what is xbrl - dallas chapter of the iia · 7 key xbrl terms ~tag}machine-readable “bar-code”...
TRANSCRIPT
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~What is XBRL?
~Why is XBRL relevant?
~How does XBRL work?
~SEC XBRL Filing Requirements
~XBRL applications beyond regulatory filings
Session Topics
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What is XBRL …
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What is XBRL?
~ “eXtensible Business Reporting Language”
~ XBRL is XML
~ Technology standard for how business reporting information is created, processed, distributed and used
~ Applicable to multiple business reporting applications
~ XBRL is interactive / intelligent data
~ “Bar Code” for Business Information
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Savings
Quality
Efficiency
Barcode has done for product distribution …
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… what XBRL is doing for business reporting
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Key XBRL Terms~ Tag} Machine-readable “bar-code” that gives standard definition for
each line item in an income statement, cash flow statement, balance sheet, or other financial and non-financial data including that which may be contained in Notes to the Financial Statements.
~ Taxonomy} Defines the specific tags used for individual items of data:�Approved – Acknowledged – Under Development�Specific Financial Reporting Taxonomies (US GAAP, IFRS)�Global Ledger Taxonomy
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Key XBRL TermsInstance document (XBRL formatted document)~ Collection of tagged data to describe a specific reporting
instance~ Contain information about the data and contexts of data
contained with the data repository} Business Facts�Items – facts holding a single value�Dimensions – method of describing multiple values
} Contexts – define the entity, period of time, and optional scenario such as actual, projected, budget, etc.
} Units – the measure used by numeric facts contained in the document (USD)
} And more that is beyond the scope of this presentation
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Evolution of the Internet
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Searching for the word “Mercury” on the Web can provide a wide variety of results—too many—such as:
Hg
Content—without Context
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§Chemical Industry
§<SYMBOL>
§Auto Industry §<CAR-MODEL>
§Publishing or Mythology
§<GOD>
§Music Industry §<RECORD-LABEL>
§Aerospace Industry §<PROGRAM>
§Astronomy §<PLANET>
“Content in Context” (Industry-specific)
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“Infrastructure” (Standard-specific)
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“Infrastructure” (Standard-specific)
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Consolidated Profit and Loss Account for the year ended June 30, 2009
Blah blah blah
Blah blah blah blah
Blah blah blah
Blah blah blah blah blah
Profit 925 448
Blah blah blah
Earnings per share 3.6 11.0
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XBRL Gives Context to Numbers
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From Unstructured (text) to Structured
Debbie Mathews5501 Headquarters Dr.Plano, TX 75024(972) 801-4772DOB: 16 February 71
<name>Debbie Mathews</name><address>
<street>5501 Headquarters Drive</street><city>Plano</city><state>Texas</state>
<country>United States of America</country><postcode>75024</postcode>
</address><telephone>972-801-4772</telephone><birthdate>1971-02-16</birthdate>
Metadata:Information about information
Metadata:Information about information
Ordinary information
Ordinary information
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Why is XBRL Relevant …
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Why XBRL?~ Need for increased efficiency in business information
reporting} Data producers, processors, and consumers
~ Demands for faster distribution of information~ Requirements to report more often~ Demands for more detail and additional processing to
ensure accuracy~ Data is more complex~ Need to decrease costs~ Re-using or re-purposing of information expensive~Manual processing (re-keying) is prone to errors~ Increasing costs of manual processing
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Dynamics Impacting Financial Reporting
~Globalization
~Greater need for Differentiation, not Normalization
~Non-analyzed and under-analyzed companies
~Need for greater transparency
~Market desire for custom products
~Increased competition & complexity
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Goals of Financial Reporting~Reporting on Steroids} Timeliness} Relevance} Completeness} Accuracy/Quality} Reuse} Flexibility} Reduce cost of creation / capturing of data} Verification} Historical data to project future performance
} XBRL – better, faster, cheaper
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What are the benefits?~Giving data context makes it “intelligent data” that
can be:} Reused} Repurposed} Exchanged} Submitted} Machine processed
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The Fundamentals
~Better, Faster, Cheaper~XBRL as part of a platform
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How XBRL Enables Financial Reporting
ExternalFinancialReporting
BusinessOperations
InternalFinancialReporting
Investment,Lending, andRegulation
Processes
Participants
AuditorsTradingPartners
Investors
FinancialPublishersand Data
Aggregators
Regulators
Software VendorsSoftware Vendors
ManagementAccountants
Companies
XBRL XBRLXBRL
XBRLFinancial StatementsXBRL-GL
TheJournal
Standard
Transaction Standards
Collaboration is KEY!!!
