Then there’s the 60 to 65 percent that use technology to enhance existing practices, but not much more. And the rest—less than 10 percent—are aggressively transforming their firms and diving into technology, and they will thrive.”
William Bible, Deloitte partner , presented “Blockchain Technology – Disrupting the World of Accounting&rdquo
Great article on Blockchain technology, cloud shared public ledgers and how it can be used for state, local and federal government to provide new services to the public. Premise: Blockchain technology can be applied using distributed public record technology that can be directed to a wide range of urban applications to assist the public and distribute resources to meet public need using peer-to-peer collaboration. Management accountants can play a role in activating this new technology
In December, 2015 International Organization of Securities Commissions (IOSCO) Secretary General David Wright said that BLOCKCHAIN could revolutionize market-data transfers and i n February 2016, International Securities Regulators voted to commit to undertake further study into the impact of blockchain technologies on the global capital markets
The IT department is no longer the sole control point for managing the organization’s technology spend. According to a recent 2014 study done by Vanson Bourne on behalf of CA Technologies , “the transformation of technology from a centrally managed IT responsibility to corporate-wide business enabler is upending the enterprise and reshaping the way technology is purchased, deployed and used.” This is catalyzing transformation of how SMEs acquire and deploy technology, and it is causing the role of the IT staff to evolve as well into that of a strategic advisor
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New US SEC Reg A+ to Help Smaller Companies Access Investment Capital via Crowdfunding Using Social Media, Big Data and Cloud Technologies On March 25, 2015 the US Securities and Exchange Commission announced that it has adopted rules to facilitate smaller companies' access to capital, as mandated by the JOBS Act approved by Congress and signed into law by the President on April 5, 2012
According to InvestmentNews -- regulators such as the Securities and Exchange Commission (US SEC) and the Financial Industry Regulatory Authority (FINRA) are cracking down on companies that fail to incorporate and use technology to stay in compliance with regulatory mandates. Citigroup recently agreed to pay a $15 million penalty for failing to enforce compliance breaches that technology could have prevented
According to CNBC, banks could be using bitcoin by the end of next year based on the development with the adoption of new cloud-based ledger technology called “blockchain”. According to a report by TABB research -- “Capital markets could adopt the technology behind bitcoin as early as next year, revolutionizing the industry by enabling more secure transactions and creating new streams of revenue
Gartner has estimated that the bulk of corporate budgets spent on new information technology will be on cloud solutions by the end of 2016
If, as the authors state, “nearly 80 percent of technology executives surveyed report that their organizations cannot keep up with the attackers’ increasing sophistication,” it seems to me that robust internal controls will not be effective at keeping out the unwanted guests poking around your digital assets
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