Digital Financial Reporting

I made some adjustments to the rules that support reporting styles.  Here are the NEWEST version of reporting styles for the following reporting schemes: 

• Not-for-Profit US GAAP
• US GAAP
• IFRS
• XASB

The prior format still works, but I would recommend this new format because the logic is more correct.

To determine which reporting style to use for a US GAAP or IFRS reports submitted to the SEC, I have a web service that maps a CIK number to which reporting style that entity uses.  I will likely do something similar for ESMA filings.

Seems like PWC is getting serious about XBRL. See this article by PWC, Achieving Trust and Efficient Financial Reporting Through XBRL.

That article references another really good article The competitive advantage of quality XBRL data.

A while back I mentioned that the AICPA was creating audit data standards. Well, here is more information about what the AICPA is doing with audit data standards. Here is the AICPA audit data standards library. (Here is the GL standard)

It seems that ISO is working on something that appears to be similar which they call audit data services (ISO/TC 295). Also, see the article New International Standard for Auditors Will Improve Data Collection Process.

Engine B appears to be creating an industry standard Common Data Model (CDM) for audit information.

It seems as though the pieces of accounting, reporting, auditing, and analysis in a digital environment are slowly coming together.