XBRL-based Digital Financial Reporting

In my view, the currently employed work systems used by a reporting team to generate a financial statement and by an audit team to perform and audit of a financial statement that has been generated should be completely destroyed (i.e. use the approach of idealized design ) and reconstituted.  Alternatively, currently employed systems might be supplemented or augmented to include additional new capabilities.  These new capabilities would take the following form: A model-driven approach  similar to XBRL-based digital financial reports as opposed to the current document oriented approach to creating accounting and audit working papers and schedules Global open standards based rather than proprietary Semantic oriented " things " as contrast to strings Open-core model  software shared by all accounting and audit firms (i.e. proprietary software builds on top of the open-core to add value) Should be as elegant as an iPhone (i.e. not a kludge ) In a prior post, Collaborativ...