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Transcript of Skip 2013 Inline XBRL vs. XBRL for Financial Reporting UWCISA Symposium on Information Integrity &...
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Inline XBRL vs. XBRL forInline XBRL vs. XBRL forFinancial ReportingFinancial Reporting
UWCISAUWCISASymposium on Information Symposium on Information
Integrity & IS AssuranceIntegrity & IS Assurance- Toronto, Oct 3, 2013 - - Toronto, Oct 3, 2013 -
Clinton E. White, Jr (Skip) Clinton E. White, Jr (Skip)
Lerner College of B&ELerner College of B&E
University of DelawareUniversity of Delaware
[email protected]@udel.edu
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iXBRL vs. XBRLiXBRL vs. XBRL• When you open an income statement with your When you open an income statement with your
browser, which would you prefer to see? browser, which would you prefer to see?
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XBRLXBRLan XML vocabularyan XML vocabulary
• XBRLXBRL– XBRL is an XBRL is an XML vocabulary XML vocabulary for business for business
operations and financial reportingoperations and financial reporting•XML – the Extensible Markup LanguageXML – the Extensible Markup Language•A set of rules & syntax for encoding documents in A set of rules & syntax for encoding documents in
a format that is both computer and human-a format that is both computer and human-readable readable
•Simplicity … generality … usable over a networkSimplicity … generality … usable over a network• The default way to encode documents for The default way to encode documents for
software-to-software exchanges over networks software-to-software exchanges over networks and between applications (e.g., office productivity and between applications (e.g., office productivity tools)tools)
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XBRLXBRLthe original conceptthe original concept
• XBRLXBRL– Crate an XML vocabulary with which Crate an XML vocabulary with which
to encode financial information so to encode financial information so that it is software-readable and can that it is software-readable and can be exchanged and unambiguously be exchanged and unambiguously interpreted and used by software or interpreted and used by software or humanshumans•Without being bound to a presentation Without being bound to a presentation
formatformat
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XBRLXBRL as implemented by the SECas implemented by the SEC• Document format files:Document format files:
– HTML format (including financials)HTML format (including financials)– Official filingsOfficial filings– Audited or reviewed Audited or reviewed
• Data files:Data files:– Financials in XBRL format Financials in XBRL format – Supplemental filingsSupplemental filings– Not audited or reviewedNot audited or reviewed
• Separate but presumed to be equalSeparate but presumed to be equal
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XBRL at the SECXBRL at the SEC
• Data files:Data files:– Each line item & disclosure tagged Each line item & disclosure tagged
with a tag from the US GAAP with a tag from the US GAAP taxonomy or the company’s taxonomy or the company’s extension taxonomy extension taxonomy
– <us-gaap:SalesRevenueNet<us-gaap:SalesRevenueNet contextRefcontextRef="FROM_Jan01_2012_TO_Dec31="FROM_Jan01_2012_TO_Dec31_2012" _2012" unitRefunitRef="USD“ ="USD“ decimalsdecimals="-3" ="-3" >>
29904000000 29904000000 </us-</us-gaap:SalesRevenueNet>gaap:SalesRevenueNet>
US GAAP: http://xbrl.us/taxonomies/Pages/US-US GAAP: http://xbrl.us/taxonomies/Pages/US-GAAP2013.aspxGAAP2013.aspx
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XBRL at the SECXBRL at the SEC
• Document files:Document files:– HTML (presentation) formatHTML (presentation) format
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Document & Data FilesDocument & Data Files
• Why are companies required to Why are companies required to file both document and data files?file both document and data files?– Document filesDocument files
• The “original,” “official” file(s)The “original,” “official” file(s)•Audited (or reviewed), legal Audited (or reviewed), legal
document(s)document(s)
– Data filesData files• The computer-processable file(s)The computer-processable file(s)•Unaudited, reusable data, validateable Unaudited, reusable data, validateable
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XBRL at the SECXBRL at the SEChybrid documentshybrid documents
– Each line item & disclosure tagged with Each line item & disclosure tagged with a tag from the US GAAP taxonomy or the a tag from the US GAAP taxonomy or the company’s extension taxonomy company’s extension taxonomy
– Each disclosure tagged and its contents Each disclosure tagged and its contents formatted with HTML multiple times to formatted with HTML multiple times to appear exactly as it does on paper appear exactly as it does on paper (Levels 1, 2, & 3 tagging)(Levels 1, 2, & 3 tagging)
– Difficult to process and analyzeDifficult to process and analyze– Difficult to compare to the Difficult to compare to the officialofficial HTML HTML
documentsdocuments•Hybrid XBRL instance documentsHybrid XBRL instance documents
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Inline XBRLInline XBRL
• What if we embedded the What if we embedded the XBRL formatted financial XBRL formatted financial statement in a HTML document statement in a HTML document so that it renders in humanly-so that it renders in humanly-readable format – exactly as in readable format – exactly as in paper form?paper form?– And, we can extract an XBRL And, we can extract an XBRL
instance document when needed!instance document when needed!
