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Subject: RE: [office-formula] "settlement The settlement date."
I think there is a continuing misunderstanding on what those "lists of terms" are. I would like us to clear that up before we get too deeply into massaging things. 1. Let's be specific and look at 5.12.2 ACCRINT, the first occurrence of "settlement" in the OpenFormula specification. 2. It appears to me that the list under Semantics is misplaced, since terms like "settlement date" are not being defined here but presumed to be defined elsewhere. I suggest that the list issue The security's issue or dated date. first The security's first interest date. settlement The security's settlement date. coupon The security's annual coupon rate. par The security's par value, that is, the principal to be paid at maturity. frequency The number of coupon payments per year. basis The type of day-count basis to use; see section 3.10.6 would best be under the heading "Parameters" and placed either directly under the Syntax: entry or the Returns: entry, depending on which is the most readable in general. The Semantics heading would not be moved (and more semantic detail is doubtless called for). 3. With this rearrangement, I trust that it is more clear that the phrases on the right are not definitions of the term-like words on the left. They are phrases for the nature of the value that is to be supplied to the function for the so-identified parameter. (Cf. the Syntax: line.) The use of italic text here is also a clue that these are not ordinary uses of words as (even-specialized) terms and nomenclature. 4. I think it is a mistake to view the parameter names themselves as anything but symbolic labels for the parameter value that goes in a particular place in the syntax for use of the function in a formula. For example, systematically replacing occurrence of the ACCRINT parameter names with I, F, S, C, P, F, and B, respectively, in the syntax and in the list specifying what the parameter values represent would change nothing. The right-hand phrases in the list of the parameters would be unchanged however. [The use of the simpler parameter symbols is actually more-useful for transposition of the OpenFormula specification into another language, since translators would know *not* to translate those symbols.] 5. Being more precise about how "settlement date" is to be understood goes elsewhere, perhaps in the Semantics or in a preceding section of common terms used in the description of these financial functions. There is a lot more that could be in the Semantics section about what these parameters represent and how they are calculated with. - Dennis FURTHER OBSERVATIONS 6. It would probably be very helpful to specify how this layout works and what the parts are in Chapter 1, either as a subsection of 1.2 or a section following 1.2, although I can understand why it is thought to fit the narrative in flow in 5.2. The use of typographical distinctions should be explained as well. 7. I notice that some of the parameter types are shown in italic text in the Syntax prototype, and some are not. It would be useful to use italic text only for the parameters and use regular (Capitalized) text for the name of a parameter's data type. 8. I also note that one could omit "Calculates" altogether from the Summary: phrase. 9. With regard to the Returns: entry, one could say "Currency value of the accrued interest" (and "accrued interest" needs to be defined more precisely as well, elsewhere, of course). 10. There are some technical details that need to be examined as well. For example, if the accrued interest is returned as a value of Currency type, then it should probably be Currency par, not Number par. There are also many factors revealed in the test cases that should be explicit in the semantics. The test cases should not be necessary for determining what the rule of calculation is. 11. There is also a problem of taking an exemplary use of this calculation as the definition of it. ACCRINT works for any fixed principal amount for which fixed-interest payments are made at periodic intervals between two calendar dates (and particular treatment of basis and edge cases). It is not necessary to speak of securities, par value, and other terms specific to particular securities-industry contexts. One might introduce a note concerning the exemplary use for those wondering what an application of ACCRINT might be, but it would be great for that not being definitional. If we make it definitional we run into problems with the calculation being done differently in different situations and rules of accounting and trading in securities. We should define what the OpenFormula ACCRINT function is so that it can be calculated consistently across multiple implementations. It is the responsibility of others to know when that specific calculation is appropriate in a given financial activity. -----Original Message----- From: Patrick Durusau [mailto:patrick@durusau.net] http://lists.oasis-open.org/archives/office-formula/200912/msg00121.html Sent: Tuesday, December 22, 2009 12:48 To: office-formula@lists.oasis-open.org Subject: [office-formula] "settlement The settlement date." Greetings! Even assuming (perhaps incorrectly) a uniform semantic: "settlement The settlement date." is meaningless. Standards are about *defining* semantics, for good or ill. Perhaps, "... to boldly define where no one has dared to define before....." ;-) Suggestions for a definition? Hope everyone is having a great day! Patrick -- Patrick Durusau patrick@durusau.net Chair, V1 - US TAG to JTC 1/SC 34 Convener, JTC 1/SC 34/WG 3 (Topic Maps) Editor, OpenDocument Format TC (OASIS), Project Editor ISO/IEC 26300 Co-Editor, ISO/IEC 13250-1, 13250-5 (Topic Maps) --------------------------------------------------------------------- To unsubscribe from this mail list, you must leave the OASIS TC that generates this mail. Follow this link to all your TCs in OASIS at: https://www.oasis-open.org/apps/org/workgroup/portal/my_workgroups.php
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