Question: Question 2 (25 marks) A monumental change is emerging in accounting: the movement away from the decades-old method of periodic financial statement reporting and

Question 2 (25 marks) A monumental change is emerging in accounting: the

Question 2 (25 marks) 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?

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