XBRL-based Digital Financial Reporting

The World Economic Forum published The New Physics of Financial Services which is a massive collection of useful information. This resource, although published in 2018, may help one understand that other industries just might possibly similarly be impacted by these new physics.  Take, for example, accountancy. The following is a summary of the key findings of this exploration: ( starts on PDF page 26 ) Finding 1: From cost centre to profit centre Finding 2: A new battlefield for customer loyalty Finding 3: Self-driving finance Finding 4: Collective solutions for shared problems Finding 5: Bifurcation of market structure Finding 6:  Uneasy data alliances Finding 7: The power of data regulators Finding 8: Finding a balanced approach to talent Finding 9: New ethical dilemmas Some refer to what is going on as a " fundamental  reorientation of the state of affairs ".  Another term is " the great progression ". Another term is " the great upheaval ".  I hav...

Gartner defines the collaborative work management (CWM) market as "the market for stand-alone software tools that provide task-driven workspaces to enable end users to plan, coordinate and automate their work." Paraphrasing Gartner, collaborative work management tools provide "an integrated assembly of user-friendly capabilities for work planning, in-context collaboration, content collaboration, workflow and automation, reporting and analysis of work performed including useful dashboards, intelligent assistance provided by both good old fashioned artificial intelligence and machine-learning and LLMs, and use-case acceleration on a platform that handles data management and administrative operations. Tools are defined by their purpose (work planning and execution), target users and breadth of functionality." Per Gartner, collaborative workflow management tools empower business users to: Plan work activities Collaborate with peers Automate repetitive activities Obser...

A fundamental reorientation of the state of affairs is about to happen; is happening now.  I refer to my personal fundamental reorientation " modern accountancy " for my universe of discourse.  My Seattle Method is how I am  addressing this fundamental reorientation.  And  I am pretty sure this fundamental reorientation is coming to your universe of discourse (area of knowledge) as well. In two previous posts I mentioned the Atomic Design Methodology ( post 1 ; post 2 ).  I wanted to come back to the Atomic Design Methodology because I believe it is very important. The W3C describes the Resource Description Framework (RDF) as " a framework for representing information on the Web." See the RDF 1.2 specification here . By "on the web" I believe the W3C means "anywhere".  That that means is that information has some sort of context and that context might be local to you or global.  To resolve conflicts, IRIs , or Internationalized Resource Identif...

Poka Yoke is about the prevention and elimination of the possibility of mistakes.  Poka Yoke is a Japanese term that means “mistake-proofing.” Poka Yoke is a Lean Six Sigma technique.  Poka Yoke refers to mechanisms used in lean manufacturing processes to help prevent mistakes from occurring, thus ensuring high-quality production and reducing defects. Poka Yoka was developed by Shigeo Shingo in the 1960s as part of the Toyota Production System, this method has become an integral tool in modern manufacturing. Poka Yoke, and other such Lean Six Sigma techniques, principles, and practices can also be used in accounting processes and in the creation of software tools. Poka Yoke is a powerful quality control technique that helps prevent errors and mistakes.  Errors are made noticeable so that they can be corrected or impossible.  It helps improved efficiency and reduce costs. Poka Yoke is about investing in building systems where errors do not occur because the cost of ...

This is information related to the Standard Business Report Model (SBRM) which is being published by the Object Management Group (OMG). Per the  SBRM specification document, "The Standard Business Report Model (SBRM) provides a set of modeling constructs for representing business and regulatory reporting that are reusable in different modeling and data deployment environments. It acts as a Platform Independent Model for report documents and data structures, complementing established platform-specific models such as eXtensible Business Reporting Language (XBRL)." Effectively, SBRM is intended to provide a formal logical conceptualization of a business report expressed using OWL , SHACL , and RDF .  That logical conceptualization is intended to be consistent with XBRL International's published logical conceptualization, the Open Information Model and the Seattle Method which is a logical conceptualization specific to financial reporting. Standard Business Report Model (SB...

The following is information about the IFRS for SMEs XBRL Taxonomy for 2024. Here is a basic rendering of the officially published version of the IFRS for SMEs XBRL taxonomy for 2024. This is the web page for the taxonomy on the IFRS Foundation web site. This is a machine-readable XML infoset generated by an XBRL processor of the XBRL presentation relations. A problem with the officially published IFRS for SMEs XBRL Taxonomy is that it tends to be an incomplete human-readable "pick list" of information (primarily for humans to read) rather than a machine-readable knowledge graph (primarily for machines to read and process). As such, I took the officially published IFRS for SMEs XBRL taxonomy for 2024 and enhanced it .  The first step was to provide an enhanced version of the core information similar to what the IFRS Foundation provided in the officially published version but more consistently and explicitly organized.  Here is that : Next, I supplemented the official info...