Thanks to Dr. Maureen Mascha, Marquette University, Dr. Rajendra Srivastava, University of Kansas, Dr. Clifton White, University of Delaware, Ernst & Young, LLP, Greg Buttery (Iowa State University), Breanne Kruger (Iowa State University), Leslie Pease (Iowa State University) and XBRL.org for assistance with material preparation.
XBRL is the specification for the eXtensible Business Reporting Language. XBRL allows software vendors, programmers and end users to enhance the creation, exchange, and comparison of business reporting information. Business reporting includes, but is not limited to, financial statements, financial information, non-financial information and regulatory filings such as annual and quarterly financial statements.
XBRL defines a syntax in which a fact can be reported as the value of a well defined reporting concept within a particular context. The syntax enables software to efficiently and reliably find, extract and interpret those facts. The XBRL framework splits business reporting information into two components: XBRL instances and taxonomies.
* The above definition is provided by XBRL.org in “Extensible Business Reporting Language (XBRL) 2.1 RECOMMENDATION - 2003-12-31 + Corrected Errata - 2005-04-25.”
Regulatory Filings Web Site Tax Return Trade Filings Printed Financials Accounting System Third Party Information Explanatory Text Internal Reports XBRL Documents
Primary Use Cases Accounting Corporate HQ Operating Divisions -External Auditors Sharing Information Easily Specific Uses Investors Lenders More Regulators -Data Intermediaries -Others Regulator Filings Financial Statements Earnings Releases Tagging can occur
XBRL Information Chain External Financial Reporting Business Operation Internal Financial Reporting Investment and Lending Analysis Business Processes Participants Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators XBRL for Regulatory Filings XBRL for Audit Schedules XBRL for Tax Filings Software Vendors Management Accountants Companies XBRL GL and XBRL for Business Processes XBRL for Financial Statements
The XBRL Organization: XBRL Consortium (www.xbrl.org)
A not-for-profit organization consisting of more than 300 members at the present time.
Comprised of local jurisdictions which represent countries, regions or international bodies and focus on the progress of XBRL in their areas as well as contributing to international development.
According to XBRL 2.1 Specification released by XBRL International:
“ A taxonomy is defined as an XML Schema and the set of directly referenced extended links and any extended links that are nested within the XML Schema.”
In other words: A Taxonomy is made up of a group of interrelated XML files: XML Schema File (.xds file) and Linkbase Files (.xml files)
The XBRL taxonomy schema file defines the actual concepts (elements) that form the basis of a taxonomy. It stores their names, data types, period type, how they can be utilized, etc. The properties of schema elements are defined in the XBRL 2.1 Specification.
Names must start with a letter or a underscore “_”.
Names can contain any combination of letters, numbers, underscores “_”, dashes “-”, or periods “.”
Names must not contain any other characters.
Names must not start with letters xml (or XML or Xml ..).
Names cannot contain spaces.
Names (tags) are case sensitive.
Each name within a taxonomy must be unique and must start with an alpha character or the underscore character.
Element names should not be interpreted as containing a "hierarchical" structure
Taxonomy structure is expressed in the XBRL linkbases
US Financial Reporting Taxonomy Structure Commercial & Industrial (us-gaap-ci) Primary Terms Relationships (usfr-ptr) Management Report (usfr-mr) Accountants Report (usfr-ar) SEC Certification (usfr-seccert) Financial Service Terms Relationships (usfr-fstr) Banking and Savings Institutions (us-gaap-basi) Insurance Entities (us-gaap-ins) Investment Management (us-gaap-im) Company Extension Instance Document MD&A (usfr-mda) Primary Terms Elements (usfr-pte) Financial Service Terms Elements (usfr-fste) Investment Management Elements (usfr-ime)
Anatomy of an XBRL Taxonomy - XBRL Schema Element, Attributes, and Linkbase Examples There are several basic attributes of an XBRL element that provide the detail about them. In the example below, “CashCashEquivalents” has a unique element name which also identifies its source taxonomy, a data type ( monetary ), balance type ( debit ), and a period type ( instant ) which defines how it is reported at a given instant or duration. Attribute Example Usfr-pte:CashCashEquivalents Monetary/String, etc. Debit/Credit Instant/Duration XBRL Name Data Type Balance Type Period Type Basic Element Attributes
In addition to the basic attributes, each element has a set of defined relationships with the taxonomy linkbases. In the example below, “CashCashEquivalents” has a human readable label, a reference to authoritative literature (SEC), a presentation hierarchy and a calculation summation. Anatomy of an XBRL Taxonomy - XBRL Schema Element, Attributes, and Linkbase Examples Name : SEC Regulation S-X Rule Number : 7 Chapter : 3 Paragraph : 2 Relationships To O ther Elements & Information (Linkbases) Calculation Presentation Reference Total Current Assets = Cash and Cash Equivalents + Accounts Receivable Trade, Net + Inventories, Net + … Cash and Cash Equivalent Accounts Receivable Trade, Net Inventories, Net Total Current Assets Label e.g., “Cash and Cash Equivalents” Linkbase Example
Anatomy of an XBRL Instance Document Tagged Value : The main function of the instance document is to store financial data tagged with elements from a referenced taxonomy (containing element definitions and Meta data) for reporting. Unit : An instance document contains a unit for each type of measured data tagged. Currencies and shares are the most common examples of Units of measure in Financial Reporting. Instance Component Tagged Value Cash and cash Equivalents : US$ 575,000,000 (1) Example XBRL Name, i.e., Tag Usfr-pte:CashCashEquivalents ID USD Measure $ , Shares etc. UNIT Example Attribute
Anatomy of an XBRL Instance Document Contexts : Every piece of financial data in an instance document must be associated with a context. A context provides additional meta data, particularly the period it is reported in. In addition, each context can also provide Segment (Ex. Business Unit or Revenue Center) and Scenario (Additional information Ex. Restated, Unaudited, etc.) information. Precision or Decimal are used on numeric values. In this example, a Precision of 9 is given. This means that the first 9 digits, counting from the left, starting at the first non-zero digit of the value are known to be trustworthy for the purposes of computations to be performed using that numeric fact. A Decimal of 2 would indicate that t he value of the numeric fact is known to be correct to 2 decimal places. Contexts Scenario Segment Period Audited, Pro-forma, Restated Financial Printing, Outsourcing etc. Instant: As of 31-12-2004 Attribute Example Precision Or Decimal: Precision = 9, Decimal = 2 Example
Anatomy of an XBRL Instance Document: Footnotes Footnote Link : Footnote Links allow for the creation of structured text annotations between facts. Footnote Link: Example (1) Cash and Cash Equivalents-All highly liquid investments with original maturities of three months or less at date of purchase are carried at cost plus accrued interest, which approximates fair value, and are considered to be cash equivalents. All other investments not considered to be cash equivalents are separately categorized as investments.
