Conceptual framework 2018 • The role of accounting 2017 • The evolution of 2016 • The use of information 2015 • Accounting for 2014 • Conceptual
• Narratives in corporate in shaping capitalism corporate reporting by capital providers goodwill Framework,
annual reports • The role of Big Data • Corporate reporting vs • Conceptual • Corporate governance measurement
• Accounting in the and AI in corporate financial reporting Framework: • Integrated reporting • EU Accounting
public sector reporting and • Financial narratives measurement Directive for SMEs
• Sustainability
investment • Transparent corporate • UK FRS: tax
• Accounting profession accounting
• Digital reporting reporting implications
• Future of Chinese and • International
• Conceptual Western auditing • Integrated reporting Accounting Standards • The use of information
Framework and the capital Board (IASB) and by capital providers
• Integrated Reporting markets politicisation of • Compliance with
• The perceived role standard-setting mandatory disclosure
of the accountant in requirements
the society

2013 • Conceptual 2012 • Asset and liability 2011 • Complex financial 2010 • The role and need 2009 • Regulatory change 2008 • Conceptual
Framework, recognition instruments, asset and for global accounting • The convergence Framework
recognition and • Measurement, fair liability recognition standards of global standards • Income measurement
measurement value and confidence and measurement • Understandability through IFRS • Fair value
• Regulatory Framework, accounting • Regulatory and usefulness • Fair value • Financial
governance and • Regulatory Framework environment, • Political concerns • Corporate governance communication
‘balanced reporting’ and complexity of complexity of financial
• Sustainability • Asset securitisation
• IFRS adoption and financial statements statements
accounting and the ‘credit crunch’
national accounting • Fraud and accounting • IFRS adoption and
practices scandals political interface
• Nature and • Carbon accounting
complexity of crises

Sources: Gaia et al. 2022, 2023, 2024; Jones and Slack 2008, 2009, 2010, 2011, 2012, 2013; Jones et al. 2014, 2015, 2016, 2017, 2018, 2019, 2020, 2021.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 1. Introduction 7
Specifically, during this year’s symposium, there was a its implementation in accounting contexts? What are
critical examination of some of the key open questions the main opportunities and risks linked to the adoption
about the current and prospective applications of of cloud accounting technologies? Which key areas
emerging technologies, such as Big Data, blockchain, related to these technologies warrant further academic
AI, and cloud accounting, in supporting accountants and professional investigation? Addressing these
in business, with a particular emphasis on corporate questions is essential for advancing the role of the
reporting activities. The discussion addressed both accountancy profession and enhancing the contributions
the opportunities and risks associated with these of accountants in practice, with the aim of providing
technologies, highlighting how accountancy professionals relevant and reliable information for decision-making as
are leveraging them to enhance the quality, efficiency and
relevance of corporate reporting practices. Furthermore,
well as proper stewardship of financial and non-financial
resources employed in a company’s activities.
The learned panel of speakers
during the symposium participants also explored how
these technological developments are communicated to The learned panel of speakers provided their well-
provided their well-informed
stakeholders, especially through formal channels such
as annual reports. Specifically, the presentations and
informed perspectives on these new issues, which
pose significant challenges (as well as opportunities) perspectives on these new
the following discussion addressed questions that are
highly relevant to the accountancy profession, such as:
to accounting regulatory bodies, and to professionals
and academics. issues, which pose significant
how can Big Data improve corporate reporting through
financial analysis of real-time data and enhanced asset
In 2025 the speakers’ presentations specifically challenges (as well as
opportunities) to accounting
addressed the following main themes relevant to the
evaluation? In what ways can it contribute to strengthening
accountancy profession: AI, Big Data, blockchain and
fraud-detection mechanisms? How might blockchain
cloud accounting.
technology enhance the reliability and integrity of
accounting records, and what challenges arise in the During the 2025 ‘The Future of Financial Reporting’
regulatory bodies, and to
development of blockchain-based accounting information
systems? How can AI enhance data analytics, automate
symposium, the prevalent themes that emerged from the
presentations were subsequently subjected to a more
professionals and academics.
routine processes, and support strategic decision- comprehensive examination during a panel discussion.
making? What are the main challenges associated with

‘The discussion addressed both the opportunities and risks

associated with these technologies, highlighting how
accountancy professionals are leveraging them to enhance the
quality, efficiency and relevance of corporate reporting practices.’

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 1. Introduction 8
 2. Symposium
2.1 Presentation
Dr Jodie Moll is an associate Dr Ogan Yigitbasioglu is a
professor at the School of senior lecturer at the School of
Accountancy, Queensland University Accountancy, Queensland University
of Technology, Australia, and holds of Technology. His research sits at
an honorary reader position at the the intersection of accounting and
University of Manchester, United information systems, with a strong
Kingdom. Her research focuses on addressing real- focus on the digitalisation of accounting. Experienced
world challenges in the rapidly evolving business in both quantitative and qualitative methods, Ogan
environment. She explores the critical role of examines the adoption, use and impact of emerging
accounting systems and practices in shaping how technologies on organisations, including cloud
organisations manage and adapt to change. accounting, Big Data analytics and blockchain.

Jodie’s work particularly examines the transforming Ogan’s work has been published in widely respected
role of management accounting in responding to academic journals, including the International Journal
disruptive technologies such as cloud accounting, of Accounting Information Systems, British Accounting
Big Data, and AI. Through her research, she not Review, Accounting, Auditing & Accountability
only contributes theoretical insights but also explains Journal, Financial Accountability & Management, and
practical implications for businesses navigating Accounting Forum.
digital transformation.

