Digital Financial Reporting

Today, there are a multitude of personal financial statement formats.  For example, here are a handful of different personal financial statements: 

• General Purpose Personal Financial Statement (From TemplateLab)
• U.S. Small Business Administration Personal Financial Statement
• U.S. Bank Private Banking Personal Financial Statement
• Universal Surety of America Personal Financial Statement
• TemplateLab 40+ Personal Financial Statement Templates
• Sample.net 34+ Sample Personal Financial Statement Templates

Imagine one high quality universal personal financial statement.  I talked about streamlining personal financial reporting in another blog post.

In fact, I created a personal financial statement XBRL taxonomy.  I did this for two reasons.  First, I think there needs to be a set of universal personal financial statements.  Second, this is an excellent learning tool for professional accountants that need to understand how to create a proper XBRL taxonomy for financial reporting.

The current US GAAP and IFRS XBRL Taxonomies are more "pick lists" that are intended for humans to use.  An XBRL taxonomy should be for both humans to use but also for computers to use and leverage.  I am thinking of holding some classes and help professional accountants understand what makes a good XBRL taxonomy and why.  If you are interested please contact me and let me know.