• 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?

In this regard, what is the potential role of the accountant?