MINI Financial Reporting Scheme (Prototype)
Unofficial Draft Proposal
- This version:
- http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/w3c-style-standards-mini.html
- XBRL taxonomy information:
- http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/mini_ModelStructure.html
- Latest version:
- http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/w3c-style-standards-mini.html
- Previous version:
- http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/w3c-style-standards-mini.html
- Editors:
- Charles Hoffman, CPA, XBRL Site <charles.hoffman@me.com>
- Authors:
- Charles Hoffman, CPA.
This document is licensed under a Creative Commons Attribution 3.0 License. This prototype financial reporting scheme is placed in the public domain and is OK for anyone to make use of.
Abstract
This is a prototype of what a financial reporting scheme might look like when XBRL-based digital financial reporting is created.
Status of This Document
This document is a working proof of concept created by Charles Hoffman, CPA. The purpose of this prototype is to test some ideas related to the creation of an XBRL-based taxonomy for a financial reporrting scheme.
This document is a working proof of concept.
How to read this document and give feedback
Please send comments on this specification to charles.hoffman@me.com
Contents
- 1. Purpose and Scope
- 2. Conformance
- 3. Financial Statements
- 4. Financial Accounts
- 4.1. Cash and Cash Equivalents
- 4.2. Receivables
- 4.3. Inventories
- 4.4. Property, Plant and Equipment
- 4.5. Accounts Payable
- 4.6. Acrued Expenses
- 4.7. Debt
- 4.8. Equity
- 5. Broad Transaction Categories
- 5.1. Contingencies
- 5.2. Related Party Transactions
- 5.3. Leases
- 5.4. Business Combinations
- 5.5. Subsequent Events
- 5.6. Discontinued Operations
- 5.7. Postemployment Benefits
- 5.8. Nonmonetary Transactions
- 6. Policies
- 6.1. Cash and Cash Equivelants Policies
- 6.2. Receivables Policies
- 6.3. Inventories Policies
- 6.4. Property, Plant, and Equipment Policies
- 6.5. Accounts Payable Policies
- 6.6. Accrued Expenses Policies
- 6.7. Debt Policies
- 6.8. Equity Policies
- 7. Nature of Business
- 7.1. Nature of Operations
- 7.2. Concentrations of Risk
- 8. Basis of Presentation
- 8.1. Use of Estimates
- 8.2. Changes in Estimates
- 9. Accounting Changes
- 10. Supplementary Information
- 11. Acknowledgments
1. Purpose and Scope
The 'realspace' realm and the 'cyberspace' realm operate in different ways. The purpose of this prototype financial reporting scheme is to help figure out how a financial reporting scheme can be created to leverage the rules governing how cypberspace operates.
A financial reporting scheme is in essence a 'specification' which describes how that financial reporting scheme works. That specification is used to understand how to properly 'construct' financial statements. Software can be used to 'verify' that a financial report has been created per that reporting scheme. Softwaree can use that description to 'extract' information from financial reports and analyze reported information effectively.
2. Conformance
A general purpose financial report created per this specification is expected to conform to the technical specificion of XBRL and the financial reporting logic specified by this financial reporting scheme.
A general purpose financial report should be a true and fair representation in any format including human-readable format and machine-readable format.
This document contains explicit conformance criteria that overlap with some RNG definitions in requirements. If there is any conflict between the two, the explicit conformance criteria are the definitive reference.
Within this specification, the key words 'MUST, 'MUST NOT', 'REQUIRED, 'SHALL, 'SHALL NOT, 'SHOULD, 'SHOULD NOT', 'RECOMMENDED, 'MAY', and 'OPTIONAL' are to be interpreted as described in RFC 2119 [RFC2119]. However, for readability, these words do not necessarily appear in uppercase in this specification.
3. Financial Statements
Financial statements normally include a statement of financial position, a statement of operations, a statement of changes in equity (changes in equity may be disclosed in the notes to the financial statements or as part of another ?nancial statement), and a statement of cash flows. Notes to financial statements are an integral part of such statements, as are the supporting schedules to which the financial statements are referenced. However, nothing precludes the use of this framework when only a single financial statement (for example, a statement of financial position) is prepared. However, if a statement of financial position and a statement of operations are prepared, a statement of cash flows should also be prepared.
4. Use Cases and Requirements
This section is informative.
3.1. Use Cases
The following usage scenarios illustrate some of the ways in which this financial reporting scheme might be used for various purposes:
Report Entity Financial Position and Performance: A reporting economic entity would use this financial reporting scheme to report their financial position at a point in type and their financial performance over a period of time.
Period Comparison: A financial analyst would use this financial reporting scheme to compare the financial postion and financial condition of a reporting economic entity across multiple periods.
Entity Comparison: A financial analyst would use this financial reporting scheme to compare the financial postion and financial condition of many reporting economic entities as of a point in time or for a period of time.
3.2. Requirements
Multicurrency: Multiple reporting currencies are supported.