Her findings have been published in leading academic

journals, including Accounting, Organizations and
Society and Management Accounting Research.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Presentation 9
2.1.1 Emerging technology and It also facilitates enhanced asset valuation through 2.1.3 Blockchain and its implications the increased verifiability and transparency of blockchain-
corporate reporting sensor technology and video analysis, improving the for financial transactions based financial data. Additionally, research should explore
assessment of tangible assets’ wear and tear. Additionally, the new responsibilities that Initial Coin Offerings (ICOs)
Jodie Moll and Ogan Yigitbasioglu delivered an in-depth Blockchain technology introduces a distributed ledger
Big Data supports the valuation of intangible assets, such impose on accountants in financial reporting, valuation
presentation on the impact of emerging technologies system that enhances transparency, security and
as customer bases and human capital, allowing more and risk management. The regulatory framework
on corporate reporting. Building on their 2019 study, automation in financial transactions. Jodie emphasised
comprehensive corporate disclosures. Furthermore, it governing ICO-based capital raising requires examination,
‘The role of internet-related technologies in shaping that by eliminating intermediaries, blockchain enables
strengthens fraud detection and regulatory compliance particularly of mandatory risk disclosures in financial
the work of accountants: New directions for accounting real-time updates to financial records and strengthens
by leveraging AI-powered data analytics to identify statements and cybersecurity protocols. Furthermore,
research’ published in the British Accounting Review, they transaction security.
anomalies and patterns indicative of fraudulent activities. businesses must develop effective governance strategies
incorporated updates to reflect the rapid advancements in
Its applications in corporate reporting include automated for blockchain-based accounting information systems to
technology (Moll and Yigitbasioglu 2019). Their discussion Jodie explained that key research areas of interest
transactions and smart contracts, which reduce manual ensure compliance with regulations. This includes defining
focused on the adoption and evolving role of Big Data, currently focus on the integration of Big Data and the
processing and errors; improved auditability and oversight responsibilities and establishing policies for
blockchain, AI and cloud accounting in shaping the future Internet of Things (IoT) in accounting and financial
compliance, by ensuring the immutability of records, access control, data entry, incident management, dispute
of corporate reporting. While firms are investing heavily reporting. She highlighted the need for further exploration
thereby reducing fraud and enhancing transparency; and resolution, integration with enterprise resource planning
in these technologies, Jodie highlighted that many of how these technologies can enhance the valuation
enhanced financial disclosures that provide stakeholders (ERP) systems and environmental impact considerations.
struggle with effective integration (PwC 2023). This gap and disclosure of both tangible and intangible assets,
with verifiable, real-time financial information. Future research is also welcomed to investigate these
presents a valuable opportunity for academic research to providing deeper insights into their worth. Additionally, governance implications for blockchain-based accounting
explore the challenges and barriers hindering successful academics could develop methodologies for assessing Nonetheless, blockchain implementation also faces information systems.
implementation. and disclosing the value of Big Data capabilities, significant challenges. Regulatory uncertainty persists, as
ensuring that organisations accurately represent their existing accounting standards do not fully accommodate 2.1.4 Artificial intelligence and
2.1.2 Big Data and corporate reporting data-driven assets. blockchain-based transactions. Scalability issues present accounting automation
Jodie introduced Big Data using Gartner’s widely
technical hurdles due to energy-intensive operations AI is revolutionising corporate reporting by enhancing data
accepted definition: ‘high-volume, high-velocity and/ Another critical area of inquiry is the role of Big Data
and data storage demands. Adoption failures are analytics, automating processes and supporting decision-
or high-variety information assets that demand cost- and IoT in advancing fair value accounting, which
also notable, with studies indicating that nearly half of making. Jodie highlighted several key applications of
effective, innovative forms of information processing enables more dynamic and rapid valuation processes.
blockchain projects initiated on GitHub1 fail to materialise AI, including machine learning, which identifies patterns
that enable enhanced insight, decision making, and Understanding how financial analysts perceive and
(Bizarro et al. 2019). in financial data to improve predictive modelling for
process automation’ (Gartner 2012). She highlighted evaluate new valuation models facilitated by Big Data,
particularly as regards reliability and market impact, is also financial forecasting; natural language processing (NLP),
that while corporate reporting traditionally focuses on Jodie identified several key research areas that warrant
essential. Lastly, research should examine the governance which analyses financial reports, earnings transcripts and
historical financial data, Big Data enables the integration of further investigation. These include examining how
frameworks necessary to ensure data integrity, security regulatory filings to enhance transparency; and robotic
structured and unstructured information, such as numbers, blockchain influences the frequency and format of
and regulatory compliance in Big Data-driven accounting, process automation (RPA), which streamlines routine tasks
text, images and audio, hence offering new insights. financial reporting, particularly with the integration of smart
addressing concerns about transparency, accountability such as invoice processing, reconciliation, and financial
contracts and real-time reporting, and determining how
As Jodie explained, Big Data enhances corporate and standardisation. statement preparation.
accounting standards should evolve to accommodate
reporting by enabling financial analysis of real-time data,
allowing firms to make timely, data-driven decisions
rather than relying on periodic financial statements.
1 GitHub is a widely used AI-powered software developer platform.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Presentation 10
The adoption of AI in corporate reporting brings significant concerns about compliance and the governance of AI- Despite these advantages, cloud accounting also presents of accounting firms. Furthermore, firms must determine
benefits, including increased efficiency by reducing driven reporting processes. Finally, research is needed to notable challenges. Data security and privacy concerns how to account for the costs associated with cloud-based
manual errors and allowing accountants to focus on determine the IT controls required to support algorithmic arise owing to off-premises storage of financial data, services, whether as a right of use or a contract to receive
strategic decision-making, enhanced fraud detection processing and mitigate risks associated with financial requiring robust security measures to prevent breaches. services, which has implications for financial reporting and
through AI-driven anomaly identification, and real-time statement accuracy and disclosure integrity. Regulatory compliance remains a significant issue, as firms compliance. Lastly, the challenges of migrating business
financial insights that facilitate dynamic, data-driven active internationally must adhere to jurisdiction-specific systems to cloud platforms remain a significant area for
decision-making. 2.1.5 Cloud accounting: data protection laws that may vary globally. Vendor lock- research, as firms navigate issues related to data security,
The future of financial management in risks are another challenge, as businesses may face system integration and operational continuity.
Despite these advantages, AI implementation in accounting difficulties migrating between cloud service providers,
Ogan Yigitbasioglu introduced cloud accounting as a
presents several challenges. Regulatory concerns
suite of technologies that enable real-time access to potentially limiting their flexibility. 2.1.6 From shoebox accounting to
necessitate the development of new frameworks to govern cloud-based accounting systems:
financial data, automation and enhanced collaboration.
AI-driven financial decision-making. Transparency and bias Ogan then outlined several key areas for future research
issues arise as machine learning models may inherit biases
Unlike traditional desktop-based accounting software, Expanding the accountant’s jurisdiction
in cloud accounting. One critical question is the extent
from training data, leading to potential misinterpretations. cloud accounting allows businesses to store and Ogan elaborated on his latest research with Jodie, which
to which cloud-based accounting applications meet
Additionally, problems ensuring seamless integration with process financial data remotely, offering greater flexibility explores the transformation of accounting practices
the financial reporting requirements of both large and
existing accounting systems remain a key obstacle. and efficiency. through cloud-based technologies (Yigitbasioglu and Moll
small firms, considering their diverse operational needs.
With cloud technology enabling real-time access to 2024). The concept of ‘shoebox accounting’ refers to
Jodie then outlined several key areas for future research. ‘Unlike traditional desktop-based clients’ financial records, it is important to explore the the traditional practice whereby clients, particularly small
One critical question is how organisations’ AI capabilities and medium-sized enterprises (SMEs), collect receipts
should be valued and disclosed, given their potential accounting software, cloud new services financial accountants can offer to enhance
and invoices in a literal shoebox and deliver them to
decision-making and their advisory roles. Another area
impact on financial reporting. AI systems pose operational accounting allows businesses of investigation is the risks cloud-based applications their accountants at the end of the financial period for
risks that can affect account balances, estimates processing. This approach results in minimal interaction
and financial disclosures, necessitating a deeper to store and process financial pose to financial reporting owing to the use of a shared
between accountants and clients, often limited to a single
ledger rather than a dual ledger system, potentially
understanding of their implications. Another important data remotely, offering greater threatening data integrity and reconciliation processes. engagement at year-end. Their study investigates how
consideration is the ease with which AI integrates into cloud accounting has reshaped these interactions and the
existing accounting systems and workflows, as seamless flexibility and efficiency.’ The evolving role of professional accounting bodies
day-to-day accounting practices of SMEs.
also warrants examination, particularly how they are
implementation is crucial for maximising its benefits. The
Ogan highlighted several key benefits, including real- adapting their programmes to equip members with the
interplay between AI and other emerging technologies, To explore this shift, they conducted interviews with 30
time financial data access, which enables seamless necessary digital skills to remain relevant within their
such as blockchain, also warrants further exploration, accountants and their SME clients, focusing on small and
collaboration between accountants and clients; automated organisations. Additionally, research should consider how
particularly of data security, automation and transparency. medium-sized accounting practices rather than the Big
transaction processing that reduces the need for manual integrating new internet and technology-based skills can
Additionally, AI might enhance financial reporting through Four firms. While digitalisation in accounting has been
data entry and reconciliation; and integration with AI and help professional bodies, such as ICAEW, ACCA, CPA
advanced visualisation and data interpretation, but the extensively studied in large corporations, research on
analytics, which enhances predictive capabilities and Australia, and CA ANZ, to maintain the legitimacy of their
extent of its effectiveness remains an open question. cloud accounting within SMEs remains limited. Most
financial planning. Additionally, cloud providers invest in designations in an increasingly digital financial landscape.
The evolving regulatory landscape, including frameworks existing studies take a functional and deterministic view,
advanced cybersecurity measures to safeguard financial The impact of cloud-based accounting services on audit
such as the European Union (EU) AI Act, the Blueprint emphasising the efficiency gains of cloud accounting
data, offering enhanced security compared with traditional risk and fee structures is another key concern, as well
for an AI Bill of Rights in the US, and Canada’s proposed without addressing the complexities involved in its
accounting systems. as how these services are reshaping the work practices
Artificial Intelligence and Data Act (AIDA), raises important implementation. Ogan and Jodie’s research moves

