Wikidata

Wikidata:Property proposal/accounting standard

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(Redirected from Wikidata:Property proposal/standard accounting practice)

accounting standard edit

Originally proposed at Wikidata:Property proposal/Economics

   Not done
Descriptionaccounting standard (Q1779838), important as qualifier when using accounting properties like total revenue (P2139)
Representsaccounting standard (Q1779838)
Data typeItem
Domainorganization items
Allowed valuessubclass of accounting standard (Q1779838)
ExampleExxonMobil (Q156238) → total revenue (P2139) → 268,882,000,000 → accounting standard → Generally Accepted Accounting Principles - US - 2015 (Q29168386)
Motivation

Important qualifier when using accounting properties. Jklamo (talk)

  Notified participants of WikiProject Companies --Jklamo (talk) 23:32, 14 January 2017 (UTC)[reply]

Discussion
  •   Comment I'm 100% behind tagging all accounting data with the standard (and year) which guided its development. That should be easy to do, and encouraged to the max. Its critical to linking like data (or knowing you are linking dissimilar data). For an example of variability in the U.S. alone see [[1]] At the end of the day want to, for example, be able to sparql for all automakers worldwide ranked by total assets. Need to see what was the accounting standard followed on each row (in addition to seeing the measurement date, and currency reported in). Would like this property subject to a solid enumeration / controlled vocabulary. I don't yet understand the company data schema at WikiData so I can't opine where this should go. Will note its more of an "accounting topic" (at the company level) vs. a broader "economic topic" because it stems from the individual accounting department at the company and their auditors. Rjlabs (talk) 16:29, 3 February 2017 (UTC),[reply]
  •   Comment @Vladimir Alexiev: I see there are two Entity / sub classes of accounting standard (Q1779838)
    • wd:Q176831 International Financial Reporting Standards technical standard IFRS
    • wd:Q330153 generally accepted accounting principles standard framework of guidelines for financial accounting used in any given jurisdiction GAAP

I'm not thrilled with the name accounting standard (Q1779838) - it seems to be unclear / error prone, (perhaps just accounting standard would work?(Q1779838 was updated to Accounting Standard.) The two entities underneath are not specific as to year and standard. I'd much prefer a link to an xsd that really pins it down (including the year of the standard that was followed.) see [[2]],

Yes, there are year to year variations in U.S. GAAP, and more importantly in xBRL schema versions. IFRS doesn't even have its first .xsd out the door yet, but its coming, and hopefully soon. I'm not sure if UK / EU companies are required to file in XML? When IFRS gets that .xsd out the door its likely the SEC in the U.S. will force foreign (to the US) issuers that trade on US exchanges to finally publish fincials in xml (following the IFRS standard vs. U.S. GAAP).

There will be quite an effort by wikidata users looking to do comparisons across different different country accounting standards, but the first step will be to know exactly which one was used in each case. When large imports of external xml data occur the Wikidata schema will need extensibility to accommodate each schema, now and for the future updates. Most company data should arrive at Wikidata via import, and not be typed in by hand.

Disclaimer...I'm totally new to WikiData and have no idea how properties attach to objects here (are there suggested or required properties associated with each Q for instance) and/or how are enumerations are enforced.? Rjlabs (talk) 04:04, 13 March 2017 (UTC)[reply]

@Rjlabs: AFAIK, "accounting practices"doesn't refer to some XSD schema but to a set of principles how to do your accounting. A company may not submit its financials in any machine readable format (or not submit them publically at all), yet it follows some accounting practices. Don't worry about being new to WD: just go ahead and add under accounting standard (Q1779838) whatever you think belongs there. But first search whether it exists: duplicate items are not tolerated on WD. --Vladimir Alexiev (talk) 12:31, 13 March 2017 (UTC)[reply]
@Vladimir Alexiev: I added: Generally Accepted Accounting Principles - US - 2015 (Q29168386), Generally Accepted Accounting Principles - US - 2016 (Q29168379), Generally Accepted Accounting Principles - US - 2017 (Q29168365), IFRS 2016 (Q29168397) as a start. I'm still uncomfortable not knowing how the "instance of" works (inheritance)? I see multiple parents are allowed. (Wouldn't all GAAP standards be an "instance of" a technical standard on down the line? Any documentation / help pages on this? Thanks!) Rjlabs (talk) 14:40, 5 April 2017 (UTC)[reply]
  • @Vladimir Alexiev: Down at the EN Wikipedia I moved the title Standard accounting practice to Accounting standard, which works well. Will that percolate up here and change this label?
@Rjlabs: "Page moved from "enwiki:Standard accounting practice" to "enwiki:Accounting standard": this action is correct, since the former is a redirect to the latter (WD should point to real pages not redirects); and since the other wikis talk about "standard". But that doesn't change the label automatically. Go back to accounting standard (Q1779838) and edit the labels on top (please also put: cs Účetní standardy, de Rechnungslegungsstandard...) --Vladimir Alexiev (talk) 17:33, 15 March 2017 (UTC)[reply]
Changes made. Rjlabs (talk) 15:30, 29 March 2017 (UTC)[reply]
  • I don't know if we need P, Q or a datatype to enumerate the specific accounting standards? It seems like we want a few things attached (attachable) to a financial number: what it measures (e.g. sales, total assets, etc.), currency, measurement date(s), and accounting standard (from a one-of / enumerated list). Where would I build the enumerated list of accounting standards? Are they to be Q's or P's? (as in P's of accounting standard).
You need Q. WD has 3-4k props (P) but 15-20M Q (items). Use "Create a new item" on the left menu, but ENSURE there's no such item already. Make them "instance of" "accounting standard" --Vladimir Alexiev (talk) 17:33, 15 March 2017 (UTC)[reply]
    • Done using Q's (see above).
Nope, but there are start and end date properties --Vladimir Alexiev (talk) 17:33, 15 March 2017 (UTC)[reply]
    • Fixed
  • Take a quick look at how xBRL handles company financial data because they have been at it for many years now and are good at it. See specific example in XML at [[3]]. In the simplified example you can see they are reporting four numbers: Other Operating Income, Other Administrative Expenses, Other Operating Expense, Other Operating Income. Each of those “numbers” has a 'context id reference which shows the period (start date and end date, here a year), and the unit id (here EUR, which is specifically identified as iso4217:EUR. Best of all xBRL has a very good way to describe a huge variety of units in a flexible, and very specific way. More at: https://xbrl.us/guidance/data-types-and-associated-units/Rjlabs (talk) 02:15, 15 March 2017 (UTC)[reply]
Bulletized your paragraphs. Also, don't use so many paras, that is hard to read. Best of luck on WD! --Vladimir Alexiev (talk) 17:33, 15 March 2017 (UTC)[reply]
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