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When I came across Carol Sanford’s pentad, a framework for responsible business – in her book The Responsible Business – I was reminded that transparency is a multi dimensional concept. Read the rest of this entry »
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Dare to Share (7)May 9th, 2011 by Stewart McKie - Executive Advisor
As I look for examples of Dare to Share in action, I’m coming across various sites that you may or may not have heard of that are espousing the principles of ‘open accountability’ – so here’s a quick summary… Read the rest of this entry » The Difference between Data and InformationApril 25th, 2011 by Patrick Quinlan - CEO - (2010 to 2011)
We live in an age of data abundance and opportunity. With the advent of the internet, the automated collection and transfer of data is much easier and faster than ever before. Nevertheless, collecting and transferring data is not the same as connecting data points and transforming that data into useful information. An example of real information would be “unemployment is up,” or “the cost of creating jobs in California is lower than the cost in Colorado.” Real information means that when we ask specific questions, we get intelligent, transparent answers – without having to sift through data collected using different parameters and structures without any kind of map to connect that data. What we need is a transparency revolution. Taking action to increase transparency and therefore the comparative capabilities of information, I testified last week in front of Chairman Issa’s Oversight Committee at a field hearing Read the rest of this entry » Integrated Reporting: UpdateApril 22nd, 2011 by Stewart McKie - Executive Advisor
I thought it was about time to catch up on what’s happening with Integrated Reporting (IR) so it was good to see the initiative now has its own website and roadmap. The Federation of European Accountants has already published a factsheet on IR and the ACCA’s Accountancy Futures provides a useful overview of IR – I particularly liked the fact that the word ‘holistic’ is creeping in and the perspective of the ACCA’s Rachel Jackson. But if you want a good place to start catching up on IR, other than the website, try this free PDF download from HBS: The Landscape of Integrated Reporting. Dare to Share (3)April 21st, 2011 by Stewart McKie - Executive Advisor
In this third Dare to Share post I want to share some more insight I gained from the online book Linking Enterprise Data, edited by David Wood – specifically from the chapter Linking XBRL Financial Data by Garcia and Gil who usefully propose that:
Dare to Share (2)April 21st, 2011 by Stewart McKie - Executive Advisor
I wasn’t very familiar with the Linked Data Initiative (LDI) until I came across this online book Linking Enterprise Data, edited by David Wood. As Bernadette Hyland says on p.57 :
Dare to Share (1)April 19th, 2011 by Stewart McKie - Executive Advisor
On behalf of Rivet, I’m scheduled to be presenting at May XBRL International conference in Brussels on the topic of Dare to Share. Having come up with the idea for this presentation I now have to do the hard work – creating the content. So it was with a sigh of relief that I read this – Issa attacks Visa programs – in which our esteemed President, Patrick Quinlan, is featured. Now I have a hook for my presentation… Read the rest of this entry » Transparency and Detail TaggingFebruary 24th, 2011 by Stewart McKie - Executive Advisor
There have been a couple of related items posted recently that I’d like to briefly respond to. The first is a blog post by Mike Willis on The New Math for Transparency and the second is the tweeted assertion by Daniel Roberts that Until the SEC (and others) can clearly show the value of #XBRL Detailed Tagging to the producing company, only the Consultants will win. Read the rest of this entry » The Financial Report as IdeaFebruary 23rd, 2011 by Stewart McKie - Executive Advisor
The Booz & Co perspective paper The Rise of Generation C is well worth a skim to consider its implications for financial reporting and financial information transparency generally. Just what will it mean to the management and communication of financial content when the next generation of financial information consumers are ‘on the grid 24/7′ and ‘social animals’ and when ‘nonlinear information consumption’ is the norm and the ‘benefits of transparency are seen to outweigh the risks’? These implications are why it will become increasingly meaningless to consider financial information as somehow ‘privileged’ in any way; rather than as just another form of content that can be shared, enhanced, combined and generally crowdsourced just like any other kind of ‘idea’ in order to add value. The key step to take is to think of a financial statement not as some kind of fixed ‘report’ but as an idea that has potential and possibilities for innovation. The kind of shift that views a balance sheet not as a fixed presentation of assets, liabilities and equity but as one of many corporate information ‘sandboxes’ that can be crowdsourced for business model improvement. PMNs – A Good Use Case for XBRLFebruary 1st, 2011 by Stewart McKie - Executive Advisor
Private Market Networks (PMNs), as discussed in the Strategy & Business article The New Financial Matchmakers, look like a perfect use case for the use of an XBRL taxonomy as a foundation for the data provided to an exchange by buyers and sellers. Check the author’s conclusion:
Using an open XBRL taxonomy would provide the ‘requisite level of transparency’ these exchanges need at a stroke. And power new and more open kinds of trading analytics. Yet XBRL is not even mentioned in the article. Bizarre. |
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