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Presentation 11
beyond this approach by adopting an affordance as ‘cumbersome’. Integration refers to the ability of Ogan and Jodie’s findings suggest that because clients tablet or desktop computer, as each interface offers
perspective, which examines the opportunities for action cloud accounting systems to connect with third-party increasingly engage with cloud accounting systems, different affordances. Additionally, SME clients have
that emerge from users’ interactions with technology. applications, enhancing their functionality. Platforms such owing to their usability, integration and automation varying levels of financial literacy, which affects their ability
as Xero provide a marketplace with over a thousand capabilities, accountants must intervene more frequently to use cloud accounting tools effectively.
Their research aims to answer the following question: apps that allow businesses to add features such as to ensure these systems function correctly. While cloud
what affordances emerge through the use of cloud-
based accounting systems, and how do they configure
analytics, inventory management and compliance tools.
This affordance also enables seamless communication
accounting enhances efficiency, it does not eliminate the
need for accountants; rather, it creates new challenges.
‘Although compliance work
and reconfigure SMEs accounting services? Drawing on between cloud accounting systems and government tax Contrary to expectations, many accountants reported an remains a core function for
Gibson’s concept of affordances from the 1970s (Gibson systems, improving regulatory compliance. Automation, as increase in workload due to the need to fix technological
1979), they examined the daily practices of accountants highlighted by Jodie, streamlines accounting processes issues, such as errors caused by automation, client accounting firms, the study
and clients adopting cloud-based accounting systems,
which have seen widespread global adoption. Their
through bank feeds, machine learning and automatic data misuse of integrated applications and discrepancies in observed a shift towards
entry, significantly reducing manual tasks. automated bank feeds. In particular, clients often attempt
findings identified five key affordances, categorised as to implement third-party applications independently, advisory services.’
basic (low-level) affordances: usability, integration and Once these affordances are in place, accountants can leading to duplicate transactions, software bugs and
automation, and higher-level affordances: intervention and intervene immediately as problems arise. Unlike traditional misclassifications that require accountant intervention. Although compliance work remains a core function for
the expansion of the accountant’s jurisdiction. accounting, where issues are often addressed only at accounting firms, the study observed a shift towards
the end of the financial year, cloud accounting allows Ogan and Jodie’s study also found that trust between advisory services. Some accounting practices are even
Usability refers to the ease of use of cloud-based accountants to monitor and correct errors proactively, accountants and clients has strengthened with the outsourcing traditional accounting tasks to offshore firms
accounting systems, enabling access from anywhere at improving financial accuracy and decision-making. This adoption of cloud accounting. This contrasts with a to free up time for advisory roles. This contradicts Jemine
any time, thus removing spatial and temporal restrictions. leads to an expansion of the accountant’s jurisdiction, recent study by Jemine et al. (2024) in Belgium, which et al. (2024), who argue that advisory services are a
Many accountants and clients reported that cloud-based which can be classified into three distinct roles: the suggested that cloud accounting erodes trust owing to myth in small accounting firms owing to a lack of client
systems such as Xero are intuitive and far superior to educator role, the virtual CFO role, and the web and app its standardised, one-size-fits-all approach. In Ogan and readiness. Instead, Ogan and Jodie’s findings align with
traditional desktop applications, which they described advisory role. Jodie’s study, clients viewed accountants as essential for Ma et al.’s study (2021), which found that advisory work in
not only financial reporting but also troubleshooting both SMEs is increasing as accountants leverage automation to
accounting and technical issues. This provides counter- provide higher-value services.
evidence to the argument that technological innovations
‘This leads to an expansion of the accountant’s jurisdiction, such as cloud accounting lead to impersonalised As regards expanding the accountant’s jurisdiction,
Ogan and Jodie identified three emerging roles.
relationships between accountants and their clients.
which can be classified into three distinct roles: the educator First, accountants are increasingly taking on the role
role, the virtual CFO role, and the web and app advisory role.’ The indeterminacy of practices in cloud accounting
is influenced by multiple factors, including the client’s
of educators, as clients seek to learn how to use cloud
systems effectively. Some SME clients struggle to afford
industry, the hardware they use, their financial literacy, professional training, however, prompting accountants
the software upgrades provided by vendors, and the to develop cost-efficient educational resources such as
integration of third-party applications. For instance, instructional videos and guides. Second, the virtual CFO
financial workflows vary depending on whether clients role has become more prominent, as real-time access to
access their accounting software via a mobile phone, financial data allows accountants to provide continuous

