A new standard for ecommerce is being developed FSML(Financial service markup language).
It is a subset of SGML and a sister of XML and perhaps XBRL.
My friends, this standard will allow people to generate echecks, digitally sign them and send them.
FSML is designed to support electronic checks, ACH payment authorizations, ATM network transaction authorizations, and variations of a check, such as a postal money order or gift certificate.
I think other implementations could include using these digital authorisation procedures in accounting systems.
Keep a look out for this technology which is going to further revolutionse plastic money... In Japan mobile phone is being used as a debit card.. which is ofcourse another technology. However, I believe FSML will revolutionise money transactions by allowing for echecks to be transmitted from handheld devices... sounds interesting???
By the way, when ICAP is starting a chapter for XBRL? or Will it be always a follower?
Thoughts..comments
Hmmm... sounds interesting
It would be great if u could point out some good websites on this topic.
Regarding XBRL, ICAP's buddhas probably don't even know that such technology exists, let alone its application and benefits.
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Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
Hi friends!
Don't mind me asking this questionDo u guys own technology stocks at NASDAQ! Man it sounds like pump and dump strategy. U know any time, one of these new term is coined, people say oh this is the best thing since sliced bread was invented. To tell u the truth, most of these technologies are at incubating stage. They have not seen the light of real world. It would be years before these things affect our lives. I am not saying don't be prepared. All i am saying stop raising the bar for these technologies so high that u get nothing but disappointment in the end.
Sorry for being party spoiler.
take care
my dear friend
these are here and for us to see
if we elect to bury our heads in the sand it wont do any good
practical
see emerging techologies papers on AICPA website
MICROSOFT, SCANIA and others are using XML to report their financial statements .. of course these are trial runs but you can now access a lot of data in XML format.
visit
www.echeck.org and see the implementation of FSML in US treasury...
FYI I dont own anything in NASDAQ and would anyway prefer to keep my money at home .. (our stock market have outperformed every other market)
... of course I ll be coming back to this forum as often as I can to give a little wake up call.
... XBRL.. starting a chapter is no big deal.. we only need the asheerbaad of ICAP or some othe accountancy body.. I have checked the procedure..
www.xbrl.com
the only problem is getting the registration fee.
anyway thanx for your comments
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Hi CPB!
As i noted in one of my other postings, people on this board either don't read the postings carefully or they always like to rush to judgement. If u read my posting again, i clearly said that i am not against being prepared for these technologies. But every technology is not relevant in every situation. What computer firms are doing in other countries does not mean it is suitable for our enviornment or stage of development. Give me an example of one Pakistani company that is using XML for producing their F/S?
See that is the problem, we can talk about these technologies till the cows come home, but this will be a theoritical debate. Unfortunately, the situation is far different in our neighbouring country where good quality education has produced real winners.
Can anybody answer why india is exporting 40% of world software, and what is Pakistan's share in world software market? Watching the Pakistani professional compete with indian counterparts, yes i feel like putting my head in the sand for a long while.
Let us not talk, go out in the world and prove ourself.
As far investing in Pakistani markets...hymmm..could u tell me the total market cap of all Pak exchanges togeter in US $ terms. I doubt if they will equal Microsoft market value alone. My personal advice to friends, Pakistani market lacks breadth and liquidity (how many of KSE 100 stocks trade actively every day) and it is over bought at the moment. If i were u i will take some profits off the table at this stage.
Good luck<img src=icon_smile_cool.gif border=0 align=middle><img src=icon_smile_cool.gif border=0 align=middle><img src=icon_smile_cool.gif border=0 align=middle>
Edited by - Pervez on Aug 28 2003 043449 AM
well i wont check because the comparison is not correct... who would compare world's richest company with a 3rd world stock market..
People always miss the point.. availability of technology is what it makes us equal to the first world... regarding implementation.. well it requires political will and will by the people.
I am not idealistic but we should always look beyond the sky directly above us.. my contribution to this form is for all the forum's members to read and learn about these happenings.
we can talk endlessly about the state of affairs here and things need to change and these will. The world is so intertwined that if we dont want to change then we will be forced to change.
Finally these things are relavant to guys who want a broader picture.
I agree KSE is overbought, so does is DJIA ...
