Imagine a digital financial report viewer which works like how you interface with songs on iTunes. I prototyped this in iTunes and you can watch the video here. (Here are a couple of other options if that does not work for you: Flash video, Screencast.com. Also, you can watch the imbedded version below, but part of it is cut off.)
- The "flipper" thing what allows you to flip between songs as flipping between the different sections of a financial report.
- Being able to change the view from an actual image, an image with a list of the pieces, or just the list which you can sort.
- Being able to filter for different pieces of the report
- Being able to organize your different reports like you organize a play list in iTunes.
- And clearly all this stuff would work not only on our PC, but also on your iPad.
- You double click on an image and up pops something which looks and works like a pivot table which allows you to reconfigure the information.
- You can compare financial reports as easy as dropping any number of reports on top of one another
- Your interface to the SEC EDGAR system was like your interface to the iTunes store
All this is very possible. The more consistent, explicit, and well modeled the US GAAP Taxonomy and SEC XBRL financial filings, the easier this is. Heck, if you can do this for the Beattles music, why can't it be done for Boeing financials?