Professional Study Group for Digital Financial Reporting

Digital financial reporting is a thing.  The IFRS Foundation explains digital financial reporting in an article, Digital Financial Reporting - Facilitating digital comparability and analysis of financial reports.

OFFICIAL VERSION: The IFRS Foundation publishes an XBRL taxonomy for IFRS for SMEs (2024).  You can find official information about that XBRL taxonomy here on this web page, IFRS for SMEs as Published by IFRS Foundation (2024). (Also see this PDF, IFRS Taxonomy Illustrated.)

Since that official XBRL taxonomy is effectively a "pick list" created from the perspective of standards setters (i.e. not very practical, easy to use, and intended for ease of use by reporting economic entities); 

ENHANCED VERSION: I have created an enhanced version of that same XBRL taxonomy, see IFRS for SMEs 2024) - ENHANCED (Work in Progress).

The enhancements make the IFRS for SMEs XBRL taxonomy more useful in many different ways.  The enhancements are driven by the Financial Statement Mechanics and Dynamics which is the core of the Seattle Method.

A professional study group of accountants is using IFRS for SMEs to better understand the ins and outs of XBRL, XBRL-based taxonomies, digital financial reporting, and model-driven reporting.

The following are models which show where the IFRS for SMEs 2024 enhanced XBRL taxonomy is going: (These are progressively larger and larger XBRL taxonomies used for testing software and training. For more information see Platinum Examples)
This document, Showcase of XBRL-based Digital Report Capabilities, helps you understand the financial reporting use cases of digital financial reports.  Each report MUST comply with the theories of Financial Statement Mechanics and Dynamics:
  • Theory of Physical Format Independence: Financial logic is the same when represented using XBRL, RDF, labeled property graph (LPG), or logic programming.
  • Theory of Mathematical Integrity: Financial statements foot, cross cast, tick, and tie.
  • Theory of Model Structure: Report models are consistent, describable, and explainable.
  • Theory of Information Blocks: A financial report can be broken down into blocks of information.
  • Theory of Fundamental Accounting Concepts and Reporting Styles: There are different financial reporting styles which can be used and each has logical patterns of high-level financial statement line items (sub totals and totals).
  • Theory of Types and Parts: Financial statement pieces are identifiable and can be categorized in to distinguishable types and parts.
  • Theory of Disclosures and Disclosure Mechanics: Individual information blocks contained within a financial statement can be identified as being a specific financial disclosure.  Each specific financial disclosure can be described by a set of disclosure mechanics rules that explains the essence of that disclosure.
  • Theory of Reportability: What must be provided within a financial statement is explainable.

Additional Information:


MASTER ENHANCED VERSION FOR REVIEW: (Updated Thursday May 1, 2025, all networks completed)
Iteration #6
Iteration #7 - All Blocks Fixed (Hopefully)
Iteration #8 - Disclosures Created, 100% of Disclosures (first draft, 165 Disclosures)
  • Disclosures (XBRL taxonomy schema)
  • Topics (XBRL Taxonomy schema)
  • Disclosures organized into Topics (XBRL definition relations)
  • Disclosure Mechanics Rules (XBRL definition relations; about 174 disclosures, 1 software bug related to roll forward info)
  • Blocks and Disclosures (230 information blocks, 16 "Uncategorized" information blocks indicating some sort of issue:  12 related to roll forward pattern issue, 1 relates to missing [text block] in IFRS for SMEs taxonomy, 1 relates to software bug identifying "roll forward info" as a "roll forward", 2 other issues being resolved)
  • Validation result (This has some software bug related to not loading one specific file which has no issues.  See, this here.)
  • Tool
  • Example rule
Iteration #9 - Close to Complete Set of Rules; Handful of Inconsistencies, Modeling Errors, Software Bugs
Iteration #11 - "Component" or "Bundle" or "Composite" of Disclosures
Iteration #12 -  Understanding Networks, Components, Hypercubes, Blocks, Fragments, and Disclosures (for additional information, see this link)
Iteration #16 - How? Relationship between a Line Item and a Policy
Iteration #22 - Information Block (Master Class in Representing Financial Statement Logic Using XBRL)

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