Digital Financial Reporting
It takes hard work to master a model or create a theory. A creator of a theory or model is attempting to discover the seemingly invisible principles that hide behind appearances. Theories don't simplify. Theories describe the principles by which the world operates. A theory or model is characterized by its intent: the discovery of essence.
Theories or models make things easier to understand. Theories and models articulate rules that anyone can then follow.
Rene van Egmond and I have been collaborating, trying to figure out how to properly employ XBRL to financial reporting since the very first XBRL International meeting in 1999. Rene has a strong technical background; I have a strong financial reporting background with an ability to understand the details of the technology. We both know people all around the world who know bits and pieces about XBRL. We have both looked at this information attentively. We have both looked at it closely. We have both looked at it over, and over, and over. I was funded by UBmatrix to do nothing else but understand XBRL for over 12 years and took full advantage of that opportunity. I worked with world class accountants on creating both the IFRS and US GAAP XBRL taxonomies. I was very lucky.
Rene and I have taken what we have learned and organized and synthesized it into this resource.
This resource helps business users cut through all the noise and misunderstandings which surrounds this new technology, XBRL, and how XBRL is used for digital financial reporting. This resource allows business to focus on what is truly important and not be distracted by the underlying technology which there is no need for business users to ever deal with.
This resource also helps software developers to understand what business users truly need from software applications in support of digital financial reporting.
This page summarizes information related to digital financial reporting. Be sure to check out the wiki for Digital Financial Reporting which contains the most current information.
Digital Financial Reporting: Using an XBRL-based syntax (the book)
All the work I have done over the past 14 or so years working to help create XBRL is summarized in one resource, Digital Financial Reporting: Using an XBRL-based syntax, written by Rene van Egmond and myself. This DRAFT edition can be downloaded for free and used today to help you understand and contribute to creating this new digital financial reporting paradigm. It puts into one place, organizes, synthesises, and otherwise pulls together important information which helps accountants, internal auditors, external auditors, financial analysts, regulators, other business professionals, and software engineers understand the moving pieces of XBRL and how to employ XBRL for digital financial reporting.
One downloadable PDF: You can download one PDF which has the entire resource. (14 megs).
iBook: Coming soon!
Print version: If you prefer a printed version, you can get as many printed copies as you might need from Lulu.com.
Individual chapter PDFs: Each individual chapters of Digital Financial Reporting: Using an XBRL-based Model can be downloaded below or from the Digital Financial Reporting Wiki:
- Front matter: Title page, table of contents
- Chapter 1: Introduction
- Chapter 2: Digitizing Financial Reports
- Chapter 3: Overview of Accountants Perspective
- Chapter 4: Foundation for Understanding
- Chapter 5: Additional Resources for Getting Started
- Chapter 6: Identifying and Defining Financial Report Semantics
- Chapter 7: Understanding Financial Reporting Domain Semantics
- Chapter 8: Financial Report Model Elements
- Chapter 9: Relations between Financial Report Model Elements
- Chapter 10: Verification of Digital Financial Reports
- Chapter 11: Analysis and Comparison of Digital Financial Reports
- Chapter 12: Special or Specific Modelling Considerations
- Chapter 13: Information Model Metapattern Examples
- Chapter 14: Business Use Case Examples
- Chapter 15: Comprehensive Example
- Chapter 16: Financial Disclosure Template Examples
- Chapter 17: Reference Implementation of SEC XBRL Financial Filing
- Chapter 18: APPENDIX: Financial Report Semantic Object Properties
- Chapter 19: APPENDIX: Report Element Properties
- Chapter 20: APPENDIX: Analysis of 1474 SEC XBRL Filings
- Chapter 21: APPENDIX: Top XBRL Technical Syntax Related Modeling Tips
- Chapter 22: Benefits and Limitations of Inline XBRL
- Supplement: Digital Financial Reporting Principles (Revised)
- Supplement: Analysis of 6674 SEC XBRL Financial Filings
Go to Digital Financial Reporting on Lulu.com
The information below contributed to the resource above:
Financial Report Semantics and Dynamics Theory
The Financial Report Semantics and Dynamics Theory breaks down a financial report into a discrete set of semantic pieces or objects. This is necessary in order to be able to "digitize" a financial report effectively in a manner understandable by a business user. XBRL is a technical syntax. The semantic objects are a layer between reality and the technical implementation of that reality.
Creating Financial Reports using XBRL Leveraging the Financial Report Semantics and Dynamics Theory
This page shows the connection between the Financial Report Semantics and Dynamics Theory and an implementation of that theory to express SEC XBRL financal reports using ideas from Modeling Business Information Using XBRL.
Financial Reporting Using XBRL. An early book about XBRL.