Digital Financial Reporting

So this is a work in progress, but I am posting where I am thus far.

As it has been explained to me, there are 86 companies that submit form 20-F filings to the SEC using the XBRL format that will ultimately be submitting the same information or very similar information to the ESMA.

Of that 86, there are 56 that I have reliable rules for and the companies pass 100% of my fundamental accounting concept relations continuity cross checks.

To verify those 86 filings, and the full set of about 253 IFRS filings, I have created as set of reporting styles and the related machine-readable rules to automatically verify that the reports are following those reporting styles.  NOTE!!! The IMPUTE and CONSISTENCY rules are in an OLDER FORMAT that is not XBRL currently. I am doing this becuase XBRL Cloud uses the OLDER FORMAT and I am using XBRL Cloud to help me create these rules.  But, I do have the NEW 100% pure XBRL Format.  I will convert all the IFRS fundamental accounting concept relations continuity cross checks to the pure XBRL format.

Ultimatly, I will have all the same sorts of rules for US GAAP and IFRS that are covered in this document.  If you don't understand why I am going through all this trouble, then read the Computer Empathy document.

This blog post will help you understand where I am going. Particularly this for IFRS and this for US GAAP. This video walks you through what you can do with that information.  But don't think just human-readable.  Think human-readable AND machine-readable.  And XBRL will be used to link everything together.

This extraction tool grabs information from the 88 companies financial reports.  The tool is not working 100% correctly yet.  I still need to figure out the business rules to extract information from the filings. 

But ask yourself a question; or ask the ESMA: How do you know the whole extracting information from XBRL-based reports actually works?  What proof do you have?  That seems like a reasonable question given that companies spend a lot of time representing information in the XBRL format.  If this is not achievable for these 88 XBRL-based financial reports, then why would you think it would be achievable from the full set of companies that will be required to report to the ESMA using XBRL?