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Presentation 12
strategic advice rather than just annual financial
reporting. Finally, some accountants are evolving into
2.1.7 Summing up
Jodie and Ogan concluded that emerging
‘By fostering collaboration between
academia and industry, the accountancy
web and software advisory roles, guiding clients in
technologies hold significant potential for reshaping
selecting and implementing third-party applications
corporate reporting. In practice, their successful

profession can drive innovation and

from cloud-accounting marketplaces such as Xero.
implementation depends on addressing regulatory
As thousands of applications are available, clients
gaps, data security concerns, and the integration of

improve the transparency and efficiency

often require expert advice on the most suitable
new technologies with existing financial frameworks.
ones for their business needs.
The presentation underscored the need for further
In summary, cloud accounting is fundamentally
reshaping the accountant-client relationship. Rather
interdisciplinary research to explore the implications
of technological advancements for financial reporting, of corporate reporting.’
than diminishing the role of accountants, it has created corporate governance and regulatory compliance.
new responsibilities and opportunities, reinforcing
their importance as both financial and technological ‘The presentation underscored
advisers. As cloud accounting continues to evolve, the need for further
it is crucial that accounting practices explore its
implications, the skills required for accountants to interdisciplinary research to
leverage these technologies, and areas where further
research could benefit the profession.
explore the implications of
technological advancements
Ogan and Jodie’s study raises several key questions
for practitioners. What is the role of these technologies for financial reporting,
in your organisation? What are the implications for corporate governance and
accounting practice? What upskilling is necessary to
ensure accountants remain equipped with the skills regulatory compliance.’
needed to harness these tools? What areas of research
would be most beneficial for your organisation? This discussion has reinforced the growing need for
These are critical considerations as the accountancy accountants to develop expertise in these emerging
profession navigates the digital transformation brought technologies, ensuring they can navigate the evolving
about by cloud-based technologies. digital landscape and harness new technology in
financial management. By fostering collaboration
between academia and industry, the accountancy
profession can drive innovation and improve the
transparency and efficiency of corporate reporting.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Presentation 13
2.2 Q&A on the presentation 2.3 Professional experts’ views and reflections

