Prototype of Complete XBRL-based System from OpenFilings

Thursday, May 3, 2018 at 03:19PM
Charlie in Digital Financial Reporting

OpenFilings has provided what amounts to a complete system for making use of XBRL-based information. The system is called "Really Easy Converter from EXCEL to iXBRL" or RECEiX.  I added a few enhancements.

• Create: You can use this Excel applicationto create an Inline XBRL report. They even provide a handbook. (This is the same Excel spreadsheet in a ZIP archive)
• Repository: I added a mini repository of three files in the form of an RSS document.
• Extraction: You can use this Excel applicationto EXTRACT information from an Inline XBRL Report. (This is an Excel-based extractor that I created in a ZIP archive)

Now, is this the "be-all, end-all" implementation of XBRL?  No. Far from it.  This is pretty basic.  But, if you want to figure out how to roll-your-own solution, this has all the moving pieces.

Me, I am working to create a much more sophistocated system with a software developer. We are calling this working prototype we are using to test the feasibility of some things Pesseract. Our vision is an expert system for creating financial reports.  Our system is simply an enhancement of the three basic functions above.  This document, Computer Empathy, will help you understand our vision.

So the OpenFilings approach is one approach.  Pesseract is another, different approach.  Others will have additional approaches I am sure.

Article originally appeared on XBRL-based structured digital financial reporting (http://xbrl.squarespace.com/).