In September 1998, at about 10 AM or so, I started a presentation to the AICPA High Tech Task Force related to XML-based financial reporting. By noon that same day a plan was in place to get Barry Melancon, president of the AICPA then and today, to approve the creation of a prototype to test the idea. That September meeting started a process of what was to become XBRL.
Almost 20 years later, I have personally achieved what it was that I wanted to achieve: creation of an expert system for creating financial reports. That software was created by Hamed Mousavi, a software engineer, and myself. It took us almost five years. Most of that time related to figuring out how to do it. I explain to software engineers and professional accountants how we did this in the document, Guide to Building an Expert System for Creating Financial Reports.
Are their better ways? It is hoped that the ideas Hamed and I are sharing in this document will start a discussion and that the collective wisdom of the institution of accountancy will correct what we may have gotten incorrect.
Most of the ideas in this document come from discussions and feedback that we received over the past 15 or so years from many, many colleagues who are too numerous to list. In gratitude for that assistance we make this information available. That input was critical to shaping the thoughts and ideas expressed in this document. Collectively, thank you to the entire XBRL community!
Sedona, Arizona; September 1998:
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Stay tuned to see accounting, reporting, auditing, and analysis change to better operate in a digital environment.