After this presentation, the two presenters answered a series of questions from the The three invited professional experts were asked to provide their views on the topics
online chat. covered in the presentation.
The first one, by Denis Lima e Alves (Norwich Business secure. Many accountants tend to rely on established
School), dealt with the criteria applied to deem blockchain products they have already used and trust rather than
Billie Mcloughlin Vivek Mehrotra Irshad Mallam-Hassam
costs low, as the use of energy is actually pretty high, adopting something new. This cautious approach
Practice Consultant at Chief Financial Officer Managing Director
possibly making this technology unsustainable. Jodie stems from the need for due diligence in assessing 2020 Innovation Training, Americas and Wipro of Realign Consulting,
countered that, while some argue that blockchain incurs new platforms, a process that can be time-consuming United Kingdom Ventures at Wipro, India Mauritius
high energy consumption costs, the elimination of third- and complex.
party intermediaries could lead to significant cost savings.
For example, with blockchain-based smart contracts, To illustrate this trend, Billie referenced the growing Billie replied that her daily work shows that opportunities
certainly outweigh the risks, but she also said that there
‘By automating these repetitive
manual intervention in transactions is minimised. Even excitement about the accounting software Xero,
so, she acknowledged that further research is needed particularly regarding its integration of AI-powered features are a lot of unknown risks as well. She emphasised that processes, firms can save
to determine whether these cost savings outweigh the such as JAX, an application designed to enhance machine
learning (ML). She explained that accountants are more
AI adoption is not just a trend but a competitive necessity.
Firms that leverage AI for fraud detection and predictive
costs and increase efficiency,
expenses associated with blockchain technology.
comfortable adopting AI within a platform they already analytics gain a significant advantage. Even so, she as technology operates 24/7
Another question, from Mark Elliot (Henley Business
School), dealt with ethics, as there may be some
trust rather than migrating to an entirely new system.
This hesitancy toward emerging technologies stems
observed that accountants tend to prefer AI when it is
embedded in familiar software rather than as standalone
without the need for breaks,
resistance from the profession to adopting emerging from concerns about security, compliance and the time applications. This highlights a cautious approach towards sick leave or holidays.’
technologies, which may be seen as breaching ‘Integrity’ required to thoroughly understand unfamiliar applications. technology adoption, where familiarity breeds confidence.
and ‘Due care’ principles. Billie Mcloughlin first replied to Also, Billie added that the adoption and perceived automation allows accountants to focus on more strategic
this question, noting that this scepticism is similar to the Vivek added to this discussion by offering a corporate success of blockchain technology is much lower than for and value-adding tasks rather than manual data entry.
initial hesitation facing cloud accounting. She highlighted perspective. He pointed out that large organisations AI. AI has hit the mainstream media, clients are seeing
how, in the past, professionals were wary of storing mitigate cybersecurity risks by partnering with AI advantages from all angles and, for instance, will now She also addressed a common misunderstanding about
financial data in the cloud, fearing data security risks. ‘hyperscalers’: large cloud service providers that help to expect AI-based applications on their mobile phones. AI in accounting. Many practitioners express interest in AI-
Today, similar concerns have emerged with AI tools such manage the security and privacy of that data in the way integrated software without fully understanding its purpose
as ChatGPT, particularly in relation to how financial data is that large organisations want. While smaller firms may Billie then highlighted the growing role of RPA in or how it can enhance their work. Often, accountants want
processed (as these models are still in a learning phase) struggle with ensuring data control, large enterprises have accounting, emphasising that many accountants find tasks AI capabilities simply because AI is a ‘buzzword’, without
and whether it remains secure. the means to implement stringent cybersecurity measures such as transaction allocation monotonous. By automating clearly defining the functionalities they need. As a result,
and get a much better understanding of how data is these repetitive processes, firms can save costs and instead of adopting standalone AI applications, many
Billie added that a responsibility is placed on accountants being processed. This, he argued, gives larger firms a increase efficiency, as technology operates 24/7 without the prefer AI to be embedded within existing software for
to make sure that the software their clients are using is technological edge. need for breaks, sick leave or holidays. She stressed that safety and ease of use.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Professional experts’ views and reflections 14
To ensure responsible AI adoption, Billie suggested that adequate by providing accurate and timely financial data analyses them against 20 key parameters, generating an Ensuring consistency in financial reporting across
firms implement policies outlining expectations and best and analysis. Secondly, accountants maintain stakeholder instant dashboard comparison. This allows the company to departments remains a significant challenge. Finally, the
practices for AI use. She also acknowledged a concern trust by ensuring the transparency and accountability in assess market trends and competitor performance quickly. evolving role of finance professionals presents another
in the profession that automation may replace jobs. She the financial reporting process. Accountants help build hurdle. As technology reshapes accounting, finance
argued that rather than eliminating accountancy roles, confidence among investors, regulators, the public, Vivek provided additional examples. For instance, teams must develop new technical skills to stay relevant.
these technologies make the profession more dynamic and and these efforts collectively support an organisation’s payments from customers are automatically applied to Upskilling in AI, data analytics and automation is now
appealing to new talent. Encouraging young professionals strategic objective and operational success. invoices, with minimal manual intervention. Less than essential for finance professionals.
to embrace AI, Big Data, and blockchain could enhance 1% of the company’s invoicing process requires human
recruitment and retention within the industry. Vivek then provided concrete examples of how AI is input, as automation ensures seamless invoice approvals. In conclusion, while technology has revolutionised
shifting corporate accounting functions. For instance, in his Using RPA technologies, invoices are classified into three accounting and financial reporting, enhancing efficiency
organisation, the internal audit function, through specific categories: green, yellow and red. Green invoices, where and accuracy, the fundamental role of accountants
‘Encouraging young platforms such as Azure AI, is able to do a comprehensive all documents match, go through auto-approval. Red and remains unchanged: they continue to ensure financial
professionals to embrace AI, 100% audit of the organisation’s transactions. yellow invoices require manual verification before approval. integrity and strategic decision-making. While AI-driven
automation is reshaping the profession, it presents new
Big Data, and blockchain could Vivek then mentioned another internally implemented Another key area is entity consolidation. In a large opportunities for innovation and growth, rather than
enhance recruitment and tool, called Statement of Work Screen Analyzer AI. It is
integrated into the order-to-cash processes to enable
corporate set-up with multiple legal entities across the
globe, consolidation is a complex task. AI-driven integration
eliminating jobs. The future of accounting remains bright,
with endless possibilities for leveraging technology to
retention within the industry.’ data pre-filling for contract onboarding and obligation has significantly improved this process, enabling smoother drive business success.
management. This allows the company to operate these financial reporting. Previously, the company’s employees
processes in a highly efficient and automated manner. needed 8 to 10 days to close quarterly financials. Now, the
Lastly, Billie discussed the need for continuous
learning in accounting. She noted that while cloud company is able to finalise internal reports within four days, ‘While AI-driven automation
accounting is widely used, many professionals lack a
Forecasting, according to Vivek, is another major area
where technology has helped his company to transform
with a target of reducing this to just one day in the future. is reshaping the profession, it
deep understanding of the journal entries and financial
mechanics behind these automated processes. She
its processes. AI collates and analyses data from signed Vivek noted that, overall, AI and automation have brought presents new opportunities for
emphasised that education should balance traditional
contracts, workforce deployment, and project completion
rates. It also analyses a project’s pipeline, pipeline close
numerous benefits but also challenges. Cybersecurity
is a key concern, particularly in managing the life
innovation and growth, rather
accounting principles with emerging technological skills to
ensure accountants remain knowledgeable and adaptable
rates, and other relevant data to generate objective cycle of financial data: how it is collected, processed, than eliminating jobs. The
in an evolving landscape.
forecasts. In the IT services business, it helps in choosing
where to hire, which skills to recruit, and in which
stored, accessed and, ultimately, purged. Accountants,
traditionally seen as guardians of financial assets, now
future of accounting remains
Vivek also provided his personal reflection on the locations, optimising workforce planning. also play a critical role in safeguarding corporate data. bright, with endless possibilities
Another challenge is achieving a single definition of
impact of technology, arguing that while technology has
significantly improved accounting and corporate reporting
Another practical example in Vivek’s company (which financial metrics. Different teams often interpret key for leveraging technology to
processes, the fundamental value that the accountancy
is a large listed one) is the implementation of Earnings
AI. Previously, reviewing earnings reports and investor-
figures, such as revenue, differently. For instance, the drive business success.’
profession brings to the organisation still remains sales teams consider total contract value to be revenue,
call transcripts required significant manual effort. Now, while finance teams look at annual contract value,
unchanged. Accountants continue to play a crucial role
transcripts can be simply uploaded into Earnings AI, which and accountants refer to IFRS-recognised revenue.
in ensuring that the financial health of an organisation is

