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Meaningful Metrics for a Smart Society
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Date: 2019-12-12 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In my view some universal accounting principles have been superseded by various laws, rules and regulations that allow reporting of financial results that are in conflict with the underlying principles of accountancy but suit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 Sadly, this is no longer universally true because accounting principles have been superseded by various laws, rules and regulations that allow various forms of reporting of financial results that are in conflict with the underlying principles of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

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TrueValueMetrics (TVM) is an Open Source / Open Knowledge initiative. It has been funded by family and friends plus donations from well wishers who understand the importance of accountability and getting the management metrics right. TVM is a 'big idea' that has the potential to be a game changer leveling the playing field so the wealth and power is shared on a more reasonable basis between people who work for a living and those that own the economy and the levers of power. In order to be effective, it cannot be funded in the conventional way with a for profit business plan, but absolutely must remain an open access initiative.
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