Last week's essay from the big four auditing firms on the future of accounting has had a lot of coverage, but I make no apology for returning to it. For though the essay is largely self-serving, some of its underlying ideas are of real importance.
First, picture a world in which the profit and loss account, balance sheet and cash flow statement have withered away. Instead, investors compile their own versions of the truth, using raw data issued by companies in a continuous stream.
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