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Date: 2019-07-17 Page is: DBtxt001.php list0300-Data-validation-1

Definitions for TrueValueMetrics
Data Validation

In money profit business accountancy, the system is designed so that the data are accurate and represent the money transaction correctly. The whole process of accounting and reporting is controlled with considerable rigor.

Modern accountancy seems to have deteriorated based on some high profile events in corporate reporting, whether it is events like the Enron bankruptcy or the implosion of the global financial sector. While these are serious failures in the accountancy sector, they are outliers, with most business financial reporting very reliable.
In the broader society the data are limited, and very broad generalizations are commonplace based on use of statistics. Most of the time, this is better than nothing ... but something better is needed.

It should be relatively easy to be assured that the data are what they purport to be. Data should be easy to verify ... and data that cannot be verified should be treated with the utmost caution. It is relatively easy to verify data where the data are clearly identified as to time and place.

In my view some universal accounting principles have been superseded by various laws, rules and regulations that allow reporting of financial results that are in conflict with the underlying principles of accountancy but suit various stakeholders in the process.

Verified data One of the first steps should be to assure that the data are what they purport to be. Data should be easily verified ... and data that cannot be verified should be treated with the utmost caution. Sadly, this is no longer universally true because accounting principles have been superseded by various laws, rules and regulations that allow various forms of reporting of financial results that are in conflict with the underlying principles of accountancy but suit various stakeholders in the process.



The text being discussed is available at


TrueValueMetrics (TVM) is an Open Source / Open Knowledge initiative.
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the importance of accountability and getting the management metrics right.
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