11 October 2012
Professor Alnoor Bhimani spoke on ‘Globalisation and Technological Change: Implications for Accounting’ in a keynote address at the UK-China Business Finance Forum held at the House of Lords on 11 October 2012. He discussed some key implications of global economic trends and the rise of digitised technologies in relation to China’s economic performance and entrepreneurial potential. Professor Bhimani highlighted the changing role of accounting information in a technologically more grounded world and the risks, challenges and opportunities presented for China. He identified dimensions of the growing appetite for accountability, transparency and governance and their impact on accounting practices and financial controls. He commented on the premise on which successful Chinese internet sites such as Baidu.com, sina.com, taobao.com and sohu.com as well a top social media platforms such as qq.com, weibo.com and renren.com have managed to mobilise a presence among China’s half a billion plus internet users. This he indicated presents the possibility of an evolving emergent array of business models which will rely on the effective analysis of a fast expanding information volume base and extreme levels of data complexity. Professor Bhimani discussed how business decision makers and consumers are co-creating products and the implications for financial and quantitative information analysis. He warned of the dangers of being reactive rather than proactive in the design of business information systems in ‘prosumer’ contexts where consumers are also producers and revenue generation and expenses arise from a diversity of sources. He commented on the need for new modes of reflecting on information to sculpt continuously evolving business architectures in the search for value creation and economic growth.