Todd is probably as guilty as me of assuming everyone has familarity with the language he is at home with.

That having been said, if we remove:

(a) artificial accounting barriers between enterprises by connecting transactions together;

Survey of Waste

and

(b) the constraint of time - ie we account for value flows rather than attempting to take "snapshots" at a point in time;

then the resulting savings in adminstration, and the improvement in our understanding of an enterprise as an economic entity will be phenomenal.

Note here that the "Capital Partnership" I advocate - where production or revenues are shared between financier and user of finance for an indefinite time ie to all intents and purposes an "evergreen" lease - acts to remove the time constraint implicit in debt, leases, and all other contracts/obligations of defined duration.

You may well find his site heavy going - I know I do - but his fundamental insights into web-based accounting and its relationship to the Reality of everyday commerce are quite stupendous IMHO.

"The future is already here -- it's just not very evenly distributed" William Gibson