the what why and who of xbrl
DESCRIPTION
What is XBRL? How is it different than XML? Who is using it today? With the United States Securities and Exchange Commission (SEC) mandating it; stock exchanges around the world using it; and official support from the European Parliament as well as governments of the Netherlands, Australia, Japan and China--the Extensible Business Reporting Language (XBRL) can certainly be considered a global standard for business reporting. In this webcast, These are the slides from teh webcast by Charlie Hoffman, the father of XBRL and Steve Levine, To view the recorded webcast, go to http://www.youtube.com/watch?v=MW-L8evKD2Y&feature=channel_pageTRANSCRIPT
XBRL: The What, Why and Who
April 22, 2009
Charlie Hoffman Steve LevineCharlie Hoffman Steve [email protected] [email protected]
UBmatrixwww ubmatrix com
Copyright © 2009 UBmatrix, Inc.
www.ubmatrix.com
PresentersCharlie HoffmanDirector of Innovation Solutions at UBmatrix; CPA, MBA, Co-architect of the US GAAP Taxonomy for financial reporting and member of the taxonomy creation team; Former Price Waterhouse auditor; Received the AICPA's Innovation User of Technology Award; Graduate of Pacific Lutheran; Author of many white papers and publications including "Financial Reporting Using XBRL", "XBRL Essentials", "Hitchhiker's Guide to the IFRS-GP Taxonomy".
Steve LevineSteve LevineSteve is responsible for marketing and product management at UBmatrix. Most recently, Steve was the VP of Marketing at Cassatt Corp. Previously he was VP of Product Marketing at Oracle responsible for Oracle Collaboration Suite. Steve has held product marketing sales and business development positions at highhas held product, marketing, sales and business development positions at high tech companies including Symantec, Tektronix and ParcPlace Systems. Steve has B.S. Computer Science from Southern Methodist University.
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Agendag
• What is XBRL?What is XBRL?
• Why is XBRL different than XML?
• Who is using XBRL?
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What is XBRL?
• eXtensible Business Reporting Languagep g g g
• A freely available open global standard for exchanging informationexchanging information
• Computer consumable business information
• An XML-based language
• A mandate from regulators across the world
• A S ti W b t d t f t• A Semantic Web metadata format
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XBRL Fundamentals
• XBRL is language that lets you build reports / g g y pexchange information
• To exchange information using XBRL you need both an instance document & taxonomy
Instance Document Taxonomy– Instance Document“Just the facts”
• Facts
– Taxonomy“Dictionary of concepts +”
• Concepts• Concept• Value• Context
p• Resources• Relations
• Context
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XBRL Fundamentals
• Instance Document– Contains Facts only– Easy to exchange and consume– Data separated from schema
<gaap:NetIncomeOrLoss g pcontextRef="Period-2009" unitRef="US-Dollars"decimals="INF">9000000</gaap: NetIncomeOrLoss>decimals INF >9000000</gaap: NetIncomeOrLoss>
<us-gaap:IncomeTaxExpenseBenefit decimals="-6" contextRef="D-2008" unitRef="USD">4381000000</us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit decimals="-6" contextRef="D-2007" unitRef="USD">4071000000</us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit decimals="-6" contextRef="D-2006" unitRef="USD">3901000000</us-gaap:IncomeTaxExpenseBenefit>
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g p p
XBRL Fundamentals
• Taxonomy Example Available Taxonomiesy
• Concepts (XBRL Schema)• Resources (XBRL Linkbases)
• Labels
Taxonomies• US-GAAP• IFRS• CO/FINREP• Labels
• References• Formulas
CO/FINREP• GL• CSR• Risk/Return
• Relations (XBRL Linkbases)• Presentation• CalculationCalculation• Definition <element
name="NetIncomeOrLoss "type="xbrli:monetaryItemType"yp y ypsubstitutionGroup="xbrli:item" xbrli:periodType="duration"xbrli:balance="credit">
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xbrli:balance credit >
XBRL Fundamentals
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XBRL Fundamentals
PresentationCurrent Assets
Cash & Cash EquivalentsShort Term Investments
Label現金及び現金等価物
ReferencesGAAP I.2.(a)Instructions
Ad Hoc disclosuresXBRLXMLXBRL
Calculation
XBRLItemXMLItem
XBRLFact
CalculationCash = Currency +
DepositsFormulas
Cash ≥ 0Contexts
US $FY2004
Budgeted
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XBRL Fundamentals
• Extending Taxonomiesg– Discoverable Taxonomy Set (adding to base taxonomy)– Add or prohibit use of concepts, labels, calculations, etc…– Definition linkbase
• XBRL 2.1 Family of Specifications– XBRL 2.1 (recommendation adopted)– Dimensions (recommendation adopted)
Formulas (proposed recommendation)– Formulas (proposed recommendation)– Rendering (candidate recommendation)– Versioning (public working draft)g (p g )
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XBRL Fundamentals
• XBRL – one of the more successful Semantic Web metadata format
Web 1.0 Web 3.0Web 1.0 Information
Web 3.0Information