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Professional experts’ views and reflections 15
Then, Irshad Mallam-Hassam provided his view on While the advantages of automation, AI and cloud-based A prime example of this complexity is data analytics. Data is Ultimately, embracing technology requires a structured
technological implications for the accountancy profession. applications are widely acknowledged, the financial often dispersed across multiple systems, stored in various approach: clearly identifying business requirements,
Irshad is the managing director of Realign Consulting, a implications and potential hidden costs require deeper formats, and lacks seamless integration. Organisations evaluating the benefits, assessing risks and understanding
data analytics firm specialising in finance and accounting. analysis. Many accountants find it difficult to navigate the frequently adopt different software for different costs. These considerations apply across various
Despite the intersection of technology and the accountancy complexities of these innovations and determine how they departments/functions over time, leading to interoperability technological domains, including AI, cloud accounting
profession, he said they have long been viewed as can be effectively leveraged. Their dual responsibility as issues. While the promise of data analytics is appealing, and data analytics. Without a well-defined strategy,
separate domains, in which engineering and accounting financial stewards and strategic advisers demands a strong the reality of unifying and extracting meaningful insights organisations risk making fragmented and ineffective
students traditionally occupied different academic and grasp of technology’s impact on business operations. from disparate systems is far from straightforward. Large technology investments.
professional spaces. Historically, individuals pursuing ERP systems such as Oracle, while powerful, are costly and
accounting were expected to excel in financial matters, Irshad added that the accountancy profession is at a not easily integrated with other tools, necessitating a deep As the accountancy profession moves forward,
while technological proficiency was not considered a core pivotal moment where practitioners must take an active understanding of their implications. professionals must bridge the gap between finance
skill. Now, this paradigm is rapidly shifting. role in embedding technology within their operations. and technology, ensuring they remain not just number
Accountants now hold a unique position in decision- Furthermore, while predictive analytics and scenario crunchers, but strategic enablers in the digital economy.
The greatest challenge facing the accountancy making, often advising CEOs on digital transformation analysis offer valuable insights, many accountants struggle
profession today is the recognition that technology’s
implementation is now an integral part of its deliverables.
strategies. This requires them not only to understand
the financial aspects of technology adoption but also to
to fully grasp their potential. Cost reduction through
automation and process optimisation is often discussed,
‘As the accountancy profession
Technology serves as a significant enabler, providing assess its practical implications. yet the effort required to achieve these efficiencies moves forward, professionals
essential tools that accountants must adopt to remain
competitive and effective. To address technological changes, Irshad argued,
is underestimated. AI, for instance, has become a
buzzword, with businesses eager to adopt it without fully
must bridge the gap between
accounting curricula must evolve to incorporate more understanding its applications or limitations. This lack of finance and technology,
‘The greatest challenge technology-oriented education. The future of accounting clarity leads to confusion about how AI can genuinely
ensuring they remain not just
will be increasingly intertwined with digital tools, benefit accounting functions.
facing the accountancy making technological literacy a necessity rather than number crunchers, but strategic
profession today is the an option. Accountants must also proactively seek
knowledge on how emerging technologies influence
The core issue remains that accountants are still
grappling with the implications of technology adoption: enablers in the digital economy.’
recognition that technology’s their day-to-day functions. what it entails, what risks it poses, and how it will affect
implementation is now an For instance, RPA enables automated data processing,
organisational structure. Digital transformation is not
merely a technological shift; it requires a fundamental
Responding to the professional experts’ views, Jodie
added her view on the role of educators, who need both
integral part of its deliverables.’ streamlining reporting and reducing manual labour. While change in processes, workforce capabilities and business to understand the fundamentals of technology and to
CFOs may recognise these benefits, however, they often strategies. Transitioning from manual to automated have confidence in using and working with different types
Irshad noted that he frequently engages with accountants, underestimate the preparation required to implement systems has broad implications, including workforce of technology.
other finance professionals and CFOs. In these discussions, such changes successfully. The transition from manual restructuring and the need for continuous upskilling.
a common challenge is evaluating the benefits, risks processes to automation involves extensive planning,
and costs associated with adopting new technologies. workforce reskilling and system integration challenges.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Professional experts’ views and reflections 16
 2.4 Panel discussion
Christian Stadler (Senior Lecturer in Accounting and Finance, Royal Holloway, University of London) explained that the panel discussion
would focus on the following three key themes: how emerging technologies change the way of working in business; opportunities and
challenges; and corporate reporting considerations.

