US GAAP Classes (Prototype)

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Elements of Financial Statements

SFAC 6 defines 10 elements of financial statements:

These elements are 'the building blocks' with which financial statements are constructed - the classes of items that financial statements comprise. (Elements of Financial Statements. Statement of Financial Accounting Concepts No. 6 (Stamford, Conn.: FASB, 1985, par. 5.)

However, to represent financial reports digitally more details are necessary. This additional detail are 'classes' of concepts which are expressed in the US GAAP XBRL Taxonomy.

Classes and Classification

A classification scheme is an arrangement of types or sets of things into useful groups. Using the SFAC 6 elements as an example, all 'assets' would be in one group and all 'revenues' in a different group. Something cannot be both an asset and revenue. Groups or classes are related to other groups. For example, the accounting equation 'assets = liabilities and equity'.

Relations Between Classes

Classes can be related to other classes in specfic ways. Set theory can be leveraged. The following is a summary of some of the types of common relations:



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