FASB and US GAAP "Go Semantic"!

You know, I never thought I would see the day; but here we are!  The Financial Accounting Standards Board (FASB) has published information about US GAAP semantics in global standard machine readable form.

The IFRS Foundation has done the same for International Financial Reporting Standards:
(This is my working prototype of AASB 1060 XBRL Taxonomy)
The GAAP meta model representation uses Accounting semantics  arcroles 1.0 first created by Campbell Pryde, the CEO of XBRL US but have subsequently been published by XBRL International as a global standard recommendation.

One thing that is incredibly interesting and useful is the capability to view and link to specific information in a tool provided by the FASB.  For example, if you click here you will be taken to specific information about inventory valuation reserves which includes references to the formal Accounting Standards Codification (ASC) published by the FASB.

As I see it, this is a milestone in financial accounting, reporting, auditing, and analysis.  This is a game changer.  People will be able to see and understand this soon enough.

Academic papers have called for publishing accounting standards in ontologies for years.  Well, here you go!  Granted, this is just a start...but it is a start.

Very nice work FASB!

What would be really great is to create the metadata for the AICPA's FRF for SMEs.  That can help accountants get their heads around what this "digital" stuff can be used for.  Maybe IFRS for SMEs also. Or, maybe AASB 1060 which is the equivalent to IFRS for SMEs for Australian companies.

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