Research Tilburg Law School

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Erik P.M. Vermeulen gave a keynote presentation at the World Bank’s event on Financial Information Catalyst for Integration on November 26, 2018

Erik P.M. Vermeulen gave a keynote presentation on Financial Information in a Changing World - Connectivity and Integration in Vienna on November 26, 2018.

Erik discussed the digital transformation of business models and its implication for regulators and accountants. In a technology-driven, digital world, many of the largest and most successful businesses now operate as “platforms” or "communities." These firms leverage digital technologies (in particular data-analytics and artificial intelligence) to facilitate economic exchange, transfer information, connect people, and make predictions. Community-driven companies are disrupting multiple industries.

The event examined the distinctive features of the new business models. Although there is no “one-size-fits-all” solution, we discussed three interconnected features: (i) leveraging current and near-future digital technologies to create more “community-driven” forms of organization; (ii) building an “open and accessible culture,” and (iii) facilitating the creation, distribution, and consumption of real-time financial and non-financial information.

It was clear that over the next five to ten years the role of the accountant and auditor will change significantly.