Vinsamlegast notið þetta auðkenni þegar þið vitnið til verksins eða tengið í það: http://hdl.handle.net/1946/42901
Financial statements, the underlying elements of financial reporting are subject to substantial effort and expertise from finance divisions at almost every single company in the world. These reports are used by corporate finance professionals to make decisions on future prospects which affect the profitability and ultimately the livelihood of companies. However, the current process of constructing financial statements is generally considered complicated, error prone and therefore results in substantial time delay which can decay the value of the information provided from said financial statements. This process is thought to be subject to considerable improvements with increased automation, possibly giving decision makers close to real time financial data in the process, which would likely enhance the quality of decisions being made on the basis of the underlying financials. Financial statements are also prepared at regular intervals, usually monthly, quarterly, or annually which means that the task can be recognized as repetitive and from a theoretical perspective is therefore ripe for increasingly automated construction.
The conceptual model construction and implementation in this case study was successful. The model includes methods and mechanisms that result in the model processing financial data substantially faster and in a more efficient manner when compared to the traditional method utilized. Furthermore, construction of the income statement, balance sheet and cash flow for the real financials of the company showed signs of substantial improvements on various fronts. The successful implementation of the conceptual model in this case study therefore insinuates improvements for problematic areas mentioned in previous literature and shows that potentially, increasingly automated financial reporting is approachable in the near future with the aid of models such as the one conceptualized and implemented in this study.
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