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Future ESMA Filers Currently Filing with SEC

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?

Posted on Monday, June 11, 2018 at 11:02AM by Registered CommenterCharlie | CommentsPost a Comment

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