Accounting Constituent Perspectives

wildlifeplaincityΔιαχείριση

6 Νοε 2013 (πριν από 4 χρόνια και 2 μέρες)

67 εμφανίσεις


Overview


The objective is to identify/analyze the
potential benefits of applying an accounting
knowledge management system which
incorporates the conceptual framework
project, a codification initiative and a
financial statement proposal into a complete
ontology. The convergence of FASB and
IASB standards is set to improve the
functioning of accounting and related
information technology systems, but there
are still ever increasing costs (e.g.,
complexity) to the body of knowledge. A
knowledge management(KM) framework is
appropriate for accounting
professionals/academics to address
accounting issues in such a manner that the
benefits exceed the costs in an organized
system.


Key Points


1.Provide converged structure for
a) conceptual framework,
b)regulations, c) XBRL, and d) a
value chain firm accounting view
consistent with cash flow NPV.


2.Identify/organize KM and
ontological attributes of
accounting, and


3. Generate a set of examples
that can be extended into a
general accounting KM
.



Background: What is KM /Ontology?

Ontology provides a theoretical structure to free
-
standing situations of “what might exist”
within the
domain of
the
conceptual framework.
KM provides a
means of bringing together the disparate set of firm
value chain economics that accounting represents
comparative to the past and present.



Accounting KM/Ontology Structure Components

1)
Regulations in Accounting Standard Codification (
ASC)

2
) XBRL taxonomy references

3) Conceptual
framework

4) Proposed presentation standard

The components are to be organized along the cash flow features
of a firm value chain where accounting represents the economics
of the firm. KM/ontology have established development protocols.

Accounting Constituent Perspectives

1.Preparers

system view of firm value chain

2.Users

cash flow to firm valuation

3.Auditors


big picture view

4.Regulators

cause and effect & cost / benefit


System Ontology Example






Descriptive Ontology

System Ontology

Account/Line Item/Valuation

Increase/

Decrease

GAAP Codification

Internal

External / XBRL



Cash

+125

305

Current Asset

Balance Sheet/Cash

Sales Revenue



+125



605.15

Revenue

IncomeStatement / SalesRevenueGoodsGross



Cost of Goods



+100



705

Expense

Income Statement / CostOfGoodsSold



Inventory

-
100

330

Current Asset

Balance Sheet / InventoryNet



Earnings

25





Income Statement/Net Income (Loss) Available to Common Stockholders, Basic, Total

Estimated

Stock Price /Share

$2.70

= 25/10 X 12





Stock Valuation