Accounting taxonomy
AB Report is designed as a flexible and extensible solution.
The principles, bases, conventions, rules and practices of financial and management accounting, budgeting and reporting are set out in the AB report as an accounting taxonomy that is fully customisable to meet individual business needs.
Creating an effective taxonomy requires a solid understanding of accounting, financial and business concepts. However, AB Report comes with pre-built accounting taxonomies for various industries and countries.
The accounting taxonomy for an individual company is created using one or more of these taxonomies (known as the base taxonomy) as a foundation:
- IFRS Accounting Taxonomy
- National Accounting Taxonomy
- Wholesale Taxonomy + Construction Taxonomy
- Your Company Accounting Taxonomy (additional customisation)
- Wholesale Taxonomy + Construction Taxonomy
- National Accounting Taxonomy
Taxonomy accounting settings
The following description provides links to the AB Report demonstration database. This database covers a small business that includes wholesale, basic manufacturing, a small power station and service provision. The demonstration taxonomy deliberately excludes accounts and accounting transactions that are not applicable to these specific scenarios.
The accounting part of taxonomy includes
- Chart of accounts with balance sheet accounts and profit and loss accounts,
- List of cash flow items for the cash flow statement and cash flow reports,,
- Accounting policies,
- KPIs and non-financial metrics,
- Taxes or other amounts, such as discounts or transportation costs, for use in business transactions and documents,
- Complete list of company’s business transactions*,
- Period close tasks.
* A business transaction refers to any economic occurrence that is documented within a company's accounting system. It is essential to define a posting template for every business transaction to accurately reflect the transaction in accounting.
Taxonomy reporting settings
The reporting part of taxonomy includes
- Custom reports and dashboard templates for real-time financial and non-financial performance monitoring.
- Disclosure report templates to provide the required information to management, investors, shareholders or regulators in printed documents, PDFs, Excel, MS Word and xBRL formats.