Digital Financial Reporting

I am working with a small group of people who are creating for IFRS what I created for US GAAP and for a general reporting scheme example that I created called XASB.

This is an excellent learning opportunity for professional accountants. Software vendors can also learn from this and test their software using the IFRS, US GAAP and XASB examples.

What we are going to do is create all the stuff that makes this expert systemwork for an IFRS-based financial report. To do that, we need to create what is described in this Blueprint for Creating Zero-Defect XBRL-based Digital Financial Reports.

I have a lot of the pieces already. The pieces just need to be more completely built out and tested.  Below are all the existing pieces that I have for IFRS and the equivalent pieces for US GAAP and the XASB prototype:

• IFRS template library: A template library is simply a set of example disclosures for fragments of a financial report.  (US GAAP equivlent; XASB does not have a template library).
• IFRS reference implementation: The reference implementation tests all the rules to make sure that everything works as expected. (US GAAP equivalent, XASB equivalent)
• IFRS model structure relations: The model structure tests the relationships between the Networks, Tables (or hypercubes), Axes (or dimensions), Members, Line items (or primary items), and concepts that make up the XBRL presentation relations of an XBRL taxonomy. (US GAAP equivalent, XASB equivalent)
• IFRS type or class relations: The type or class relations test how specific concepts are used relative to other specific concepts.  (US GAAP equivalent, XASB equivalent)
• IFRS fundamental accounting concept relations:  The fundamental accounting concept relations are continuity tests to make sure concepts are used correctly relative to other concepts in a report. (US GAAP equivalent; XASB equivalent)
• IFRS disclosure mechanics: The disclosure mechanics rules test the logical, structural, and specific mathematical relations related to specific disclosures. (US GAAP equivalent, XASB equivalent)
• IFRS reporting checklist: The reporting checklist rules test for the existence of specific disclosures relative to certain reported line items or relative to other reported disclosures. (US GAAP equivalent, XASB equivalent)
• IFRS disclosures: The disclosures is simply things that can be disclosed. (US GAAP equivalent, XASB equivalent)
• IFRS topics: The topics are simply ways of grouping disclosures. (US GAAP equivalent, XASB equivalent)
• IFRS disclosure exemplars: An exemplar is simply an example of how to create a disclosure. (US GAAP equivalent, XASB does not provide this)

I have been working with a software developer and we have a working expert systemthat is driven by the above metadata. The US GAAP and XASB metadata is all tested and works.  Some of the IFRS stuff works.

Another thing that I want to test out is digital distributed ledgers.  What I am going to do is offer POINTS or TOKENS to those that contribute to creating the IFRS metadata.  With those POINTS or TOKENS, you can get a license to the expert system software and software support.  I still have to work out details, but basically the more you contribute, the more you will learn, and the better the software license you can earn and you can get earlier versions of the expert system software.

Interested in participating and positioning your self well for the future?  Send me an email (Charles.Hoffman@me.com) and I will put you on my distribution list.  Slots are limited.

As is said, "The best way to predict the future is to create it." (Abraham Lincoln)

Also, "I skate to where the puck is going to be, not where it has been." (Wayne Gretzky)