Digital Financial Reporting/Digital Financial Reporting Principles

The following are digital financial reporting principles.

  1. Recognize that the goal is the meaningful exchange of information readable by both humans and machines
  2. Meaningful exchange requires prior existence of agreed upon technical syntax, business domain semantics, and business domain workflow/process rules
  3. Recognize that even if SEC filing rules and the US GAAP XBRL Taxonomy may allow for ambiguity; approaches do exist where SEC filings rules can be followed and information is consistent, explicit and unambiguous
  4. Recognize that being explicit contributes to the unambiguous interpretation of reported information
  5. Strive for consistency
  6. Recognize the difference between presentation and representation
  7. Recognize that a financial report must be a true and fair representation
  8. Recognize that financial reports contain a discrete set of report elements which have specific properties and relations
  9. Recognize that digital financial report elements can be categorized into common groups which have common relevant properties
  10. Recognize that each category of report elements has allowed and disallowed relations
  11. Recognize and respect relations between SEC Level 3 [Text Block]s and SEC Level 4 Detail disclosures
  12. Recognize the existence of and properly respect and represent intersections between financial report components
  13. Recognize and respect fundamental accounting concepts and unchangeable relations between those accounting concepts
  14. Recognize and respect common financial report component arrangement patterns
  15. Recognize and respect common member arrangement patterns
  16. Avoid mixing or run-together concept arrangement patterns
  17. Avoid mixing distinct characteristics and concepts
  18. Recognize need for both automated and manual verification processes
  19. Recognize that concepts cannot be moved between fundamental accounting concept categories or classes
  20. Recognize that concepts reported within a financial report can be grouped into useful sets or classes
  21. Avoid unknowingly changing information representation approach midstream
  22. Avoid inconsistencies in network identification
  23. Recognize that characteristics apply to all reported facts within a report component
  24. Recognize that rendering engines render presentation differently but the meaning is the same across all rendering engines
  25. Recognize that the number of members in reported set does not change the characteristics of a reported fact
  26. Label networks with meaningful information
  27. Understand that every financial report has one report frame or report pallet

For details see: Digital Financial Reporting Principles