Role of Technology for the Profession

CA Shariq Contractor
Partner Contractor, Nayak & Kishnadwala

Seminar on Fraud Detection, Data Mining & Computer Forensics Western India Regional Council of ICAI 12th September, 2009
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Evolution of Accounting
From clay tokens to Abacus to Calculators to Computers Concept of Double entry in Venice/ Florence

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Technology has proved the Mighty Wrong

I think there is maybe world market for five computers. Thomas Watson chairman IBM, 1943. There is no reason anyone would want a computer in their home. Hen Olson, President, Chairman and founder of digital equipment Corporation, 1977. 640 K. ought to be enough for anybody. Bill Gates 1981. Everything that can be invented has been invented. Charles Duell Commissioner US patents 1899. CNK 10

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Inductive Thinking
Xerox addressed the need of making 30 copies of a document that nobody thought existed Sony transformed rather than responded to the idea of where and how one could listen to music

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XBRL
Language for electronic communication of business and financial data developed by non profit making International cosortium Benefits in preparation, analysis and communication of business information Cost savings, greater efficiency, improved accuracy and reliability Need to re-key financial data for analytical and other purposes can be eliminated Can be used irrespective of language of the country Made mandatory in US by 2011 by SEC CNK 16

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Thank you

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