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Overview

Background: What is KM /Ontology?

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Overview

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  1. 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. Knowledge Management for the Converged IASB and FASB StandardsZane Swanson Ron FreezeUniversity of Central Oklahoma Emporia State 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 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. System Ontology Example

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