I make it my business to understand how certain things work. What I have discovered is that if you understand how something works, then you have a better understanding of what you can do with it and what it will not work for. Back when the Web was growing in popularity (early and mid 90’s), I took a year off from work to study the Web because I thought it was important and I did not have the time to make the investment that I felt I wanted to make while having a day job. That investment paid huge dividends for me in my career as a CPA.
Web 3.0, referred to as theSemantic Web,is a similar deal. There is a difference this time; I don’t have to take a year off. I actually get paid to understand these sorts of things now. What I want to understand is exactly how XBRL fits into the Semantic Web.
Probably for five or more years I have been trying to truly grasp what is meant by “the Semantic Web” and how the Semantic Web will impact CPAs, internal and external financial reporting, and business in general. Plus I wanted to know how XBRL will fit into the Semantic Web. I cannot say that I am totally clear on the impact that the Semantic Web will have on business, but I am getting an idea. What is becoming clear is how and why the Semantic Web will work and XBRL’s role.
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