Vasarhelyi (2012a) discussed the need for accounting Information systems (AIS) to accommodate business needs generated by rapid changes in technology. It was argued that the real-time economy had generated a different measurement, assurance, and business decision environment. Three core assertions relative to the measurement environment in accounting, the nature of data standards for software-based accounting, and the nature of information provisioning, formatted and semantic, were discussed.

This note discusses the effect of Big Data on potential accounting measurements, in particular the potential real-time provisioning of transaction data, the potential provisioning of information data cubes breaking reports into division, product, etc., and the need for different types of accounting standards.

Argument for formalization of standards is made to bring these into the Big Data digital information provisioning age.

Big Data, by its nature, incorporates semantic data from many sources. These utterances are argued to enhance the information content of financial...

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