Project for Graduate Accounting Students

Here is one possible project for graduate level accounting students that can help them understand the moving parts of XBRL-based digital financial reporting using off-the-shelf state-of-the-art software.

Imagine a regulator.  The regulator (the professor of the class or a graduate assistant) publishes a financial reporting scheme that is used to collect information from a set of regulated economic entities (each of the students in the graduate level accounting class).  Each economic entity submits a report to a repository of XBRL-based reports maintained by the regulator, soft of like the Securities and Exchange Commission's EDGAR system.

Here is what I hold out as a high-quality PROTOTYPE of a financial reporting scheme used to collect financial information, my PROOF financial reporting scheme which I use for testing ideas, software, creating XBRL-based reports, etc.

Here is an example of a report created using that PROOF financial reporting scheme:

Here are different versions of that report:

(Inline XBRL in Viewer | Luca Basic Sharable Viewer | PDF | Autogenerated HTML | Raw XBRL)

Here are the verification results of the report: (click here to get to actual verification results on IPFS)


Here is a prototype report repository that contains: (click here to get to the actual report repository)

BASIC - A basic set of tasks might be for graduate students to:
  1. Use the PROOF financial reporting scheme to create, verify, and  submit a report to a repository.
  2. Pay attention to the different reporting styles which could be used to create a report.
  3. Can you prove to yourself that the report is, in fact, created correctly?  How do you know?
  4. Extract report information using an Excel-based report extraction tool provided.
  5. What issues exist related to extracting information from the set of reports each of the graduate students created?
  6. Create a report using provided financial reporting scheme TEMPLATES.

MEDIUM - A little more advanced set of tasks and topics:

  1. Use one of the other reporting schemes such as the MINI financial reporting scheme or the AASB 1060 which is a much more sophisticated reporting scheme.
  2. Verify the created report using Arelle; discuss differences.
  3. Create a report by IMPORTING information from Excel and/or JSON.
  4. Experiment using JIGS to create a report.

ADVANCED - More advanced.

  1. Create your own financial reporting scheme.
  2. Compare and contrast the AASB 1060, US GAAP, and IFRS XBRL taxonomies and discuss similarities and differences.
  3. Create and verify a FULL AASB 1060 financial report using one of the several different reporting styles.
TOOLS - Use your own tools if you prefer, or use tools provided by Pacioli.ai
  • Luca Suite used for creating and verifying XBRL-based reports. (This video playlist walks you through creating each piece of the PROOF report using Pacioli.ai's Luca Suite MANUALLY.  The last two videos also show creating the report by IMPORTING report information from Excel or an API and LOADING the report model from templates provided for the PROOF financial reporting scheme.

Additional Information: 

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