Extension of Existing Disclosure: Reporting economic entities may append an existing financial disclosure to provide additional information.
Creation of Additional Dislosures: Reporting economic entities may append the set of disclosures to report additional important information which is unique to the reporting economic entity.
5. Features
This section is normative.
Please define the features of the specification here, including the necessary elements, attributes, attribute values, interfaces, methods, and other features.
Authors are encouraged to also describe features in terms of the IDL using Web IDL [WebIDL] blocks inline.
Note: Specification authors are encouraged to use the W3C Typographic Conventions for marking up and styling their documents.
6. Examples
This section is informative.
Provide examples of the usage of the technology here.
7. Security Considerations
This section is informative.
Provide security considerations for the implementation and authoring of this technology here.
7. Standard
The schema for Specification Template 1.0 is written in XBRL [MODEL], a global standard for creating XBRL-based general purpose financial reports. All datatypes in the report uses the datatypes from XML Schema Part 2 [Schema2].
Please add a schema here, and link to external schema files, if made available.
8. References
8.1. Normative References
- [TERMS]
-
MINI Financial Reporting Scheme Terms,
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/mini.xsd. - [STRUCTURES]
-
MINI Financial Reporting Scheme Structures, used to represent information structures;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/mini-roles.xsd. - [TOPICS]
-
MINI Financial Reporting Scheme Topics, used to organize disclosures;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/disclosures-topics/topics.xsd. - [DISCLOSURES]
-
MINI Financial Reporting Scheme Disclosures, used to organize reported information;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/disclosures-topics/disclosures.xsd. - [DISCLOSURES]
-
MINI Financial Reporting Scheme Disclosure Mechanical Rules, used to describe the mechanical rules used to properly represent a disclosure;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/disclosure-mechanics/disclosure-mechanics.xsd. - [REPORTINGSTYLES]
-
MINI Financial Reporting Scheme Permitted Reporting Styles, used to describe the different organizations of reported line items, subtotals, and totals;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/fac/reporting-styles-cm-ref.xml. - [WIDER-NARROWER]
-
MINI Financial Reporting Scheme Permitted Wider-Narrower Relations, used to describe the permitted 'wider-narrower' or 'general-special' or 'type-subtype' associations;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/type-subtype/type-subtype.xsd. - [FAC]
-
MINI Financial Reporting Scheme Permitted Findamental Accounting Concepts and Relations, used to perform continuity cross checks to assure appropriatness of high-level accounting line items within report;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/fac/reporting-styles/MINI-BSC-IS01-CF1_schema.xsd. - [FAC-RULES]
-
MINI Financial Reporting Scheme FAC RULES, used to describe mathamatical relations of high-level financial subtotals and totals;
MINI Financial Reporting Standards Board, 2024.
Available at https://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/mini-formulas-fac.xml. - [MATH-RULES]
-
MINI Financial Reporting Scheme Mathamatics, used to describe mathamatical rules within a financial report using this reporting scheme;
MINI Financial Reporting Standards Board, 2024.
Available at https://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/mini-formulas.xml. - [VIEWER]
-
MINI Financial Reporting Scheme Viewer, tool used to view the published financial reporting scheme;
MINI Financial Reporting Standards Board, 2024.
Available at http://www.xbrlsite.com/seattlemethod/platinum/mini/base-taxonomy/mini_ModelStructure.html. - [XBRL]
-
XBRL Technical Specifications,
XBRL International, 2024.
Available at https://specifications.xbrl.org/specifications.html. - [SEATTLE METHOD]
-
Seattle Method,
Charles Hoffman, CPA; 2024.
Available at http://xbrlsite.com/seattlemethod/SeattleMethod.pdf. - [MODEL FINANCIAL STATEMENT]
-
Model Financial Report Using this Scheme,
Joe Accountant, XYZ Public Accounting.
Available at https://www.xbrlsite.com/seattlemethod/platinum/mini/ref-MINI-BSC-IS01-CF1/LUCA_REPORT.html.
8.2. Informative References
- [SCHEMA2]
-
XML Schema Part 2: Datatypes Second Edition.
P. Biron, A. Malhotra, eds.
World Wide Web Consortium, 28 October 2004.
(See also Processing XML 1.1 documents with XML Schema 1.0 processors
[XML11-SCHEMA].)
This edition of XML Schema Part 2 is http://www.w3.org/TR/2004/REC-xmlschema-2-20041028/.
The latest edition of XML Schema Part 2 is available at http://www.w3.org/TR/xmlschema-2/. - [WebIDL]
-
WebIDL,
C. McCormack, ed.
World Wide Web Consortium, work in progress, 19 December 2008.
This edition of WebIDL is http://www.w3.org/TR/2008/WD-WebIDL-20081219/.
The latest edition of WebIDL is available at http://dev.w3.org/2006/webapi/WebIDL/.
9. Acknowledgments
The editors would like to acknowledge and thank the following people for substantive aid with this specification: list of names.