Digital Financial Reporting

This is a progress report on activity related to the OMG Standard Business Report Model (SBRM). This adds to the initial submission information.

Note this hot topics information about SBRM published by OMG.  And also note this in depth workshop/training session that OMG will hold in March.

Here are more updates: 

• Most Current UML Models (Formal)
• Terms
• Axioms (same information as the Associations between Terms, but in axiom format)
• Associations between Terms (same information as the Axioms, but in graphical form)
• Narrative
• Primer
• This is my informal home page with information about SBRM

If you have any feedback, comments, or other input; send it to me and I will get it to where it needs to go.

Organizations exchange information. Artificial intelligence, distributed ledgers, and machine-readable structured information offer unprecedented opportunities to automate many information exchanges within and between organizations. Furthermore, in most countries, organizations are required to submit formal information to one or more regulators regarding their business or financial performance, compliance and exposure. These have traditionally been as documents that use standard forms or templates defined by each regulator.

Recent years have seen the emergence of Standard Business Reporting, an approach that supplements traditional form-based documents with machine-readable versions containing structured data of the same content. The structured data, with identifiable fields (as opposed to electronic 'e-paper' documents in formats like PDF), is important to allow the data to be stored, analyzed and compared. The widely-accepted standard for business information exchange is XBRL (eXtensible Business Reporting Language), which allows the definition of different report structures based on the tagged markup language, XML (eXtensible Markup Language). SBRM builds on XBRL, further increasing its usability and applicability, by formally documenting a logical conceptualization of a business report in both human-readable and machine-readable models.

Finance transformation is a thing!  PWC, EY, KPMG, Deloitte are all hiring.  Don't know if Gartner is hiring, but Gartner says that  85% of finance teams are either undergoing or planning to undergo a finance transformation but that 70% of these projects fail to show benefit.

So, the snake oil salesmen are out in force attempting to separate you from your money.  Be careful out there. The AI Ladder points out that 81% of business leaders don't understand AI.  Might want to consider reading Computer Empathy and the Digital Financial Reporting Manifesto.  Become a knowledgeable buyer.

Creation can only take root when the ground has been prepared.

This PBS Ted Radio Hour program, What is Original?, helps you think about creativity.  There are multiple "sections" to this program.  The first talks about creativity in music.  The second is the notion of the "remix". The third looks at creativity in the fashion industry.

The fourth which starts at 34 minutes and 45 seconds is the most interesting.  Tesla gave away their patents.  Why would they do that?

Ben Franklin, a prolific inventory, never patented anything.  Franklin's philosophy was to "send ideas out into the world to attract the ingenious."

Creativity is not about with coming up with your own new ideas. Creativity is about building upon or remixing the good ideas of others.  That is the approach I take.  As Picaso said, "Good artists copy; great artists steal."

An idea is not a single thing.  Innovation happens when you take other ideas, stitch them together in unique ways, and create something that is novel and useful.

Are you ingenious? The Digital Financial Reporting Manifesto provides links to lots and lots of information about XBRL-based digital financial reporting.  Create something.

Being an artist means learning from the ideas of those that came before you.  The ground is ready.  What will you do to improve accounting, reporting, auditing, and analysis?