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:

12 comments:

  1. Excellent blog, quite interesting info. I came across your website on Google. I am going to recommend it to our close friends.
    accounting homework solution

    ReplyDelete
  2. Whatever the size of your business plan, and please work on composing complex thoughts compactly, it ought to be composed with care - after every one of the a decent business plan is a guide to organization achievement!Bluehost review

    ReplyDelete
  3. I found that site very usefull and this survey is very cirious, I ' ve never seen a blog that demand a survey for this actions, very curious... online tax preparation

    ReplyDelete
  4. This is such a great resource that you are providing and you give it away for free. I love seeing blog that understand the value. Im glad to have found this post as its such an interesting one! I am always on the lookout for quality posts and articles so i suppose im lucky to have found this! I hope you will be adding more in the future... corporation tax calculator

    ReplyDelete
  5. Im no expert, but I believe you just made an excellent point. You certainly fully understand what youre speaking about, and I can truly get behind that. tax brackets calculator

    ReplyDelete
  6. Pretty good post. I just stumbled upon your blog and wanted to say that I have really enjoyed reading your blog posts. Any way I'll be subscribing to your feed and I hope you post again soon. Big thanks for the useful info. klarna abrechnungsbericht einlesen

    ReplyDelete
  7. XBRL based Corporate Tax Filing in India
    XBRL stands for Extensive Business Reporting Language which is becoming prominent as a communication and reporting standardized language for the of financial data of the business - taxlegit

    ReplyDelete
  8. I think this is an informative post and it is very useful and knowledgeable. therefore, I would like to thank you for the efforts you have made in writing this article. testbank

    ReplyDelete
  9. This is my first time visit to your blog and I am very interested in the articles that you serve. Provide enough knowledge for me. Thank you for sharing useful and don't forget, keep sharing useful info: Sistema de Depreciacion Fiscal

    ReplyDelete
  10. Nice post. I was checking constantly this blog and I’m impressed! Extremely useful info specially the last part I care for such information a lot. I was seeking this certain info for a long time. Thank you and good luck. 먹튀검증

    ReplyDelete
  11. Wonderful blog! I found it while surfing around on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Appreciate it. 먹튀검증

    ReplyDelete
  12. Your articles are inventive. I am looking forward to reading the plethora of articles that you have linked here. Thumbs up! BizOp

    ReplyDelete