Anatomy of XBRL - Extending a taxonomy One of the most powerful and versatile aspects of XBRL is taxonomy extensibility. This allows a taxonomy to reference other taxonomies and define its own set of relationships and information (presentation, calculation, labels, etc.) around those taxonomies, in addition to adding new unique elements in the extension schema itself.
Anatomy of XBRL - Consuming an XBRL Instance Document
Using XBRL enabled software a user accesses an entity’s Instance Document through the internet.
The Instance Document references the entity’s Extension Taxonomy which contains information and relationships specific to that entity.
The entity Extension Taxonomy references a Public
Taxonomy and extends it.
The Entity Instance Document, Extension Taxonomy
and Public Taxonomy reference the XBRL Technical
Specification Schema for compliance with the 2.1
Balance Sheet: Taxonomy Element and Instance Data Taxonomy Element Instance value Reporting period Unit of Measure December 31 2004 2003 ASSETS US$000,000 US$000,000 Current Assets: Cash and Cash Equivalents (1) $634 $575 Accounts receivable, less allowance for doubtful accounts of $88 and $80 2,101 1,804 Inventories 1,515 1,374 Total current assets $4,250 $3,753 Taxonomy Schema Snippet < element id= " usfr-pte_CashCashEquivalents" name= "Cash and Cash Equivalent" type= "xbrl:monetaryItemType" substitutionGroup= "xbrli:Item" xbrli:periodType= "instant" xbrli:balance= "debit" nillable= "true" /> Instance Document Snippet < usfr-pte:CashCashEquivalents contextRef =“Y-2003" unitRef= "U-Monetary“ decimals= "0"> 575000000 </ usfr-pte:CashCashEquivalents >
Dragon Tag Dragon Tag appears to be product for smaller firms who prepare their financial statements from smaller accounting packages and export them into Word or Excel format. Target market To find tags in selected taxonomy, preparer clicks through several categories. Categories are fairly unique. Selecting standard taxonomy Drag and drop process of tagging values. Interface to tag values Dragon Tag allows preparers to create taxonomy directly without specifying setting types if appropriate. Taxonomy interface Dragon Tag does not require preparer to create repetitive entries. Instead, a "hopper" entry is created and used throughout the tagging process. Inputting repetitive data Balance Sheet and Income Statement elements were added in the same pane, giving better continuity for preparers. Financial statement interface If preparers have both the .NET Framework 1.1 and .NET Framework 2.0 installed on their computers, they need to download and manually patch the software before operating Dragon Tag 1.5. Installation Most of the work takes place within the Profile Pane. Preparer interface Dragon Tag is an add-in product that directly interfaces with MS Office products ("drag-and-tag"). Set-up
XWand More rich JAVA product that can be packaged with a larger erp system Target market To find tags in selected taxonomy, preparer clicks through several categories. Categories are fairly unique. Selecting standard taxonomy Each value to be tagged must be manually inputted Interface to tag values Detailed settings available Taxonomy interface Repetitive data has to be added into multiple filed (i.e. calculation link, presentation link, etc.) Inputting repetitive data Balance Sheet and Income Statement elements were added separately; a repetitive and tedious task Financial statement interface No issues noted Installation Uses several panes with somewhat similar (and therefore confusing) functionality Preparer interface Requires Sun Java to work. Standalone product Set-up
Spider Monkey – Core Filing Gives ability for users to modify and work on taxonomy simultaneously. Needs True North for validation function Target market User can write taxonomies and download and modify existing taxonomies Selecting standard taxonomy Each value to be tagged needs to be manually inputted. Interface to tag values Creates taxonomy directly without specifying setting types if appropriate Taxonomony interface Repetitive data has into multiple fields Inputting repetitive data Does not produce financial statements – needs Intelligent Financial Statement to generate financial statement user interface Financial statement interface No installation issues noted Installation Most of the work takes place in two panes Preparer interface Written in JAVA and can be used on most common systems Set-up
FRx Goes beyond being an XBRL writer Target market To find tags in selected taxonomy, preparer clicks through several categories. Categories are fairly unique. Selecting standard taxonomy Drag and drop process of tagging values. Interface to tag values Uses user defined accounts types Taxonomony interface Eliminated repetitive data entry Inputting repetitive data Allows user to either manually or via Report Wizard generate software Financial statement interface Need NET framework 1.1 Service Pack form Microsoft to install Installation One pane Preparer interface Connects with most GL software for tagging accounts Set-up