XBRL-based structured digital financial reporting - Blog: Digital Financial Reporting (using XBRL)

Pesseract (free download) is a software application created by a software engineer and myself. These screenshots help you see what Pesseract can do. We don't consider it a commercial product yet because it does not have the compete set of features completed. However, Pesseract does have plenty of features and can be effectively used to explore XBRL-based reports and understand where XBRL-based digital financial reporting is headed.

Try Pesseract using these XBRL instances and XBRL taxonomies. Why? Because they are good examples of XBRL-based financial reports. You can also try any US GAAP or IFRS XBRL-based report submitted to the SEC. But I suggest you use the better reports. Microsoft, Apple, Google. Here are US GAAP reports and IFRS Reports.

We are not "paving the goat path" like other software developers; our goal is to increase our know-how. We figured out a different path.

Pesseract is a working proof of concept where we are figuring out how to create an expert system for creating high-quality financial reports. We believe that we can make Pesseract create higher quality reports than the financial reports that are being created today. Pesseract will be a disruptive innovation that changes how financial reports will be created in the future. We buy into the notion of the modern finance platform. We buy into the notion of mirror worlds. We buy into the notion of triple-entry accounting and distributed ledgers. We believe artificial intelligence can be leveraged to automate many accounting tasks. We buy into the notion that Lean Six Sigma can be leveraged to improve process quality.

Accounting, reporting, auditing, and analysis in a digital environment is not about making incremental changes to outdated 20th Century paper and document oriented workflow and processes of creating financial reports.

We are making Pesseractavailable for professional accountants to experiment with. To download Pesseract, go to the Download/Get Started tab here and follow the instructions. We are not making the creation features available at this point, we are tuning those features. But, there are many, many other things you can do with Pesseract. Below is a set of documents that help you learn about Pesseract and XBRL-based digital financial reporting:

Getting Started with Pesseract: helps you learn some of the basics.
Validating an IFRS based Report: helps you understand that Pesseract works with IFRS reports as well as US GAAP based reports.
Report Model Structure and Fundamental Accounting Concept Relations Validation: walks you through the process of validating a reports model structure and fundamental accounting concept relations.
Multiple Languages: walks you through the use of labels in multiple languages.
Appending Instances: shows you basic example of how to append information from one XBRL instance to another XBRL instance.
Dynamic Rules: shows you have business rules can be dynamically used with an XBRL instance. (Here is the example with all the rules available locally, this is really interesting.)
Normalized Comparison: walks you through the process of comparing information across period for an entity or across entities for a period.
Appending Linkbases: shows you basic example of how to append information to an existing report using XBRL linkbases.
Drill Down: shows you how you can leverage the structured nature of XBRL to drill down from higher granularity information to lower levels of granularity; or move from lower granularity to higher granularity.
Filtering and Searching: shows you how you can leverage the structured nature of XBRL to filter and search information within a financial report.
Exploring model structure and fact tables: helps you better understand structured reports by explaining basics of the model structure and fact tables.
Networks, Components, and Blocks: helps you understand the differences between networks, components, and blocks.
Blocks (Advanced): helps you understand the connection between blocks and reporting checklist and disclosure mechanics validation.
Hundreds of Example Reports: helps you understand where to find hundreds of XBRL-based reports which you can help you consolidate your knowledge.
API, Batch Processing, Plugins: helps you recognize that Pesseract is not just a software application; it has an API, you can create batch processes at the command line, and you can create plugins.
Profiles: helps you understand what a profile is, how profiles are helpful.
US GAAP Reports: This is 5,734 XBRL-based reports created using US GAAP that you can fiddle with.
IFRS Reports: This is 406 XBRL-based reports created using IFRS that you can fiddle with.
Financial Report Creation Wizard: Wizard which walks you through the process of creating a financial report. (Not in the current release)

The following are demonstrations of Pesseract:

Demonstration using IPSAS (Watch this video first)

Stay tuned as additional examples will be provided as they are created and we will provide newer versions of the Pesseract application as as appropriate. An investment of your time today could make you a digital financial reporting master craftsmen of tomorrow!

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IFRS System Demonstration