Tip: How to view Fundamental Accounting Concept results

It has come to my attention that some of our customers are still using only the validation results (i.e., the "Validation" link) to identify areas of a filing that require review.  This mechanism is great for automated systems, or for extremely detailed messages when such detail is required.

The Evidence Package, however, is really much more efficient for humans to use, generally:

1. Verification can be viewed in Context.  For example, if a Roll Forward doesn't add up on the Balance Sheet, the fact (value) that doesn't add up is highlighted on the Balance Sheet.  This is clearly much better than looking at a number in a "signal", and trying to figure out what that means.
2. The validations are grouped by Business Rule Set on the "Overview Perspective" tab.  This provides a quick way to peruse all EFM errors, all Roll Forward tasks, etc.
3. Some detail--especially for Fundamental Accounting Concepts--doesn't exist on any report except for the Evidence Package.  See image below:

Understanding Report Frames

By now, you are all using the simplest form of our Fundamental Accounting Concept Validation.  The current validation is our first serious foray into validating that the filings are valid from a U S GAAP perspective.  This takes into account not only the XBRL tagging, but also the true U S GAAP guidelines (XBRL notwithstanding).

The next revision of our software digs deeper into the organization and intent of the financial statements.  In order to do this, we are using a notion called Report Frames.  A Report Frame is a code that indicates meta-data about the filing.  This metadata includes for example:

• The industry or activity
• If the Balance Sheet is Classified or Unclassified
• If the Income Statement is Single- or Multi-step
• Much more!

As we move forward, it is imperative that our customers understand how the Report Frame codes interact with their filing, and the validation of their filings.  To that end, we encourage you to gain insight into Report Frames, and how those codes interact with our validation.  Therefore, the Summary Information About Conformance With Fundamental Accounting Concept Relations document is a must read!