Expanded Accounting Oracle Machine Ideas
I mentioned the notion of an accounting and reporting oracle machine. This post expands on that vision. Here are some key aspects of that vision. First, here are two of the primary financial reporting scheme XBRL taxonomies:
- US GAAP XBRL Taxonomy | US GAAP XBRL Taxonomy Prototype
- IFRS XBRL Taxonomy | IFRS XBRL Taxonomy Prototype
The SEC uses both the US GAAP and IFRS XBRL taxonomies. In addition, the SEC provides an RSS feed that points to all filed XBRL reports:
Fundamental accounting concepts used by US GAAP and IFRS:
Conceptual framework for financial reporting:
- US GAAP, SFAC 8, Elements of Financial Statements
- High level concepts knowledge graph
- Essence (high level financial reporting concepts)
Other Prototype Financial Reporting Schemes:
- Personal Financial Statements
- Not for Profit Financial Reporting (US GAAP)
- International Public Sector Accounting Standards (IPSAS)
- FRF for SMEs (AICPA)
- XASB Prototype Financial Reporting Scheme
- MINI Financial Reporting Scheme Prototype
- AASB 1060
All of the above can be condensed into one common framework described by the Seattle Method and instantiated in the PROOF Financial Reporting Scheme Prototype. Here are several prototypes of financial reporting schemes using this framework. Here are test cases, use cases, and a conformance suite.
Here are a handful of reports:
Other:
A data product is a reusable machine-readable data asset, engineered to deliver a trusted dataset to a customer for some specific purpose. An information product is information that communicates "know how" such as an article (often digital) where data and information are structured in a specific format to instruct, educate or guide the consumer of the information in order to meet a specific predefined purpose. A knowledge product is a super-useful set of machine-readable information, preferably using a global standard format, that has been engineered, processed, organized, structured, and put into practice in some way. Such knowledge products are professionally curated by area of knowledge subject matter experts, supplemented and assisted using machine learning and other such techniques.
Financial accounting standards, interpretations of those standards, instructions, commentary, checklists, and reorganizations of those standards from human-readable form which makes this information consumable by subject matter experts in that area of knowledge to more generally understandable and useable information (i.e. standard templates that are customizable, examples, canonical “forms”, etc.). Known best practices, good practices, and emergent practices can be leveraged to create such knowledge products for an area of knowledge.
Additional Information:
- Seeing Digital Financial Reporting Differently
- Professional Knowledge Graphs
- Freemasons of the Information Age
- When Taxonomies Should Not be Hierarchal
- Faceted Classification
- Hierarchal Facets
- AI for Information Retrieval
- Telco-grade Generative AI for intent-based orchestration
- Business of Algorithms
- FAIR Content: Better Chatbot Answers and Content Reusability at Scale
- Expander Graphs (Base plus expansions = Full Graph
- Hypergraphs and RDF
- AI could eliminate the need to build a financial model ever again.
- Expert Analysis: Top 5 Considerations when Building a Modern Knowledge Portal
- Small Language Models (SLMs) Simplified
- Oracle (Working Prototype)
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