BLOG:  Digital Financial Reporting

This is a blog for information relating to digital financial reporting.  This is my brain storming platform.  This is where I think out loud (i.e. publicly) about digital financial reporting. It is for innovators and early adopters who are ushering in a new era of digital financial reporting.

Much of the information contained in this blog is synthasized, summarized, condensed, better organized and articulated in my book XBRL for Dummies and in the chapters of Intelligent XBRL-based Digital Financial Reporting. If you have any questions, feel free to contact me.

Updated Version of Pesseract

The software developer and I that are creating Pesseract have made an updated version and license available.  You can get that new version and/or license here on the "Get Started/Download" tab.

The new version fixes bugs, adds some new functionality, and has a license that will work until December 31, 2018.  (If you only want the new license to use with your current verion of Pesseract, please contact me.)

We know of about 25 people that have been using Pesseract.

As far as we know, Pesseract is the first GUI level software application intended to be used by accounting professionals that leverages artificial intelligence to create financial reports.  Pesseract works with US GAAP, IFRS, or other reporting schemes or for general business reporting.  Pesseract can be used for accounting process automation and/or robotic finance.

Stay tuned.  More updated versions of Pesseract will be made available between now and the end of the year.

Here are some interesting examples and samples you can play with:

  1. General Profile, Dynamic Rules (dynamically add model structure, disclosure mechanics, and reporting checklist rules by linking the rules to the XBRL instance)
  2. Lorem Ipsum General Profile, Five Different Sets of Labels (labels are connected to schema; note that the labels are gibberish)
  3. Lorem Ipsum General Profile, APPEND LINKBASE (only EN labels are connected, other four sets of labels can be APPENDED to XBRL instance via "append linkbase"; again, note that the labels are gibberish)
    1. ES
    2. HU
    3. KO
    4. JA
  4. Here are 250 XBRL-based reports that use IFRS that have been submitted to the SEC which you can fiddle with. (See column with title 'XBRL instance')
  5. Load this XBRL instance that makes use of the IFRS taxonomy.  Then, APPEND this references linkbase which adds examples to the text blocks.  Go to the report element information for any text block to see the link to the examples.)
  6. Load this XBRL instance. Now, append each of these XBRL instances:
    1. 2011
    2. 2012
    3. 2013
    4. 2014
    5. 2015
    6. 2016

 

Posted on Wednesday, May 30, 2018 at 08:31AM by Registered CommenterCharlie in | CommentsPost a Comment | EmailEmail | PrintPrint

Field Test of Eurpoean Single Electronic Format (ESEF)

You can get information about the field test of the European Single Electronic Format (ESEF) here.  This is a lot of very nice stuff to fiddle with.

More information soon!

This Taxonomy Package specification explains the format of the files the ESMA has provided.  Be aware that not all the ZIP files are in the correct format.

Posted on Wednesday, May 30, 2018 at 08:14AM by Registered CommenterCharlie in , | CommentsPost a Comment | EmailEmail | PrintPrint

H&R Block and IBM Watson Partnership, Example of Things to Come

H&R Block is partnering with IBM Watson for personal tax return preparation. Imagine a similar tool for the creation of corporate and partnership tax returns.  This is an example of the sorts of things to come in financial reporting, accounting, bookkeeping, etc.

I put together the document Computer Empathy to help people understand how computers work and therefore how to accurately understand the true capabilities of computers.

This video walks you through some of the capabilities of IBM Watson and how Watson works.  IBM is not the only one building this sort of software.  Google Deep Mind has similar capabilities.  It is highly likely that Apple, Microsoft, and many others will create similar capabilities.

But there are risks related to artificial intelligence.  Good leadership is called for.  Intellectual laziness needs to be avoided.  Snake oil salesmen will take advantage of ignorant buyers.

Posted on Saturday, May 26, 2018 at 08:04AM by Registered CommenterCharlie | CommentsPost a Comment | EmailEmail | PrintPrint

US GAAP and IFRS Disclosures

I am trying to figure out a better organization of this information, this is the next iteration.

Here are 964 US GAAP disclosures and 389 IFRS disclosures from public company 10-K and 20-F filings to the SEC.  Where I have comparisons generated, you can see the number of examples for each disclosure colored in CYAN:

Here are the same disclosures, but the lists ONLY contain the disclosures for which I have created comparisons:

Here is the list of companies from which these disclosure examples were taken:

For more information see here: US GAAP | IFRS

Another seemingly useful thing to do is to compare specific US GAAP and IFRS disclosures.  For example,

Here are other viewers for checking out disclosures.  All of these are for US GAAP currently. 

Got any ideas to improve this information?  Got a better way to view disclosures? Send me your ideas and I will try and incorporate them.

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Posted on Saturday, May 19, 2018 at 09:34AM by Registered CommenterCharlie in | CommentsPost a Comment | EmailEmail | PrintPrint

Handful of IFRS-based Financial Reports Submitted to SEC

Here is a handful of IFRS-based reports that have been submitted to the SEC in the form of Form 20-F.  A 20-F is simiar to the Form 10-K in that it contains the annual financial statement:

These filings are a great way to learn about IFRS-based financial reports.

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Posted on Thursday, May 17, 2018 at 03:54PM by Registered CommenterCharlie in | CommentsPost a Comment | EmailEmail | PrintPrint