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 February 25, 2018 - March 3, 2018
Accounting Process Automation Using XBRL
What technical syntax do you use to implement process automation? Roll-your-own proprietary syntax? OK, so you define your syntax; what about specifying the semantics? You could use the semantic web stack; but that is only a syntax and you still have to define your semantics.
What if there was a better way? I used XBRL to implement accounting process automation and financial report creation automation. Basically, I stole all the best ideas I could find and added a few pieces that no one else provided.
In the document Accounting Process Automation Using XBRL I point out that XBRL is a well-thought-out flexible global standard syntax for representing facts and describing relations between facts. XBRL can handle financial and non-financial facts. XBRL excels at handling complex sets of facts such as an entire financial report. But XBRL can also be used for smaller sets of facts, binding information together in a tidy package, bound together with the strong “steel wires” of business logic.
Check it out and let me know what you think.
Charlie
in Becoming an XBRL Master Craftsman, Digital Financial Reporting
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