BLOG: Digital Financial Reporting
This is a blog for information relating to digital financial reporting. This blog is basically my "lab notebook" for experimenting and learning about XBRL-based digital financial reporting. This is my brain storming platform. This is where I think out loud (i.e. publicly) about digital financial reporting. This information is for innovators and early adopters who are ushering in a new era of accounting, reporting, auditing, and analysis in a digital environment.
Much of the information contained in this blog is synthasized, summarized, condensed, better organized and articulated in my book XBRL for Dummies and in the chapters of Intelligent XBRL-based Digital Financial Reporting. If you have any questions, feel free to contact me.
Entries from February 12, 2012 - February 18, 2012
Verifying that SEC XBRL Financial Filings are Correct
Assurance on XBRL instance document: A conceptual framework of assertions, by Rajendra P. Srivastava and Alexander Kogan which was published by the International Journal of Accounting Information Systems concludes:
we come to a conclusion that there seems to be a general lack of conceptual framework of assertions that would make the assurance process effective and efficient
While you may not be interested in having your SEC XBRL financial filing go through a third party assurance process to verify it is a true representation of what is also in the HTML version; you will want verify for your own edification that it is correctly created.
This paper provides a list of many of the things you will want to do in order to make sure your SEC XBRL financial filing is correct; but it points out that it is not necessarily a comprehensive list.
The AICPA's Statement of Position (SOP) 09-1 also provides a list, but that is likewise only a partial list.
Other partial lists exist.
But where is the definitive, comprehensive set of detailed procedures which, if executed appropriately, would yield a verifiability correct true representation of a SEC XBRL financial filing?
Stay tuned...I am working on that comprehensive set of detailed procedures.
Charlie
in Digital Financial Reporting
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Financial Report Semantics and Dynamics Theory
The Financial Report Semantics and Dynamics Theory is an expository paper which explains the semantics and dynamics of a financial report in terms usable by both business professionals and software developers.
Information within this theory has been evolving for many years. One big step in the evolution came with the white paper XBRLS: How a Simpler XBRL can Make a Better XBRL. Another big step was the idea of the Business Reporting Logical Model which was based on ideas created by work from the XBRL International Taxonomy Architecture Working Group. Analysis of the many, many SEC XBRL financial filings also contributed.
Many other bits and pieces helped pull the ideas summarized concisely within the Financial Report Semantics and Dynamics Theory. More and more people are understanding that some sort of logical model is necessary to achieve what is hoped to achieve with XBRL and make working with XBRL easier for business users.
Be sure to check out the prototype financial report creation application which consolidates lots of ideas shared by this blog over the years.
Stay tuned...more to come! If you care to create a proof which validates or refutes the theory, please contact the document authors.
Charlie
in Digital Financial Reporting
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