1. XBRL in plain English
Olga Danilevitch
MARYTREE Corp
XBRL Consultant
2. What is XBRL?
• eXtensible Business Reporting Language
• XBRL is a computer language
• XBRL is based on XML
• XBRL does not cause a change in
accounting standards
• Users of XBRL
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3. Benefits of XBRL
• XBRL allows for the creation of interactive,
intelligent data that lives on the Internet;
• XBRL allows business reporting information to
be reused and repurposed;
• XBRL enhances the ability to compare
information from one entity to another;
• XBRL allows for unique reporting situation
• XBRL is about to make what is disclosed easier
to disclose and cheaper to use for investors
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4. XBRL Ecosystem
• XBRL International Consortium
• XBRL Local (National) Jurisdictions
• XBRL US Jurisdiction (US GAAP)
• XBRL US corporate members
• XBRL for US GAAP and IFRS
• XBRL software vendors’ community
• XBRL and the SEC, from EDGAR to IDEA
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5. SEC on XBRL – the mandate
• All public companies, mutual funds, credit
rating agencies.
• Phase-in schedule beginning in 2009:
• Group 1: $5 billion+ in float - June 15, 2009;
• Group 2: All other accelerated filers - June 15, 2010;
• Group 3: All remaining filers – June 15, 2011.
• Reports and Forms:
• primary financial statements, notes and financial statements
schedules;
• Forms 10-Q and 10-K, Forms 8-K and 6-K, transition reports,
Securities Act registration schedules;
• SEC Rule # 33-9002 as 04/12/2009
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6. SEC on XBRL – the mandate
(continued)
• XBRL is supplemental for traditional
electronic filing formats as ASCII or HTML
• For each phase of implementation:
• 1st year: Financial Statements detailed tagging; footnotes and
schedules text block tagging only; 30-days grace period;
• 2nd year: Footnotes and schedules detailed tagging; 30-days;
• Limited liability is phased over 24 months,
terminates completely on 10/31/2014
• XBRL reports must be posted on the
company’s corporate website
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7. Current US GAAP Taxonomy
• All US GAAP Taxonomies: Release 2009
Document and Company Information (all companies)
Commercial and Industrial Taxonomy (most companies)
Banking and Savings Institutions Taxonomy
Brokers and Dealers Taxonomy
Insurance Taxonomy
Real Estate Taxonomy
Schedule of Investments
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8. Three ways to get it done
• In-sourcing: purchase software and do it
internally.
• Use a third party provider.
• Completely integrate your ERP system
with the reporting software.
• Costs of each option
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9. XBRL Process Flow - Outsource
XBRL
Financial Initial Setup
Consolidated Statements
Extend Taxonomy Validate Taxonomy Create Instance Validate Instance File Submission
Statements to GAAP Mapping
to the
SEC
Confirm Statements
to GAAP Mapping
Publish XBRL reports
on your website!
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10. XBRL Process Flow – Insource
Review XBRL
Review SEC Rules Choose Software Tools Software Proficiency Review Taxonomy
Preparer’s Guide
XBRL
Financial Submission
Map to Financial Review and Test File
Statements Statements
Extend Taxonomy Validate Taxonomy Create Instance
Validate Instance with the SEC to the
SEC
Confirm Statements Publish XBRL reports
to GAAP Mapping on your website!
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11. Issues
• SEC Staff Observations From Review of
Interactive Data Financial Statements:
• Element Selection (accounting judgment);
• Context References (reporting periods and segments);
• Rendering (visual presentation);
• Negative values and negated labels;
• Decimals;
• Other – Filers did not post the XBRL reporting package
on their corporate websites!
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12. Software Tools and Service
Providers
• Interstage XWand Fujitsu Ltd
• I-Metrix Xcelerate EDGAR Online
• EDGARizerX EDGAR Filings
• SpiderMonkey CoreFiling Ltd
• Touchstone CoreFiling Ltd
• UBmatrix Taxonomy UBmatrix
Designer
• Dragon Tag Rivet Software
• Microsoft FRx Microsoft Corp
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13. Conclusion
• It’s all about accounting!
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