Some people say that data is the new oil. In fact, the Economist declares in this article, "The world’s most valuable resource is no longer oil, but data."
Other people say, "If data is the new oil, then metadata is the new gold." I would tend to agree with that statement. If you read this article, Data Curation: Weaving Raw Data Into Business Gold (Part 1), the author uses crude oil, refined gasoline, and refined racing fuel as a metaphor to explain the value of metadata.
I explained the power of classification using metadata in a blog post. I explained four common mistakes that I see others making in another blog post.
But here is another way to understand the power of metadata and classification. You can use the following to behold the power of metadata first hand using this working prototype: >>> IFRS Financial Reporting Metadata <<<.
You still need to use your imagination a bit if you don't have software that leverages the data and metadata that you see. Information is available in both human redable HTML and machine readable XBRL format. All the data/metadata was created using the Open Source Framework for Implementing XBRL-based Digital Financial Reporting. That new version is based on the IPSAS reporting scheme prototype. The fact of the matter is that I can create similar metadata for any reporting schemeusing this same method. In fact, I am creating the IFRS financial reporting scheme metadata to catch up to the US GAAP financial reporting metadata that I already have. What you see at the link above for topics is about 5% of what I am going to create. Next I will build out the disclsoures, then the disclosure mechanics rules, and then the reporting checklist rules. Then, combine all that with the classes metadata (or this), the reporting styles metadata, and some odds and ends that I have for IFRS. All of this is human readable, but more importantly it is also machine readable and intended to be used by this software application.
Fiddle around with the IFRS topics. Be sure to:
Neither the US GAAP nor IFRS XBRL taxonomies provide the data/metadata to enable the sort of functionality that you see from my working prototype. Both the US GAAP and IFRS XBRL taxonomies provide many of the necessary pieces defined by the ontology spectrum. However, each leaves out other necessary pieces so the taxonomies are not sufficient. Further, I am supplementing both the US GAAP and IFRS XBRL taxonomies with additional data/metadata which I would never expect those taxonomies to provide in order to achieve what it is that I can achieve. And honestly; there is much, much more data/metadata that can be provided to supplement more and achieve even more powerful functionality. Such is the nature of software.
Don't understand what you are looking at or why it is important? You might want to read Computer Empathy if you are not impressed by what you see. Want to understand even more? Read my lab notebook.
Trust me, you should be amazed. This will be even more amazing after about six months, so stay tuned!
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IFRS Full Concepts, Labels, Documentation, and References (2017)