What is taxonomy in SAP FIN-SEM-BCS - Business Consolidation?

SAP Term: taxonomy

• Component: FIN-SEM-BCS

• Component Name: Business Consolidation

• Description: An XBRL structure designed for a specific set of accounting principles. The structure includes: Items for general information Balance sheet items Income statement items Other items &EXAMPLE& Different taxonomies exist for: US GAAP IAS German commercial code HGB

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• Key Concepts: 
  Taxonomy is a term used in SAP Business Consolidation (FIN-SEM-BCS) to refer to the hierarchical structure of data used for reporting and analysis. It is composed of nodes, which are the individual elements of the hierarchy, and relationships, which define how the nodes are connected. Taxonomies can be used to organize data into meaningful categories, making it easier to analyze and report on. 
  
  How to use it: 
  In SAP Business Consolidation, taxonomies are used to define the structure of data for reporting and analysis. This includes defining the nodes and relationships that make up the hierarchy. Once the taxonomy is created, it can be used to organize data into meaningful categories, making it easier to analyze and report on. 
  
  Tips & Tricks: 
  When creating a taxonomy in SAP Business Consolidation, it is important to consider how the nodes and relationships will be used in reporting and analysis. This will help ensure that the taxonomy is structured in a way that makes sense for the data being analyzed. Additionally, it is important to keep the taxonomy up-to-date as changes in the data may require changes to the taxonomy structure. 
  
  Related Information: 
  For more information on taxonomies in SAP Business Consolidation, please refer to the official documentation available on SAP Help Portal. Additionally, there are several online resources available that provide more detailed information on how to create and use taxonomies in SAP Business Consolidation.