The train of progress is pulling out of the station. Do you have your ticket? Those who miss this train will certainly miss a huge opportunity. If you miss the train you will highly likely put yourself and perhaps your organization at increased risk of becoming irrelevant.
In order to get a seat on the train of progress you will need to understand the twenty-first century technologies such as computer algorithms. Some are completely overwhelmed by the perceived enormity of the tasks involved in this process. But not everyone is overwhelmed.
The Logical Theory Describing Financial Report is a logical conceptualization of the mechanical, mathematical, structural, and logical aspects of general purpose and special purpose financial reports for the purpose of representing such reports digitally using XBRL and other technical syntaxes.
Ideas are a dime-a-dozen. “XBRL-based reporting.” “Smart Regulation.” “Algorithmic regulation.” Getting an idea to work effectively is significantly more challenging. If you don’t understand why something like this theory is useful, you are highly-likely in the group of 81% of all business professionals that don’t really understand artificial intelligence. If you don’t understand, you might want to consider figuring out where you can get tickets on that train of progress. This might help you out.
Anyone who bothers to look can see that XBRL-based digital financial reporting can work effectively. These ideas will inevitably be incorporated into the next generation of financial reporting applications in one way or another. It is just a matter of time. Sure, there is a lot of pressure by incumbents to maintain the status quo. Sure, incumbents will hang on for a time in last ditch efforts of self-preservation. But the incumbents can only resist and they will copy the innovation of the disruptors. They will react.
Where will all this be in five years? In ten years?
Toot! Toot!