Gentle and Cheap Introduction to XBRL-based Digital Financial Reporting

“You never change things by fighting the existing reality. To change something, build a new model that makes the existing model obsolete.” R. Buckminster Fuller

“Practice does not make perfect. Only perfect practice makes perfect.” Vince Lombardi

Free Tools:

1. Free Microsoft Access Database XBRL-based Model and Report Creation Tool
2. Luca, free XBRL-based Model and Report Creation Tool
3. Pacioli, free (for the time being) XBRL-based Report Validation Tool
4. Arelle, Open Source XBRL processor and XBRL formula Processor (tends to be quite technical, but can get the job done if you are persistent)
5. Pesseract, freely available working proof of concept with one year license through December 31, 2021 (email me if you need a licence)

Videos:

• Create Accounting Equation using Luca
• Create SFAC 6 using Luca
• Create Accounting Equation using Microsoft Access Database Application (see above)
• Create SFAC 6 using Microsoft Access Database Application (see above)
• XBRL Overview
• Quick Compare/Contrast of Different Examples
• Misinformation and Misconceptions about VBA

Tutorial Documentation: (Work in Progress)

• Tutorial Documentation

Physical Files and Samples/Examples Used in Tutorial:

1. Accounting Equation, Very Basic
2. Accounting Equation, Net Assets Approach
3. FASB's SFAC 6 Elements of Financial Statements, Very Basic
4. FASB's SFAC 6 Elements of Financial Statements, Introducing Hypercubes
5. FASB's SFAC 6 Elements of Financial Statements, Alternative Hypercube Approach
6. Common Elements of Financial Statement
7. Pathological Representation
8. Improvement upon Pathological Representation
9. Another improvement upon Pathological Representation
10. US GAAP Financial Report Fragment (Long-term debt maturities)
11. IFRS Financial Report Fragment (Basic Earnings Per Share)
12. Proof PLUS

If you think XBRL-based reporting is hard, try creating this: