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The future of financial reporting is XBRL-based structured digital financial reporting. Technology is providing new approaches to meeting compliance requirements.
This knowledge portal is a prototype of a financial knowledge portal that might be used by accountants that participate in financial accounting, financial reporting, audit/review/compilation of financial reports, and financial analysis.
Knowledge Graphs
A knowledge graph is a tool for organizing knowledge. Knowledge graphs are a tool of the information age in which we all now find ourself. As we transition from an industrial economy into a digital economy during this fourth industrial revolution; the tools we use need to change to be updated for the current times. For more information see The Great Upheaval.
What exactly is a knowledge graph? At the core of every machine-readable knowledge graph is a machine-readable knowledge model. A knowledge model is a collection of interlinked logical statements that describe the terms, structures, associations, rules, and facts that make up that knowledge graph. Knowledge graphs put information into context via linking and logical oriented metadata and this way provide a framework for data integration, solving problems, information analysis and sharing of that machine-readable information.
Logical Theory
A logical theory is a tool for understanding and explaining the important essence of something. The Logial Theory Describing Financial Report is a description of the essence of a financial report.
- Terms
- Structures
- Associations
- Rules
- Facts
- Properties
Financial reports are high-fidelity, high-resolution information. As such, we use a heavy weight formal model to verify the quality of financial reports:
Area of Knowledge
Accounting, reporting, auditing, and analysis is an area of knowledge. The jargon for this in knowledge engineering is "domain of knowledge". The Cynefin Framework is a helpful tool for understanding an area of knowledge or knowledge domain. The Cynefin Framework breaks an area of knowledgeable into groups or patterns:
- Obvious.
- Good practice.
- Emergent practice.
- Novel practice.
Sensemaking
Sensemaking is a tool. You can use sensemaking to construct a map you can share with others. Sensemaking is the art of analysing, understanding, clarifying, untangling, organizing, and synthesizing. As explained in this video, Introducing SenseMaking, the process of sensemaking involves:
- Looking for patterns in information.
- Making connections among different things.
- Synthesizing lots of information and categorizing it into small chunks.
- Think about the big picture.
- Think about the "why" of a situation.
- Organizing and untangling things.