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The Problem XBRL Solves~Exchanging information in the same way
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SEC XBRL Filing Requirements …
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Phased in Schedule for XBRL ImplementationBeginning with a company’s first quarterly report on Form 10-Q that contains financial statements for the period on or after~June 15, 2009 - Phase I} Large accelerated filers using US GAAP with public float
> $5 billion
~June 15, 2010 - Phase II} All other accelerate filers using US GAAP
~June 15, 2011 - Phase III} All other filers using US GAAP & foreign issuers using
IFRS
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SEC Tagging Requirements~First Year} Detail Tagging of each item on the face of the financial
statements } Block text tagging of notes & schedules
~Second Year of submission & thereafter} Detail tagging of each item on the face of the financial
statements } Detail tagging of the notes to the financial statements
which include 4 levels of tagging.
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Footnote Tagging Requirements – 4 levels1. Block-text tagging of each complete footnote 2. Block-text tagging of each significant accounting
policy within the significant accounting policies footnote
3. Block-text tagging of each table within each footnote
4. Within each footnote –} Separate tagging of each amount (i.e., monetary
value, percentage, and number)} Separate tagging of each narrative disclosure to the
extent the electronic filer chooses
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Example of Year 1 XBRL Block TaggingBlock Tag
NOTE 9 GOODWILL Following are details of the changes in our goodwill balances during the three months and six months ended December 31, 2009:
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Example of Year 2 XBRL – Level 4 TaggingBlock Tag
NOTE 9 GOODWILL Following are details of the changes in our goodwill balances during the three months and six months ended December 31, 2009:
Tags Tags
TagsTags
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SEC XBRL RequirementsJune 30, 2009 June 30, 2010 June 30, 2011 June 30, 2012 June 30, 2013
LargeAccelerated Filers (~500 companies > $5B public float)
Detail tagging of financials
Block tagging of notes /
schedules
Detail & block tagging of notes
/ schedules
Liability “As Furnished”
Liability “As Furnished”
Liability “As Filed”
All Other Large Accelerated Filers (~1,200 companies)
Detail tagging of financials
Block tagging of notes /
schedules
Detail & block tagging of
notes/schedules
Liability “As Furnished”
Liability “As Furnished”
Liability “As Filed”
All Remaining Filers (~ 7,200companies)
Detail tagging of financials
Block tagging of notes /
schedules
Detail & block tagging of
notes/schedules
Liability “As Furnished”
Liability “As Furnished”
Liability “As Filed”
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How Does XBRL Work …
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How XBRL Enables Financial Reporting
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Validation
Standardization
How XBRL Works
CalculationCash = Currency +
DepositsFormulas
Cash ≥ 0Contexts
US $FY2004
Budgeted
LabelcashCashEquivalentsAndShortTermInvestments
ReferencesGAAP I.2.(a)Instructions
Ad Hoc disclosures
PresentationCash & Cash Equivalents
XBRLItemXMLItem
XBRLItem
PresentationCompetent et Competent
Equivalents
PresentationGeld & Geld nahe Mittel
PresentationKas en Geldmiddelen
Presentation现金与现金等价物
Presentation現金及び現金等価物
PresentationДеньги и их эквиваленты
PresentationГроші та їх еквіваленти
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XBRL is a pretty simple concept…~Tag individual concepts for electronic
dissemination.~Most concepts that are disclosed are defined in a
common framework – like US GAAP or IFRS~Those that aren’t are the unique aspects of a
particular company’s operations. They are interesting because they are different to what their peers report.~Where a concept belongs to a common
framework, use that.~Where a concept only belongs to a single
organization, define it, and disclose that definition, together with the fact.
