Monday, December 15, 2014

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:

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