Junior Management Science, Volume 7, Issue 4, September 2022, 1001-1031

Digital Financial Reporting – Consequences and Implications for the Use of the New Medium

Milan Schulze, Heinrich-Heine-Universität Düsseldorf (Master Thesis)

Changes and technological developments in business and society are effects of increasing digitization. New media and technologies within digital business models are gaining importance. The consequences of their usage represent opportunities, challenges, and risks for the digital transformation of companies. The transformation of analog information into a digital format, or the digitization in financial reporting, reaches another level of effectiveness as a new medium. Both the volume of published information and the timely availability of business data continue to increase, not least due to increasing requirements. This poses challenges and risks with regards to the analyzability of this information. The change to digitalized reporting using the new medium must be understood as change management, in that traditional business management thinking and action is digitally oriented and adaptability and consistent willingness to learn are established in a contemporary understanding of roles.

Keywords: Digitalization; Reporting; ESEF; XBRL.