Will accountants become the weavers of the 21st century?

www.accountingtoday.com

Accounting is facing a slow-moving existential crisis. Financial statements produced in accordance with GAAP occupy a shrinking share of the information investors use. How can the profession adapt and survive? The author suggests three things accountants must do to avoid becoming obsolete, like the weavers of industrial England:

  1. Broaden what is accounted for and assured such as non-GAAP metrics investors use, like EBITDA and KPIs
  2. Rethink how intangible assets are accounted for
  3. Look at what can be done to standardize sustainability metrics

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