Actually, that's not true. I know. If I told you I would be ruining a major part of the series, so I won't tell you.
Legend says that it was writtin by a couple from a race that no longer exists on Balcarth. After recently fighting in a war no one can remember the name of, they returned to their home to find it ablaze and destroyed. They lost all faith in the sentient races and stopped caring about anything. They stayed together, away from society and everyone else except for infrequent visits to old friends. Somewhere in the middle of a vast mountain range, they were seized by a prophetic vision, shared between the two. They wrote down what they had seen, the coming of a man called "The Pheonix". They then traveled from city to city, spreading the word of his coming, but remaining unheeded by all. Finally, they died alone, leaving only the one original copy of the Pheonix Prophecies behind to be found.
Unfortunately, it wasn't until thousands of years later that they were found. The discovery came not many years after the end of the Elf-Dwarf War, after the creation and distribution of the Five Swords.
The Pheonix Prophecies have been rewritten and translated hundreds of times, as a fad came in or out or a language changed. None of the current prophecies are comparative to the first, mainly because the first one was partially destroyed by the time it was found. Even the remaining peices have been distorted, although there is always some truth in myth and legend...