Smart Analysis

Imagine being able to grab a smart financial statement, drag that smart financial statement into a smart analysis tool, and do your financial analysis tasks. Imagine being able to connect a smart analysis model to a smart financial statement and then also the smart closing book used to create that financial statement and the smart audit bundle that provided independent third party verification of that financial statement.

Financial information wants to be free from imperfections.  Financial information wants to be connected. Traceability; the ability to trace, track, walk, drill down, drill across find the origin of information or navigate to the information's ultimate destination.

Imagine regulators with new types of capabilities.

A new paradigm is not only possible, it is inevitable. People package this new paradigm using different words.  Here are the words that some use:


Rules as Code (RaC) is about transforming laws and policies into machine-consumable formats using declarative formats. The Business Rules Manifesto provides a very good description of what is mean by declarative rules.  Rules as Code is a concept that involves writing government rules, legislation, regulations, and policies in a format that machines can understand essentially, coding them. This approach aims to improve the clarity, accessibility, and implementation of rules by making them machine-consumable. By encoding rules, governments can facilitate legal automation, simulation, and verification, ultimately enhancing public service delivery and transparency.

Additional Information:

Comments

Post a Comment

Popular posts from this blog

Professional Study Group for Digital Financial Reporting

Image
Digital financial reporting is a thing.  The IFRS Foundation explains digital financial reporting  in an article, Digital Financial Reporting - Facilitating digital comparability and analysis of financial reports . OFFICIAL VERSION : The IFRS Foundation publishes an XBRL taxonomy for IFRS for SMEs (2024).  You can find official information about that XBRL taxonomy here on this web page, IFRS for SMEs as Published by IFRS Foundation (2024) . (Also see this PDF, IFRS Taxonomy Illustrated .) Since that official XBRL taxonomy is effectively a "pick list" created from the perspective of standards setters (i.e. not very practical, easy to use, and intended for ease of use by reporting economic entities);  ENHANCED VERSION : I have created an enhanced version of that same XBRL taxonomy, see  IFRS for SMEs 2024) - ENHANCED (Work in Progress) . The enhancements make the IFRS for SMEs XBRL taxonomy more useful in many different ways.  The enhancements are driven...
Read more

Big Idea for 2025: Semantic Accounting and Audit Working Papers

Image
I began my career in accounting in 1982 as an auditor with Price Waterhouse when accounting and audit working papers and schedules were 100% paper.  But within three months, I was creating many of those same working papers and schedules first in VisiCalc and then Lotus 1-2-3.  I would create those schedules and working papers electronically, then print them out, and tape them into the bundle of paper that supported our audits. The Compaq luggable computer was invented and electronic spreadsheets where even more compelling. Today, accounting and audit working papers tend to be 100% electronic proxies for those paper documents created in Excel or some other electronic spreadsheet, Word or some other word processing document, PDF generated from some word processing document, and maybe HTML.  All of these are presentation oriented proxies for documents and none of them is truly understandable by a computer based process. The next step in the evolution of accounting and audi...
Read more

PLATINUM Business Use Cases, Test Cases, Conformance Suite

Image
A brick wall is made of exactly two things: bricks, mortar. But a brick wall created by a master craftsman, or mason, and a brick wall created by a “weekend warrior” with no knowledge of masonry will be very different. Master craftsmen are created and that process takes time and effort. This blog post is a first prototype that brings several things together into one useful resource for business professionals.  It pulls together the human readable information of the Showcase of Reports   and the machine readable information of the Conformance Suite of XBRL-based Financial Reports Prepared using the Seattle Method .  Then, I want to incorporate the information found in these PLATINUM XBRL-based Financial Report Examples . The three resources can be useful and used independently; but they are even more useful when used together.  Business professionals really could not care a less about the technical details of getting some result that they want.  But technical pro...
Read more