The XASB Financial Report Proof of Concept is exactly that, a proof of concept. What I am doing is stealing every good idea of every taxonomy I have been exposed to, using those ideas in this proof of concept and avoiding all the mistakes others have made that lead to problems. This financial reporting proof of concept uses the imaginary XASB accounting standards, so I can avoid any constraints imposed by the FASB's US GAAP XBRL Taxonomy and/or IASB's IFRS XBRL Taxonomy in my working prototype.
Further, any public company can use these ideas to file their XBRL-based financial reports to the SEC. Why? Because that is where I got most of what went into this proof of concept: by reverse engineering public company XBRL filings to the SEC. What this proof of concept does is decouple what the SEC requires that would not be applicable to other financial reporting schemes.
What is the point? To create a perfect, or as near as perfect as possible, zero-defect intelligent XBRL-based digital financial report. Why? Software testing.
Here is my first working prototype:
- Reporting checklist rules (what must be reported)
- Disclosure mechanics rules (logical, mechanical, mathematical relations between the things that make up a disclosure)
- Fundamental accounting concept relations rules (basic accounting relationships within and between disclosures)
- Model structure rules (relationships between the basic structural elements that are used to express disclosures)
- Business rule arcroles (used for representing reporting checklist and disclosure mechanics rules, rules-arcroles.xsd)
- Other arcroles (used for representing other relationships and rules, fro-arcroles.xsd)
- Conceptual model (building blocks of a digital financial report)
- Base XBRL taxonomy (financial and nonfinancial conscepts and characteristics, including XBRL formulas which represent relations between concepts, used to create report)
- Company extension XBRL taxonomy (economic entity specific businesss rules, including XBRL formulas, used to create report)
- Financial report XBRL instance (the actual financial report)
More to come so stay tuned! Don't make the mistake of misinterpreting what you see. Lots and lots of stuff is going to change in the taxonomy itself. Also, the modularity of this is not what I want, so that will likewise change. Also, I need to tune the conceptual model.
If you have any comments or suggestions, please send them to me if you so choose. Great way to learn!
To understand the details, please see Intelligent XBRL-based Digital Financial Reporting.