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Hi CBP!
On what basis did u conclude that DJIA is overbought?
<font color=red>P/E R,P/B R, P/S R, EPS, Black-Scholes, DDM, Elliot Wave, etc. That will keep u occupied for a few weeks </font id=red>
I will love to know which method did u use to arrive that conclusion.
Take Care
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Edited by - Pervez on Aug 30 2003 030638 AM
Edited by - Pervez on Aug 30 2003 031220 AM
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Thanks God I am not a stock market analyst.. frankly some of the names you hav mentioned never came across me <img src=icon_smile.gif border=0 align=middle>
however watching CNBC sometimes helps...
my opport cost is too high to spend even few hours <img src=icon_smile_cool.gif border=0 align=middle>
take care
Hi CBP!
Quote"I agree KSE is overbought, so does is DJIA ..."
"Thanks God I am not a stock market analyst"
That is precisely my point. We should think a few times before making blanket statements. Don't worry i have done it myself so many times that i feel guilty to point this out to you. Hey, that is the beauty of life, we all are growing up and learning something new every day.
Don't take life too seriously, we all will go empty-handed like Mr. Sikander Lodhi(poor fellow invaded india 7 times, if he knew better he would have spent the time on vacation in Hawai!!)
By the way, do u all get CNBC in Karachi. I didnot know that. If it is true, good for Karachi wallas!
Take care
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Edited by - Pervez on Sep 04 2003 045321 AM
Edited by - Pervez on Sep 04 2003 050306 AM
Well Pervez ... Karachi isnt on Mars exactly, so we do get our share of Bloombergs, CNBCs and CNNfns. <img src=icon_smile.gif border=0 align=middle>
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Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
<font color=red>My dear Guybrush</font id=red>
I am glad i managed to elicit some response from the big Kahuna himself!!! No need to be testy my friend. No, my remarks were not intended to be a put-down. However, judging from some of the opinions expressed on this board, i am not too sure about this Mars thing. Besides, we don't need a mircle to send digital signals to Mars now.
I hope these networks have urdu sub-titles, otherwise, ninty percent of CNBC viewers will think Joe Kernan is a rude puppet!!!!
Take Care <img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle>
Edited by - Pervez on Sep 05 2003 054221 AM
Guys........ what do you mean?????
We aren't on Mars <img src=icon_smile_shock.gif border=0 align=middle> <img src=icon_smile_question.gif border=0 align=middle> <img src=icon_smile_shock.gif border=0 align=middle> <img src=icon_smile_question.gif border=0 align=middle> <img src=icon_smile_shock.gif border=0 align=middle> <img src=icon_smile_question.gif border=0 align=middle> <img src=icon_smile_shock.gif border=0 align=middle> <img src=icon_smile_question.gif border=0 align=middle> <img src=icon_smile_shock.gif border=0 align=middle> <img src=icon_smile_question.gif border=0 align=middle>
Well... judging by the size of craters we have on our roads, it seems more probable that Karachi is on the Moon rather than Mars. <img src=icon_smile_big.gif border=0 align=middle>
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Arrrgh... it sure's gonna be mighty rough sailin' today ... mates!
Let us settle on a middle ground...We say men in Karachi are from Mars and women are from Moon. That will make me an ex Martian..
No wonder my better half sometimes demands "E.T. GO HOME"
Have a nice day!!!
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<BLOCKQUOTE id=quote><font size=1 face="Verdana" id=quote>quote<hr height=1 noshade id=quote>
Let us settle on a middle ground...We say men in Karachi are from Mars and women are from Moon. That will make me an ex Martian..
No wonder my better half sometimes demands "E.T. GO HOME"
Have a nice day!!!
<img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle><img src=icon_smile.gif border=0 align=middle>
<hr height=1 noshade id=quote></BLOCKQUOTE id=quote></font id=quote><font face="Verdana" size=2 id=quote>
comeon yaar, there is no 'ground' between Mars and Earth....only empty space......
atleast thatz what the scientists says....though they also say that Earth is not flat ......(baaaahhhh)....who they are kidding???
if the earth was "Round", we would have fallen over by now <img src=icon_smile_approve.gif border=0 align=middle>
Edited by - bowman on Sep 05 2003 44105 PM