2.4.1 How emerging technologies change Billie Mcloughlin remarked on the growing accessibility of accountants with different capabilities, those possessing
the way of working in business these advanced tools. She noted that although emerging both technical understanding and the soft skills necessary
technologies might initially appear complex, their constant to advise strategically.
Christian first asked Irshad Mallam-Hassam how
evolution has made them more intuitive and user-friendly,
emerging technologies – particularly data analytics – Billie Mcloughlin agreed that the role of accountants
and comparable to familiar software such as Microsoft Excel.
can help accountants in business. is changing. She added that while there is less need
Additionally, she stressed that the ease of use of these
tools will break down many of the hurdles that previously for routine data entry, the expertise and trust that only
Irshad described how, as soon as an accounting item
prevented accountants from leveraging advanced analysis. accountants can provide have become even more critical.
is recorded, the system could instantly classify it as
Specifically, she stressed that there is no longer a need
belonging either to the income statement or the balance
Christian then asked how the accountant’s role is for manual data input because technology can handle it
sheet. He explained that this constant updating provides a
changing owing to these emerging technologies and more efficiently. In her view, clients will increasingly rely
near real-time view of the accounts, with both the income
what skills accountants will need in future. on accountants’ advice on every aspect of their business,
statement and balance sheet remaining up to date and
and as technology automates repetitive tasks, the role is
cash flows and ratios refreshed within a minute. Irshad Vivek Mehrotra contributed by emphasising that although shifting towards developing expertise, managing data and
emphasised that this process fundamentally differs from machines can competently handle basic, tier-one analyses, providing ethical oversight.
traditional accounting practices, as it reduces reliance on deeper strategic insights still require human judgement.
manual data manipulation and minimises human error. He He stressed that the integration of technology in Following this, she recommended that students and
also noted that because everything is automated, current accounting is not about replacing professionals but about professionals stay informed without getting consumed
practices may become obsolete and fewer people would evolving their roles to connect the dots and offer more by the constant noise surrounding technological
be required to prepare accounts, and current trends on strategic, advisory functions to enhance decision-making. developments. She suggested following experts
items such as sales, expenses or debtor activity would Vivek further pointed out that this shift requires reskilling in on LinkedIn for updates, setting up an RSS feed to
become immediately available. Indeed, he added that the areas such as cybersecurity, data analytics, interpretation, consolidate newsletters and blogs, and networking with
main risk for the accountant would be doing nothing. In his and even prompt engineering, and he called for an peers. On the other hand, she also advised not becoming
opinion, it is fundamental that accountants, departments or intensified focus on ethics and governance as AI becomes overwhelmed by all the new technologies and focusing
even companies do not become irrelevant. more prevalent. In sum, he underlined that in the future, on what is meaningful for one’s practice by seeking advice
we won’t need fewer accountants; rather, we will require from peers when needed.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Panel discussion 17
2.4.2 Opportunities and challenges goals. He noted that regulators tend to lag behind industry Vivek argued that investment in technology is an asset 2.4.4 Summing up
requirements, with needs evolving first and regulators for the company that should be capitalised. He discussed
Then, Christian raised a thought-provoking question Christian concluded the discussions by asking the panel
subsequently catching up by learning from new practices. how, although purchased technology such as over-the-
about whether the traditional annual report is still speakers what they think would be useful for academics
counter software is easier to capitalise than homegrown
necessary, and if not, what implications this change Ogan Yigitbasioglu concluded by emphasising that, to explore. Billie commented that it could potentially be
technology, the investment in customisation is not eligible
might have for both preparers and users. with machine learning, accountants must be very interesting to explore the effects of technology in relation
for capitalisation since it is not easy to prove separate
careful. Specifically, he stressed that accountants should to the size of firms and their practices. For example, how
On this point, Vivek Mehrotra commented on the possibility economic value for it. He also mentioned that uncertainty
understand how algorithms are trained so as to ensure can smaller firms, which cannot afford as much technology
of rethinking reporting requirements in light of these about the technology’s life cycle presents challenges in
they are not biased and that emerging tools, such as as bigger firms, remain competitive?
emerging technologies, proposing the development of a judging the period over which to recognise the assets.
Microsoft Pilot, require a deeper examination of their
tool that provides on-demand reporting in XBRL format, Vivek commented that, given that technology is a means
development processes, particularly concerning data Christian proceeded to ask what participants thought
since not every user requires the detailed traditional report. to an end and that it is constantly evolving, it might be
security and potential biases. about potential disclosure risks for investment in
interesting for academics to explore how we can constrain
Billie Mcloughlin added that emerging technologies might technology. Jodie said that this is an interesting topic
our enthusiasm with its potential and keep the focus on
actually increase requirements from governing bodies 2.4.3 Corporate reporting considerations and mentioned a recent conversation she had had with
what the business strives to achieve through its use.
because the data is readily available. She underlined that related to emerging technology a senior consultant about disclosing risk management.
this development could be both an opportunity and a The discussion then moved on to the topic of The consultant was of the view that disclosure on risk Christian closed the event by thanking the panel speakers
source of frustration for accountants, as it would create corporate reporting considerations related to emerging management, such as cybersecurity, can expose sensitive for their time and valuable insights, and Sharon Machado
more opportunities to develop standardised reporting technology. Christian mentioned that investments in information which could add risks to one’s business. from ACCA and his FARSIG colleagues for their help with
while simultaneously raising expectations from regulators. technology can be seen as intangible assets, which organising the symposium. Finally, Christian thanked the
Christian said that he considers it unlikely that disclosures
presents challenges for accounting standard-setting. audience for participating in the symposium.
Vivek Mehrotra echoed this by underlining that from a will increase in this area given its emergent nature and
He then asked the panel members about their views of
business perspective, and particularly for sustainability the limits imposed by regulation. Vivek commented that,
how these investments in intangible assets should be
issues, such as carbon accounting, we seem to be taking although the disclosure requirements on investment
shown in the financial statements and what types of
two steps forward and one step back: there is progress, in technology might be limited, audit committees are
disclosures should accompany them.
but sometimes short-term challenges override long-term nowadays increasingly questioning related risks, and hence
are creating a governance mechanism to cover them.

‘Billie Mcloughlin added that emerging technologies might actually

‘Vivek commented that, although the disclosure requirements on
increase requirements from governing bodies because the data is
investment in technology might be limited, audit committees are
readily available... this development could be both an opportunity
nowadays increasingly questioning related risks, and hence are
and a source of frustration for accountants, as it would create
creating a governance mechanism to cover them.’
more opportunities to develop standardised reporting while
simultaneously raising expectations from regulators.’

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 2. Symposium: Panel discussion 18
 3. Discussion and conclusion
With support from ACCA, FARSIG organised the 2025 symposium on ‘The Future
of Financial Reporting’, which was held virtually on 10 January 2025. The event
discussed how corporate reporting and accounting are being changed by emerging
technologies. It took place against a background of continuous social, political
and economic upheavals and challenges to accounting and financial reporting.
The conflict in Ukraine is changing geopolitical point), mostly owing to slower growth than expected
alliances and severely damaging global supply in some countries, such as China, India, Japan and
chains. The situation has become even more several countries in the eurozone. Inflation continues
unpredictable since the election of Donald Trump as to fall worldwide, despite elevated levels persisting
the new US president, which has raised questions in a few contexts, and according to the International
about whether US support for Ukraine will continue. Monetary Fund (IMF 2025), it is expected to decline
Currently, Ukraine’s sovereignty is still seriously to 4.2 per cent in 2025 and to 3.5 per cent in 2026.
threatened, and the state of international security is still Worldwide employment increased in 2024 alongside
unstable. Trump’s election as the new US president a growing labour force, maintaining the worldwide
and his decision of increasing tariffs on imports to unemployment rate at 5%, similar to 2023 (ILO 2025).
the US dominated the headlines of media outlets. Nonetheless, as the International Labour Organization
Social tensions increased in the UK as a result of (ILO 2025) report highlights, youth unemployment
growing living expenses, economic disparities, and remains a serious area of concern, since young
debates over immigration and national identity. In this people, especially in low-income nations, find it difficult
background, the Labour Party, under Sir Keir Starmer’s to secure both good jobs and high-quality education.
leadership, achieved a landslide victory, bringing an
end to 14 years of Conservative government. In this political and economic scenario, social and
environmental concerns became even more urgent.
From an economic point of view, global growth of As Winston (2024) has pointed out in his article in
3.3 per cent is expected in 2025 and 2026, which is, the Harvard Business Review, 2024 was one of the
however, still below the historical average of 3.7 per worst years for sustainability, with some companies
cent that characterised the period 2000–2019 (IMF openly declaring that they wish to depart from social
2025). Global GDP growth in the third quarter of 2024 goals or climate action. Climate change, biodiversity
was slightly below the predicted values (0.1 percentage loss and inequality are all continuing to worsen.

