Tagging data is a new task, and companies will need guidance on best practices. For example, companies will need to learn how to optimize “context,” an XBRL concept that represents time periods, business segments, and reporting scenarios. Context represents one-third of the XML in the 10-Q. Financial statement preparers need software tools for rendering XBRL documents. There are tools available, but these tools are early in their product cycle, and still need enhancements to enable ease of use for tagging and extending standard taxonomies. XBRL taxonomy extensions and validation processes present a new and complex technology to preparers.
"The reason that everyone is not doing their financial reporting using interactive data is simple: it's a new concept. People will use it when they discover how much time and money it can save them, by automating and speeding up the process. We want it at the SEC because it will make the financial reports much more useful. Companies will want interactive data for the same reason. The truth is, it's inevitable -- and if the 21st century has shown us anything thus far, it's that technological change occurs extremely quickly. "As a result, it's not surprising that we're hearing from both filing agents and accounting firms that their clients are suddenly showing greater interest in interactive data. Given its enormous potential, there's no doubt this increased interest in interactive data will soon translate into widespread adoption." Chairman Christopher Cox U.S. Securities and Exchange Commission Quote in January, 2006 Financial Executives Magazine Article On XBRL
A sample of technical detail the accountant must handle
Presented as a set of questions
Based on real examples from Microsoft experience in filing under SEC VFP
Three 10-Qs, most recent quarter ended Sept 30, 2005
Annual report, 10-K, for year ended June 30, 2005
Included financial statements, notes, management’s discussion and analysis (MD&A)
In the following example is the highlight a number or a string? Table: Components of finite-lived intangible assets acquired
Are the following numbers positive or negative?
What does decimals=“INF” represent? Can you provide an example? <msft:CashDividendsPerShare contextRef="P1YFY2003" unitRef="USD" decimals="INF">0.08</msft:CashDividendsPerShare> <msft:CashDividendsPerShare contextRef="P1YFY2004" unitRef="USD" decimals="INF">0.16</msft:CashDividendsPerShare> <msft:CashDividendsPerShare contextRef="P1YFY2005" unitRef="USD" decimals="INF">3.40</msft:CashDividendsPerShare> From Income Statements
What does “pure” refer to? When do you use it?