Future Disclosures

Posted: 19 Apr 2000

See all articles by Philip R. Brown

Philip R. Brown

UWA Business School, M250; Financial Research Network (FIRN)


In my short lifetime, just the last 60 years of the millennium now ending, Homo sapiens has harnessed atomic energy for peaceful and not so peaceful means, built computers that at first occupied whole buildings and then began shrinking them to miniscule proportions, landed on Earth?s moon and soon after began scouring the depths of outer space for evidence of other life forms, and launched the human genome project, in a voyage of self-discovery of a different kind. Knowledge is exploding in a chain reaction facilitated by new ways of organising and communicating information to others. Accounting inevitably will be bound up in this information revolution.

So what are the main drivers of financial accounting change as we enter the next millennium? Here are two: figuratively, our world is compressing rapidly in time and space; and knowledge per se is playing an increasing role in the world economy. What will they mean for our discipline as we know it today? They will mean two things, in particular: the role of periodic reports will be progressively usurped by continuous disclosures; and commercial history will become less relevant to financial markets than future prospects, or forward looking disclosures as they are often called.

JEL Classification: M41, M45, G12

Suggested Citation

Brown, Philip R., Future Disclosures. Pacific Accounting Review Millennium Edition, Vol 11, No 2, December 1999/January 2000. Available at SSRN: https://ssrn.com/abstract=212879

Philip R. Brown (Contact Author)

UWA Business School, M250 ( email )

Crawley, Western Australia 6009

Financial Research Network (FIRN)

C/- University of Queensland Business School
St Lucia, 4071 Brisbane

HOME PAGE: http://www.firn.org.au

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