2018: a world of global accounting and virtual business.

• Author: Scher, Kimberly

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What will the accounting profession and business world look like in 10 years? With the advent of XBRL and International Financial Reporting Standards (IFRS) on the horizon and the integration of the Internet into virtually every business operation and transaction, the next decade could drastically rewrite business life as we know it. Get a glimpse of life for a CPA in 2018 as she embraces the numerous challenges and opportunities resulting from sweeping changes in technology, business and accounting.

Jackie answers the beep from her virtual assistant. "Information please," she says. The computerized assistant reads an invitation to her 10-year high school class reunion--Class of 2008. "Wow, 10 years," she thinks to herself. "So much has changed since I graduated." Her virtual assistant beeps again--wanting to know if it should RSVP and schedule the event on her calendar. "Decision pending. Remind me in two days," Jackie says.

Jackie thinks back to 2008, the year she finished high school. The nation was in an economic crisis. That was when her parents were laid off--dad from the auto industry and morn from a bank. As a result, her parents became "circumstantial entrepreneurs." In their 50s at the time and concerned about getting other jobs, they bought a small furniture business in Cleveland. Jackie chuckles to herself. Who knew such a humble beginning would birth a global online retailer?

Jackie stretches and reaches for her mobile device, touching a button so the screen and keyboard project virtually on the wall in front of her. Jackie touches the projected image to check her schedule. It's time to plan the next visit to her Chinese furniture manufacturer, Move it Now (MiN). She holds regular meetings with MiN's Chinese executives via virtual conferencing using a real-time language translator and scribe software to capture meeting notes. These are great tools, but from time to time she needs to see the operation firsthand instead of through video presentations. She adds the trip to her calendar, knowing the virtual assistant will then find and book the best flight and travel accommodations to meet her specific needs and priorities.

She logs into her personal Web site and scans updates from her friends and family. Her college friend Michael is in town--she messages him to see if he's free for lunch. While she took over the family furniture business after college, Michael joined an international CPA firm--though it's not the traditional firm of a decade ago. Michael's firm is more of a loosely affiliated, widely flung network of accounting consultants operating under a common brand name. The network lets CPAs serve global clients and reduces the need for multi-lingual staff. Local representation also eliminates the cultural snafus that used to cripple business relationships between the U.S., Europe and Asia.

"I wonder if Michael is going to join the international association of accountants?" Jackie asks Debit, her dog. The association is being organized to advocate for quality in accounting standards and international best practices. Jackie faces an entirely different set of decisions due to her current career choice. Michael's virtual assistant replies that he is available for the lunch date. Jackie's virtual assistant confirms the lunch reservation, downloads driving directions and works with Michael's assistant to place the lunch order.

FROM MOM-AND-POP TO GLOBAL SHOP

While Jackie was in college majoring in accounting, her parents were growing their small furniture shop into a bonafide business. Through hard work and a move into Web-based retailing, Furniture on the Go, affectionately known as FoGo, grew into a $15 million business with clients...