XBRL-based Digital Financial Reporting

A golden record is the valid version of a data element (record) in a single source of truth system.  Sergey Nazarov explains the notion of a unified golden record in the video, The Unified Golden Record for Tokenized Assets .  A unified golden record is an "on chain" golden record related to some financial asset which is cryptographically proven and guaranteed and any counterparty has access to. So, rather than having silos of information you have one unified golden record that is maintained and updated. What seems to be going on is that what had been separated are now being connected. Data is becoming directly connected to value. In the past, separate systems that needed to be reconciled is becoming one connected system. This video,  Rebuilding the World In a Blockchain Format , has more information. This is no longer just a bunch of "crypto bros" talking about this sort of stuff.  See this presentation hosted by the U.S. Treasury Department, Digital Assets and t...

The IFRS AU XBRL taxonomy is published  here: ASIC Financial report (FINRPT) Actual file locations on the internet provided by ASIC: IFRS AU Core Concepts (taxonomy schema) Labels Entry Point Human Readable Rendering of above information in simple format: ASIC-IFRS-AU Information about IFRS FULL Taxonomy IFRS Taxonomy Illustrated PDF explaining taxonomy Seattle Method Prototypes of ASIC-IFRS-AU Original XBRL Taxonomy as published Prototype P1 Reorganizes taxonomy Added rules to test high level relations Represented balance sheets, income statements, statements of OCI components, and cash flow statements. Example report at this point Verification results Prototype P2 -  ASIC-IFRS-AU-P2 Reference Implementation (Entire XBRL Taxonomy) (This is still a work in progress) ASIC-BSC-ISF-OCIN-CFD Report using Luca Suite Basic Viewer Inline XBRL Autogenerated by Luca Suite Pacioli Technical Analysis (OK) Types Types (XBRL definition relations) Types (High level only) ASIC-BSL-ISF-OCI...

In the document, Understanding Model-driven Standards-based Semantic-oriented AI-powered Financial Reporting , I provide a high level overview of a new paradigm of financial reporting.  That new paradigm is: Model-driven (as contrast to the current traditional approach of typing information into a document or spreadsheet) Global standards-based (as contrast to proprietary) Semantic-oriented (you work with "things" not "strings") Artificial intelligence powered (specialized software for working with model-driven financial reports actually can understand and interpret the financial report information it is working with) Controlled customization (meaning, the financial report model is not a standardized form, rather it is a customizable model that is controlled to keep accountants within permitted boundaries or guardrails) Effectively, the financial report is a global standards-based knowledge graph that is machine-readable, machine-interpretable, and therefore mach...

The FASB has published a GAAP Employee Benefit Plan Taxonomy . Per the Employee Retirement Income Security Act of 1974 (ERISA),  pension and welfare plans with 100 or more participants are required to provide an audited financial statement.  Smaller plans may not need an audit.  According to EBSA there are approximately 801,000 private retirement plans and 514,000 other welfare benefit plan.  About 87,000 of those plans are audited. I created a quick and dirty HTML page which shows what in in the US-GAAP-EBA Taxonomy . The XBRL taxonomy looks very consistent to the other XBRL taxonomies published by the FASB. You can view the taxonomy here in this taxonomy viewer also. For more information, see this post by the FASB on LinkedIn , the EBSA website , and this FASB press release . Additional Information: Modern Accountancy XBRL is an Extra Fancy Knowledge Graph

You learned much of what you need to know about semantic web fundamentals in fifth grade. Remember the class that covered grammar; specifically subjects, objects, and predicates ?  A sentence conveys a complete thought.  Every complete thought has a subject, an object, and a predicate which connects a verb with the object.  Subjects and objects are both nouns. To provide a quick refresher and to constrain what we are doing a bit.  Sentences can be declarative (making a statement), interrogative (asking a question), imperative (giving a command), or exclamatory (expressing strong emotion). First, we are less interested in all sentences, we are mainly interested in one category of the sentence called the "statement". (We are not interested in sentences that are "questions" like, "What is your name?" and we are not interested in sentences called "commands" like "Stop!". Are focus will be the statement .  A statement asserts or declares som...

There are now three converging logical conceptualizations of business information: XBRL International's Open Information Model (OIM) The Seattle Method which is based on XBRL and focused on achieving very high quality financial report information Object Management Group's (OMG) Standard Business Report Model (SBRM) which provides a logical conceptualization of a business report in RDF/OWL/SHACL. XBRL has been around since 2000 but never defined the business report model particularly well.  I tried to get such a logical conceptualization documented since about 2008.  I created my first logical conceptualization of a financial report, a specialization of the more general business report starting, in about 2012 which evolved to what I now call my Seattle Method.  OMG came up with the idea of the Standard Business Report Model (SBRM) in about December 2018 at a Financial Information Business Ontology (FIBO) meeting where I did a presentation on XBRL. OMG describes SBRM su...