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Hoogervorst also touched upon how technology is affecting financial reporting and what the IASB is doing to aid electronic consumption of financial information.
Hoogervorst said: „Technology affects everybody. The number of people with access to the internet is climbing towards 4 billion. This changes the way we act and interact. It brings a wealth of opportunities. It also makes some activities redundant.
I have been asked if financial reports will become redundant as investors and others get more direct access to a wider range of information. I don’t think that will happen. Nine in ten investors surveyed by the CFA Institute say that annual reports are important to them. The more information that becomes available, the more important it is to be able to sift trustworthy information from the more spurious. Financial statements will remain relevant, even in a digital world.
Last year, the World Bank published a report called Digital Dividends. It focused on how the development and spread of digital technologies have to be complemented by ‘analogue’ developments, such as improving the business climate and governance.“