BLOG: Digital Financial Reporting
This is a blog for information relating to digital financial reporting. This blog is basically my "lab notebook" for experimenting and learning about XBRL-based digital financial reporting. This is my brain storming platform. This is where I think out loud (i.e. publicly) about digital financial reporting. This information is for innovators and early adopters who are ushering in a new era of accounting, reporting, auditing, and analysis in a digital environment.
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.
Entries from October 25, 2015 - October 31, 2015
Public Company Quality Continues to Improve, Nine Generators above 80%
The quality of XBRL-based public company financial filings to the SEC again continues to improve. Now there are nine software vendors and filing agents which are 80% or more consistent with the approximately 22 fundamental accounting concept relations. Here is the information by software vendor/filing agent:
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And here is the same information broken out by relationship:
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Here is comparison information for July, August, September, and October 2015:
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Great work to the software vendors, filing agents, and public companies who are blazing the digital financial reporting trail!
Charlie
in Becoming an XBRL Master Craftsman
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Moving Web Services to Azure
I am making the switch to Microsoft Azure. Here are some prototypes:
Charlie
in Demonstrations of Using XBRL
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Need for Digital Alternative to General Purpose Financial Statement
“The difficulty lies not so much in developing new ideas as in escaping from old ones.” (John Maynard Keynes)
The general purpose financial statement (or financial report) has existed for over two millennium. Formats for general purpose financial statements have included clay (see below), paper, word processor documents such as Microsoft Word, PDF, and HTML. The common thread that all these reports have is that a machine cannot read these reports because the reports are unstructured.
The institution of accountancy needs to create a digital, or structured, version of the general purpose financial statement which is machine-readable.
Annual balance sheet of a State-owned farm, drawned up by the scribe responsible for artisans: detailed account of materials and workdays for a basketry workshop. Clay, ca. 2040 BC.; Wikipedia, Retrieved October 28, 2015.
Financial Statement, Wikipedia, Retrieved October 28, 2015
The digital general purpose financial report is an improvement that helps move the institution of accountancy forward, providing an improvement to that institution. Given today's increasing volume of financial information, complexity of financial information, and importance of financial information; it makes perfect sense to provide such a digital alternative or option.
Financial analysis has been digital for many years; first via the electronic spreadsheet and now with a multitude of options.
With digital books, maps, photos, films, music, blueprints, etc.; what about the digital financial statement does not make sense? Perhaps I am stating the obvious.
Reposted on LinkedIn (Please consider going to LinkedIn and Like this post)
This is my vision of how a digital financial report would work.
Imagine being being able to pivot a financial report:
https://upload.wikimedia.org/wikipedia/commons/d/d7/8-cell.gif
Charlie
in Digital Financial Reporting
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