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Portrait of Luca Pacioli (1445–1517) | Father of Modern Accounting

We find few ANSI-accredited financial service standards developers that have direct, meaningful effect upon #TotalCostofOwnership of the real assets of the education industry; though (like the education industry) the finance sector is heavily regulated by national governments; ideally informed by the leading practice discoveries of several industry consortia*.

The financial sector runs upwards of 15-20 percent of many national economies; the United States among them.  This sector may beyond the capability of any one organization that provides transparency, balance and openness to its stakeholders (i.e. all 195 nations on earth).

We find that the existing suite of financial service standards coming from Geneva are too high level to have a direct and perceptible effect on money flow through a nearly $500 billion industry.   At the very least this sector, like any other, needs a shared understanding of its core vocabulary and terms of art; even as a common understanding often requires context.

For the moment, let us acknowledge Technical Committee 68 of the International Standardization Organization for which the American National Standards Institute is the Global Secretariat.   The prospectus of this standardization project is linked below:

ISO/TC 68 Financial services: Background, structure and information

There is not a lot that we can do in this domain but there are a few things we can do.

(1) We limit our interest to the arcane and rather dreary world of tax-free bonds that school districts, colleges and universities rely upon to fund capital improvements and “continuing operations”.

(2) The work of this committee may interest business school and/or international studies students.

(3) Finance staff on the business side of the education industry, who would like to keep pace with the rollout of smart contracts in grant and infrastructure enterprises,  are encouraged to communicate directly with Accredited Standards Committee X9, Inc. for more information about the US Technical Advisory Group.  Janet Busch is listed as the contact person ([email protected]).  Our colleagues in other nations interested in participating should communicate directly with Stefan Marinkovic at the ISO Offices in Geneva ([email protected])

We keep all ISO standards on the standing agenda of our periodic Global and Fintech colloquia.   See our CALENDAR for the next online meeting; open to everyone.

Issue: [16-135]

Category: Finance, International, Blockchain

Colleagues: Mike Anthony, Christine Fischer, Richard Robben

More

Financial Services: Sizing the Sector in the Global Economy

ANSI: Introduction to Standards