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XBRL TaxonomyCreated by XBRL Consortium
XB
RL
C
reat
ion
XBRL DocumentCreated by Preparer
Company Financial Statement
TAGGING
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Relationship Documents
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XBRL is a Structured Document
Slide 41
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XBRL is a Structured Document
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XBRL Extension Taxonomy & Instance Document Creation Process
XBRL US GAAP Taxonomy Preparers Guide http://xbrl.us/taxonomies/Pages/US-GAAP2009.aspx
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XBRL Beyond Regulatory filings…
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XBRL Jurisdictions
UKCA
SPUS
AU
NZ
IR
JPKR
BE
VZ
CO
BR
AR
PT
RU
SG
HK
NOSE
PL
FI
IT
CN
IN
LB
CZ
UA
LUIASB
AE
NL
TR
GR
MTCH
FR
SI
HU
AT
Established JurisdictionsProvisional Jurisdictionsin Construction & in Project
DE
DK
ZA
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XBRL Regulatory Adoption – Publicly Announced
~ Australian Tax Office~ Banco de España~ Bank of Japan~ Bundesbank § Committee of European Banking
Supervisors (CEBS) § Chinese Securities Regulation
Commission (CSRC) {sponsoring Shenzen and Shanghai exchanges}
~ Danish Commerce & Companies Agency
~ Dutch Tax Authority~ Dutch Water Authority ~ Eurostat ~ EU Commission – XBRL in Europe~ Financial Service Agency of Japan~ The Irish Revenue~ Spanish Stock Exchange
Commission – 3000 companies
§ KOSDAQ – Korea § National Tax Agency of Japan § New Zealand Exchange§ Patent and Registration Office
(PRV – Sweden)§ U.S. Securities & Exchange
Commission§ Shanghai Stock Exchange 800+
companies§ Shenzhen Exchange § Tokyo Stock Exchange § UK Financial Services Authority § UK Inland Revenue § US Federal Financial Institutions
Examination Council (includes FDIC)
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Advantages of XBRL~Every piece of reported data is identified and
explained~Financial analysis can be automated: datasets
can be instantly and accurately identified and processed by financial software~The labels are multilingual: they work regardless
of language~They are international: they with different
accounting standards~They adapt to meet different requirements and
uses
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Changes for Corporate Finance ProfessionalsBy using XBRL, companies can quickly communicate moreaccurate data plus an unprecedented level of transparency.
Benefits:~ Reduced costs of automated data gathering and aggregation~ Efficient data validation~ Error identified/corrected prior to disclosure filings~ Narrative explanations of valid data discrepancies embedded~ Faster speed to publishing~ Expedited reviews from the SEC for XBRL filings~ Leadership and reputation for transparency~ Improved communications: Companies can ensure that individuals
are reviewing their numbers as they were depicted.
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Changes for Internal Accounting …XBRL also works for internal company information, controlsControls and compliance and reporting processes. Thelarger the company, the more benefits there are to usingXBRL enterprise-wide to automate business processes.
Benefits:~ Analyze competitors and benchmark against industry peers~ Improve audits and analysis of M&A targets~ Integrate new acquisitions faster~ Communicate between autonomous business units using different
accounting and ERP systems~ Automate aggregation of data from various software applications and
databases
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Changes for Financial Analysts A dream come true …~ Corporate financial data captured from any sources ~ Seamless input into any application they choose for
instant analysis or report preparation~ Immediate access to more accurate, cleaner, less costly
and more transparent data, in a non-proprietary format~ Ability to spend time on making better informed
investment decisions~ XBRL interactive data is tagged to associated text
enabling the analyst to more easily uncover disclosures that would materially affect their business models
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Democratizing Access to Financial InformationPercentage of Companies Receiving Coverage
29%
16%
55%
16%8%
59%
12%
29%
44%
76%
8%
48%
No ResearchCoverage
One Research Analyst More than OneResearch Analyst
NASDAQ (US)NYSE (US)
NASDAQ (Non-US)NYSE (Non-US)
Includes all common stock on NASDAQ National Market and NYSE.Source: Thomson Financial. December 2002.
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With XBRL?Mechanics More Time for Analysis => Better Analysis => Less Risk
Value-added Analysis and Decision-making? 10%
Average Time for Updating Financial Information—11 days
90% time spent on Mechanics
Average Time for Updating Financial Information—1 days
Without XBRL …
With XBRL …
For example … helping banks
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Questions and/or Comments
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Some Questions for You …~What is XBRL an acronym for?
~Name three XBRL terms?
~Name three XBRL taxonomy?
~Name three single word benefits of XBRL?
~Are you still an XBRL Dummy?
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The global XML standard for business and financial reporting
Transforming Business Reporting
XBRL is happening!!!
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Relevant Resources for EDGAR Filers
~ XBRL US http://www.xbrl.us~ Tools & Services for EDGAR Filers~ Taxonomies~ XBRL US GAAP Taxonomy Preparers Guide~ Training Archives~ Case Studies
XBRL US Training sessions available here for Filers: Implementing XBRL for SEC Reporting§ October 21, 2009 (bolt-on & built-in examples)§ September 17, 2009 (built-in example)§ August 19, 2009 (bolt-on & built-in examples)§ July 23, 2009 (bolt-on examples)§ May 27, 2009 (bolt-on & built-in examples)
~ SEC http://www.xbrl.sec.gov http://www.sec.gov~ XBRL Spotlight page~ EDGAR Filer Manual’s page~ XBRL Previewer Page~ Public Validation Criteria~ Staff Interpretations and FAQs Related to Interactive Data Disclosure~ Staff Observations from Review of Interactive Data Financial Statements