'Organisational changes needed for internet-based reporting'

News Article - 14 November 2006
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A technology expert has said that internet-based, real-time reporting could be accommodated by technology, but that companies may need to make organisational changes.

Ben Booth, vice chairman of the British Computer Society IT directors group, was responding to calls by the big four accountancy companies to make changes to how financial reporting is conducted.

"Here is a suggestion that there is going to be a technical solution, but that is a matter for business organisational change," Mr Booth told Computer Weekly.

"If that happens, the technology can accommodate it, but it is not going to happen with technology alone."

The paper produced by the companies praises business reporting language XBRL, the publication reports.

According to Computer Weekly, the report states that XBRL "opens a brave new world of information access and lower costs for users and generators of data alike".

On the grounds of cost, however, the Financial Services Authority recently said it would no longer be using the language for businesses to file their regulatory returns, the publication states.

The proposals put forward by the big four companies include the reporting of a business' non-financial success indicators including product or service defects, patent awards and employee turnover.

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