Understanding Model-driven Standards-based Semantic-oriented AI-powered Financial Reporting

In the document, Understanding Model-driven Standards-based Semantic-oriented AI-powered Financial Reporting, I provide a high level overview of a new paradigm of financial reporting.  That new paradigm is:

  • Model-driven (as contrast to the current traditional approach of typing information into a document or spreadsheet)
  • Global standards-based (as contrast to proprietary)
  • Semantic-oriented (you work with "things" not "strings")
  • Artificial intelligence powered (specialized software for working with model-driven financial reports actually can understand and interpret the financial report information it is working with)
  • Controlled customization (meaning, the financial report model is not a standardized form, rather it is a customizable model that is controlled to keep accountants within permitted boundaries or guardrails)
Effectively, the financial report is a global standards-based knowledge graph that is machine-readable, machine-interpretable, and therefore machine-understandable. This means that skilled experienced professionals can be assisted by computer based processes when working with the financial report; constructing it, reviewing it, or analyzing it.

This will significantly reduce the toil, drudgery, and monotony of working with financial reports.  The document walks you through a very basic example of such a model-based financial report.

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