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 3. Discussion and conclusion 19
In 2024, we witnessed the warmest year in the 175-
year World Meteorological Organization observational
In 2024, there were also important regulatory changes
to accounting and financial reporting. The IASB has
Against this turbulent backdrop, the 2025 FARSIG
symposium on ‘The Future of Financial Reporting’ gives
‘AI has revolutionised
record with a global mean near-surface temperature of released the new IFRS 18 – Presentation and Disclosure an interesting glimpse into the roles that emerging accounting procedures, from
around 1.55 °C above the 1850–1900 baseline (World
Meteorological Organization 2024). Throughout the year,
in Financial Statements, which will replace IAS 1 –
Presentation of Financial Statements and will be effective
technologies play in company reporting and reveals
how technological innovation promises transformational
automation to supporting
ocean warming, sea level rise, and ocean acidification for reporting periods that start on or after 1 January potential but also poses new threats to the accountancy strategic decision-making,
grew, with the cryosphere continuing to decline and
Antarctic sea ice having its second-lowest extent.
2027, with voluntary earlier adoption possible. The
new standard introduces changes in the structure and
profession. The speakers’ presentations and the panel
discussion at the symposium focused on the following
by assisting businesses with
The World Wide Fund for Nature’s Living Planet Report contents of the statement of profit and loss, according higher-level themes: application of emerging technologies predictive modelling, detection
(WWF 2024) indicates that, on average, recorded wildlife to which an entity shall present two newly defined in corporate reporting; challenges and opportunities
populations declined by up to 73% over a short span of subtotals, ie operating profit, and profit before financing they create for the accountancy profession; the need to of anomalies and analysis of
50 years (1970–2020). There are serious risks to humanity and income taxes. Entities are also expected to disclose redefine the role of the traditional annual report; and how sentiment in announcements
as a result of the intersection between climate change measures of performance based on requirements defined to move forward.
and disasters, which are taking certain parts of our world by management and incorporate other principles as of financial information.’
to tipping points. The super-rich continue to further aggregating and disaggregating items. The International The symposium has highlighted how Big Data constitutes
increase their economic lead over the remaining part Sustainability Standards Board (ISSB) has been proactively a pillar of modern corporate disclosure, with the reporting Blockchain technology may have a positive impact,
of the population and there are increasing social and building work to further embed sustainability in standard frameworks traditionally focusing on historical financial acting as a catalyst in facilitating new ways of reimagining
economic divides in the whole world (United Nations reporting. IFRS S1 and IFRS S2 became effective for performance now increasingly extending to include real- the preparation of financial statements through offering
2025). The United Nations (UN) promotes a break in reporting periods starting on or after 1 January 2024. time and forward-looking information, which Big Data is the potential to automate audit trails, enhance real-time
the cycle of insecurity, the diminution of confidence and The ISSB has also initiated new research projects on now making a reality. This is challenging, however, because reporting and reduce fraud risk.
decreasing policy space as steps required to assist in biodiversity, ecosystem services and human capital it calls for robust governance mechanisms to safeguard
keeping momentum on the Sustainable Development and started working with the Global Sustainability data integrity, transparency and compliance. AI, and The symposium has also revealed significant challenges
Goals (SDGs) (UN 2025). Economic and social policies Standards Board (GSSB) of the Global Reporting Initiative cloud accounting are now becoming central in corporate that the accountancy profession needs to transcend in
should be scrutinised by governments and the (GRI) to align disclosure requirements to develop a reporting. AI has revolutionised accounting procedures, mastering these novel technologies. Accountants are
international community when they fail to halt, or, indeed, comprehensive and global sustainability reporting system. from automation to supporting strategic decision-making, being asked to assume more interdisciplinary roles,
they escalate insecurity. by assisting businesses with predictive modelling, combining financial acumen with data science literacy,
detection of anomalies and analysis of sentiment in cybersecurity awareness and ethical discernment.
announcements of financial information. Cloud accounting Traditional financial reporting frameworks are now
‘Against this turbulent backdrop, the 2025 FARSIG symposium on has become the new standard of financial management, considered to be inadequate for capturing the value
especially among SMEs, as it facilitates real-time and risk of AI, data lakes and blockchain structures.
‘The Future of Financial Reporting’ gives an interesting glimpse into collaboration, easy integration with third-party software, Ethics are very much on the agenda. As the panellists
the roles that emerging technologies play in company reporting and and better cybersecurity than desktop applications. observed, technologies such as AI and blockchain

reveals how technological innovation promises transformational

potential but also poses new threats to the accountancy profession.’

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 3. Discussion and conclusion 20
disrupt traditional understandings of integrity, reporting becomes increasingly outdated. The
objectivity and due care. Enabling ethical use and future lies with rolling reporting systems, powered
avoiding the temptation of unchecked automation are by blockchain and AI, whereby stakeholders access
essential to enhance public trust in financial reporting. real-time information rather than a once-a-year PDF
Interestingly, the symposium also highlights the risks of report. This type of change would not happen alone,
increased inequality within the profession and among but would involve reimagining regulatory oversight,
firms. Small accounting practices and SMEs may not ensuring data comparability and reliability, and
have the resources to pay for the most advanced safeguarding against information overload.
technology, widening the gap between large practices/
organisations with digital advantages and small ones The symposium has also stressed the need for the The way forward will require vision
and bold leadership from regulators,
employing traditional methods. Therefore, developing accountancy profession to change, not merely to
cost-effective, scalable software and upskilling survive but thrive, in a world where technology is

educators and practitioners alike.

pathways is essential to make digital change in the not a threat, but an enabler of new relevance and
accountancy profession accessible to all. power. The way forward will require vision and bold
leadership from regulators, educators and practitioners
One of the most important takeaways from the FARSIG
symposium is the need to reconsider the use of the
alike. Upskilling, enhancing reporting standards and
creating a culture of responsible innovation are not
Upskilling, enhancing reporting
classic annual report. In an age where real-time data
is accessible, the idea of static and retrospective
options. These are the pillars upon which the future
of corporate accounting and reporting must be built.
standards and creating a culture of
responsible innovation are not options.
‘In an age where real-time data is accessible, the idea of static These are the pillars upon which the
and retrospective reporting becomes increasingly outdated.
The future lies with rolling reporting systems, powered by future of corporate accounting and
blockchain and AI, whereby stakeholders access real-time reporting must be built.
information rather than a once-a-year PDF report.’

THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING 3. Discussion and conclusion 21
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THE FUTURE OF FINANCIAL REPORTING 2025: EMERGING TECHNOLOGY AND CORPORATE REPORTING References 22
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