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Why is XBRL different that XML?y
• XBRL is XML
• XBRL expresses semantics
• XBRL enables validation of semantics
• XBRL expresses multiple hierarchies of relationships
• XBRL provides organized, prescriptive extensibility
• XBRL enables intelligent connections to information
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information
XBRL is XML
• XBRL documents, concepts & relations , pare expressed in XML
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XBRL expresses semanticsp
• XML articulates only syntaxy y
• XBRL expresses semantics / meaning thru Calculations Formulas Labels etcthru Calculations, Formulas, Labels, etc
XBRL bl lid ti f tiXBRL enables validation of semantics
• Automated processing of XBRL documents
• Expressed in the taxonomy, not hard coded in the application
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XBRL expresses multiple hierarchies of relationshipsof relationships
• Separating definition of concepts from relations p g pallow definition of various semantic content thru multiple linkbases
XBRL provides organized, prescriptive extensibilityextensibility
• Taxonomies can be explicitly extended by leveraging base taxonomy
• Define new semantics without recodingDefine new semantics without recoding the application
M i t i bilit t th bPage 15
• Maintains comparability at the base
XBRL enables intelligent connections to informationto information
Business Information Provider
Business I f ti
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Information Consumer
Who is using XBRL?g
http:www.xbrlplanet.orghttp:www.xbrlplanet.org
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Who is using XBRL?g
• Securities Exchanges andSecurities Exchanges and Regulators
• Banking Supervisors
• Standard Business Reporting• Standard Business Reporting
• Information Hubs
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Securities Exchanges and Regulatorsg g
• Example: US SECp– 10-Q & 10-K financials and associated notes & disclosures– US GAAP Taxonomy– Beginning this June (top 500 filers)– Also mutual funds and NRSROs (other taxonomies)
htt // / tli ht/ b l ht l– http://www.sec.gov/spotlight/xbrl.shtml
• Example: Japan FSA– EDINET (Electronic Disclosure for Investors' NETwork)– Taxonomy based on Japan GAAP
L h d S i 2008 (5 000 i 3 000 f d )– Launched Spring 2008 (5,000 companies, 3,000 funds)– http://www.fsa.go.jp/en/news/2008/20080317.html
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Banking Supervisorsg p
• Example: US FFIEC / US FDICp– 8,000 banks reporting 3,000 elements quarterly– Call Report Taxonomy includes business rules– Went live 2005– http://www.ffiec.gov/find/callreportdata.htm
• Example: Bank of France (Central Bank)– 630 banks reporting average of 12,000 elements semi-annually– COREP / FINREP Taxonomy for Basel II info– Went live 2007
htt // b– http://www.banque-france.fr/fr/supervi/supervi_banc/reporting/reporting.htm
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Standard Business Reportingp g
• Example: Netherland Standard Business pReporting Programme (aka NTP)
– Target to reduce administrative burden of reporting by 25%– Focused on reporting of taxes, accounts & economic statistics– Project started in 2004
C tl 3rd i f th t– Currently 3rd version of the taxonomy– http://www.xbrl-ntp.nl/english
E l A t li SBR• Example: Australia SBR– SBR is expected to save Australian businesses $795 million
per year on an ongoing basisper year on an ongoing basis– Project started in 2006– Go Live in 2010
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– http://www.sbr.gov.au/content/default.htm
Information Hubs
• Example: Microfinance Information pExchange
– Information exchange between about 100 sources of it l d h d d f MFIcapital and hundreds of MFIs
– 2 Bottom Line (Financial & Social Impact) Taxonomy– Went live in 2007Went live in 2007– http://www.themix.org/standards/technology
• Example: Wacoal• Example: Wacoal– Internal consolidation of 32 legacy systems– Used XBRL-GL TaxonomyUsed XBRL GL Taxonomy– Went live 2003– http://www.xbrl.org/nmpxbrl.aspx?id=90
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UBmatrix
• Leading provider of XBRL softwareg p– XBRL processing engine– Enterprise Application Suite– XBRL Database Adaptor (XBRL-DB)– Report Builder
Taxonomy Designer– Taxonomy Designer
• Customers include the largest XBRL production systemsproduction systems– Keane (SEC prime contractor)– FDIC– Banque de France– Microfinance Information Exchange
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• www.ubmatrix.com
Where to Learn More
• Charlie’s Blog– http://xbrl.squarespace.com
• Learn More about XBRL– http://www.ubmatrix.com/company/learn.htm
• Case Studies– http://www.ubmatrix.com/casestudies
• XBRL InternationalXBRL International– http://www.xbrl.org
• XBRL USXBRL US– http://www.xbrl.us
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XBRL: The What, Why and Who
April 22, 2009
Charlie Hoffman Steve LevineCharlie Hoffman Steve [email protected] [email protected]
UBmatrixwww ubmatrix com
Copyright © 2009 UBmatrix, Inc.
www.ubmatrix.com