xbrl kim wallin

8/12/2019 XBRL Kim Wallin

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Big Data and XBRL What YouNeed to Know

Presented by: The Honorable Kim R. Wallin, CMA, CFM, CPA

Nevada State Controller


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What is Big Data

What is Interactive Data

How XBRL Can Help with Big Data Demonstration Using XBRL

Liv Watson, Web Filings

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What is Interactive Data?

Data is Labeled or Tagged

Uses Computer Markup Language

Improves Analysis XBRL (eXtensible Business Reporting

Lanuage)

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Answering the Question, Why XBRL?Your business

operates oninformation, so you

need to know the

fundamentals of

XBRL.


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Answering the Question, Why XBRL?

XBRL is,

fundamentally, a

language that helps

businesses

effectively and

efficiently bridge thecurrent gap between

business systems by

crossing artificial

boundaries.


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What is XBRL?


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What is XBRL?


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What is XBRL?


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What is XBRL?


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Fresh Produce

fresh thyme 1 1/2 tablespoons

Meat/Poultry

1 3/4-pound cornish game hen

Baking/Nuts/Spicesground allspice teaspoon

Oils and Vinegars

olive oil 1 tablespoon

Condiments and Sauces

bottled fruit salsa cup

hot-pepper sauce teaspoon

What is XBRL?


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What is XBRL?

Gazpacho Soup

Roast Cornish Game Hen

with Spicy Fruit Salsa

Apple Pie


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Global ledger framework

Its not a general ledger

Its global, holistic, generic, open sourceand extensible

XBRL GL Basics


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Before XBRL

Data 66% clean

30% had math errors

Weeks to report

Productivity 450-500

banks per examiner

With XBRL

Data 95% clean

100% accuracy

1 day to report

Productivity 550-600

banks per examiner

FDIC Experience with Bank Call Reports


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Single Audit

Single Audit Findings

Roll Out To Local Governments Can Be Used for Sub Grant Reporting

Use to Solve Other Spreadsheet Problems

Future Uses of XBRL in Nevada


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Looking at XBRL in Different Ways

A freely available, market-driven, open, global standard forexchanging business information


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A global consortium of more than 600 members

Source: http://www.xbrl.org/WhatIsXBRL/

REMEMBER!!XBRL stands

for eXtensible

Business

Reporting

Language andit is an open

standard, free

of l icense fees.


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A better approach to exchanging business information

When assessing adoption of XBRL and other supply

chain standards, management teams should consider

the typical economic consequences of standardization:

Lower costs

Improved accuracy

Higher volumes of information are available for analysis

Accelerated frequencies of availability

Improved resource allocation

More efficient processes


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Dispelling Common Misconceptions

Users of XBRL dont need to learn anything new.

.

Think of when the world moved from

paper spreadsheets to electronicspreadsheets. Did business users

have to learn new things? Certainly.

Did it kil l them? Certainly not


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Compelling Reasons to Consider XBRL

Improving integrity of information Collaborating with business partners

Making business systems interoperable

Looking for good investments

Analyzing information Making your system more flexible

REMEMBER!!

XBRL makes your systems

more flexible becauseXBRL was built to allow for

changes to your

information.


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Getting a Grip on XBRL Fundamentals

Two periodsInformation is expressed in thousands of dollars.

Two

definitions

mapped to

the USGAAP

Taxonomy

XBRL instance documents, is built in the form of an electronic file and contains business

information.

Lets look under the

hood

Th F M i P t f XBRL I t


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The Four Main Parts of an XBRL Instance

Document

1. Valuesa. The valuesare the text (individual values or entire narratives) andnumbers in the report

2. Contexta. The contextexplains important information about the values. You

need to understand what entitys value relates to, what period the

values relate to, and if the values are actual, budgeted, and so on3. Conceptsa. Technical representations of business terms. For example, Net

Income (Loss) and Sales, Net

4. Dict ionary or Taxonomya. Concepts are expressed within a dictionary

b. The important thing here is that the dictionary is the centrallocation where concepts are pointed to information that definesthat concept.

1. The dictionary gives a precise definition about the meaning ofeach term (semantics),including references and examples.

T Y i


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Tag Youre it:Tags add structure I

Within the XBRL instance,

the business information,

or the value, is expressed

in the form of what is often

referred to as tags.

Tags look l ike this within the XBRL instance:

End Tag

Beginning Tag

T Y it


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Tag Youre it:Tags add structure III

Dictionaries can be flexible

Dictionaries can enforce rules

Users can change report organization

In XBRL, the creator of a report,

such as a financial statement,

tags it. These tags add structure,

which helps computers

understand and do things w iththe information within the report.


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Liv Watson

Director of New Markets

W 888-275-3125 C 515-203-6632

Skype: Livwatson

[email protected]

Katrina Mader

Platform Instructor

W 515-296-3537 C 515-509-7399

[email protected]

Webfilings webfilings.com

Kris Brands

Assistant Professor, Regis University

W 303-964-5056

[email protected]

XBRL Resources Community

http://linkup.imanet.org/Communities

Resources
mailto:[email protected]:[email protected]:[email protected]://linkup.imanet.org/Communitieshttp://linkup.imanet.org/Communitiesmailto:[email protected]:[email protected]:[email protected]


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Questions???????

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