What is it?
Kajiya (1986): the light leaving a point equals the light it emits plus the integral, over all incoming directions, of incoming light times the material's reflectance times a cosine. An integral equation solved by Monte Carlo path tracing — the method behind modern film rendering.
Formulas
Why does it matter?
Pixar's RenderMan, Blender Cycles and Arnold are Monte Carlo estimators of this integral; denoisers (often neural) clean up the noise.
The mathematics behind it
The colour of a pixel is an integral of incoming light over directions.
Lighting integrals run over the hemisphere of directions and over areas of light sources.
Radiometry (flux, irradiance, radiance) is built on surface and solid-angle integrals.
This page has the essentials. A fuller treatment (intuition, formal definition, worked example) is on the way.