BLOG: Digital Financial Reporting
This is a blog for information relating to digital financial reporting. This blog is basically my "lab notebook" for experimenting and learning about XBRL-based digital financial reporting. This is my brain storming platform. This is where I think out loud (i.e. publicly) about digital financial reporting. This information is for innovators and early adopters who are ushering in a new era of accounting, reporting, auditing, and analysis in a digital environment.
Much of the information contained in this blog is synthasized, summarized, condensed, better organized and articulated in my book XBRL for Dummies and in the chapters of Intelligent XBRL-based Digital Financial Reporting. If you have any questions, feel free to contact me.
Entries from October 24, 2021 - October 30, 2021
Seattle Method
In the past I have referred to "my method". I have re-branded "my method" to be the Seattle Method.
The Seattle Method is inspired by and builds on the Venetian Method which is a good practices approach to double entry bookkeeping created and documented by Luca Pacioli. The Seattle Method is:
Proven, good practices, standards-based pragmatic approach to creating provably high quality XBRL-based general purpose financial reports that builds on the Venetian Method of double entry bookkeeping and adapting it for the information age
The Venetian Method has adapted to serve society many times over its 500 year history serving commerce. The Seattle Method supplements the Venetian Method, better tuning it to serve the need for "digital" as we transition from the industrial age to the information age. Welcome to the Fourth Industrial Revolution!
The focus of the Seattle Method is financial reporting using financial reporting schemes such as US GAAP, IFRS, UK GAAP, and other schemes where the preparer of a financial report is permitted to modify the report model. Because modification of the report model is allowed, those modifications must be controlled to keep the modifications within permitted boundaries.
New name, but nothing about the method has changed. Join the increasing number of software vendors that are using the Seattle Method to create effective XBRL-based digital financial reporting.
Here are resources for helping you understand the Seattle Method:
################################
If you are interested in the history of all this, check out XBRLS from 2008, the Financial Report Semantics and Dynamics Theory, the original submission to OMG, and my blog archive. Before all that there was "the patterns document".
Charlie
in Digital Financial Reporting
|
Post a Comment
| 
Email
| 
Print
Are DAOs the future of DeFi?
This article, Are DAOs the future of DeFi?, by Mikhail Goryunov is worth reading. Here is the conclusion of the article: (emphasis is mine)
At this point, decentralized virtual communities and groups are essentially a big experiment in applying a new concept of interaction and governance. DAOs can offer innovative approaches to doing business, project development, collaboration, and coordination. The development of affordable ways to create DAOs and incorporate them into decentralized protocols is essential to reach widespread adoption. As this type of organization becomes more popular and accepted, communities will grow, forming both micro-economies and billion-dollar projects.
Worth considering.
A DAO is a great way to build a product and bring it to market.
######################################
What is a DAO and What is it Used for?
Decentralized Autonomous Organizations (DAO)
Charlie
in Digital Financial Reporting
|
Post a Comment
| Email
| Print
