I've been watching the rise of "big data" and have seen analytic tools that are simply mind-blowing. Tools that do not care about the format or content or meta-structure of data, yet can perform analysis across massive datasets, with speed and ease. It has made me think hard about the future of XBRL.
In 2000 someone said that XBRL would be fully implemented 'within a couple of years'. Sadly though, an idea that is a fast approaching it's 15th birthday is now looking like the old dame of an idea - still lingering at the dinner parties, still hoping that the limelight will finally shine on her, still dreaming of the red carpet.
The good news for the old dame is that she has a great future, just as do all those wonderful old black and white films that she was in when she was young, alluring, sexy and oh so much 'the future'.
Her future now is as the example of perfection, to be studied and emulated, even though the 'real world' has long passed her by.
XBRL's place in the future is in the universities, as a tool that can be used to teach students about the fundamentals of business and financial reporting. In an age when we are becoming disconnected from the inner components of the world around us, it is important to have educational tools that require the student to dig deeper than the superficial concepts, and into the nitty gritty of actually constructing financial statements, and the analysis of those financial statements.
The beauty of XBRL for accounting education is that is molds both accounting standards and 'almost' programming. The deconstruction of individual 'facts' and the need to effectively and fully define the 'fact'. XBRL documents are logic puzzles as much as anything else, and the process of construction (and use) of these logic puzzles provides a playful way of learning and exploring financial and business reporting.
But just like the dame's days as the beautiful young star of every screen are well past, so are XBRL's days of being the future of business reporting and analysis.
Maybe it is time for the dame to be a little more graceful, recognize that there are new stars, new methods, and new media. Maybe its time for the old dame to put her skills to use helping ready a new generation of stars.
The alternative is to continue to flash the same old jewelry, the same low cut dress, while continuing to expect the call. The call that will not come.