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iXBRLiXBRL
• Inline XBRL 1.1Inline XBRL 1.1– Working draft: March 2013Working draft: March 2013– For embedding XBRL fragments For embedding XBRL fragments
into an HTML document (XBRL into an HTML document (XBRL International)International)
– When processed by an XML When processed by an XML processor, it is rendered as a Web processor, it is rendered as a Web page instead of an XBRL documentpage instead of an XBRL document
XBRL.org: http://www.xbrl.org/news/xbrl-XBRL.org: http://www.xbrl.org/news/xbrl-international-seeks-feedback-inline-xbrl-11international-seeks-feedback-inline-xbrl-11
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3M Consolidated Income 3M Consolidated Income StatementStatement
(XBRL instance - 10-K 12/31/2012)(XBRL instance - 10-K 12/31/2012)
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iXBRLiXBRL
• iXBRL documents:iXBRL documents:– The “source” document is the “official” The “source” document is the “official”
documentdocument•An XML document with an HTML root elementAn XML document with an HTML root element
– Actually, XHTML documentActually, XHTML document
•Contains the XBRL tagged items formatted and Contains the XBRL tagged items formatted and in exactly the same order as when renderedin exactly the same order as when rendered
•Renders exactly as intended by the entityRenders exactly as intended by the entity• The XBRL instance document is extractable from The XBRL instance document is extractable from
the “source” documentthe “source” document– Referred to as a “target” documentReferred to as a “target” document– It is usable by XBRL analysis software & is valedatable It is usable by XBRL analysis software & is valedatable
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iXBRLiXBRL
• One “source” documentOne “source” document– The XBRL is The XBRL is more transparent more transparent and and
easier to process for analysis easier to process for analysis purposespurposes
– Much Much easier to provide assurance easier to provide assurance that the XBRL is that the XBRL is complete, complete, consistent, & mapped & structured consistent, & mapped & structured correctlycorrectly
– Much Much more user-friendlymore user-friendly– No redundancy No redundancy in disclosuresin disclosures
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3M Co’s 3M Co’s Net sales Net sales revenuerevenue- iXBRL -- iXBRL -
<ix:nonFraction name="us-gaap:SalesRevenueNet" contextRef="FROM_Jan01_2012_TO_Dec31_2012" unitRef="USD" decimals="-3" format="ixt:numcommadot" id="ID-15" scale="3"> 29,904 </ix:nonFraction>
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iXBRLiXBRL
• Can take advantage of HTML5 & CSS3Can take advantage of HTML5 & CSS3– A semantic HTMLA semantic HTML– Incorporates much of XHTMLIncorporates much of XHTML– Includes new APIs for dynamic Web Includes new APIs for dynamic Web
pagespages– CSS3:CSS3:
•Supports namespacesSupports namespaces•More powerful styling featuresMore powerful styling features•Reusable, maintainable codeReusable, maintainable code
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Current XBRL Level 1 disclosureCurrent XBRL Level 1 disclosure
• <us-gaap:ConsolidationPolicyTextBlock id="ID_378" contextRef="FROM_Jan01_2012_ TO_Dec31_2012"><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Arial;font-size:10pt;font-style:italic;margin-left:0px;">Consolidation:</font ><font style="font-family:Arial;font-size:10pt;"> 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products. All subsidiaries are consolidated. All significant intercompany transactions are eliminated. As used herein, the term &#8220;3M &#8221; or &#8220;Company&#8221; refers to 3M Company and subsidiaries unless the context indicates otherwise.</font></p> </us-gaap: ConsolidationPolicyTextBlock>
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iXBRL Level 1 disclosureiXBRL Level 1 disclosure
• <div class="mediumtext" style="disclosure">• <ix:nonNumeric name="us-gaap:
ConsolidationPolicyTextBlock" id="ID-378" contextRef="FROM_Jan01_2012_TO_Dec31_2012"><i>Consolidation:</i> 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products. All subsidiaries are consolidated. All significant intercompany transactions are eliminated. As used herein, the term "3M" or " Company" refers to 3M Company and subsidiaries unless the context indicates otherwise. </ix:nonNumeric>
• </div>
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ResourcesResources
• www.skipwhite.comwww.skipwhite.com– The Accountant’s Guide to XBRLThe Accountant’s Guide to XBRL– The Guide & Workbook for Understanding The Guide & Workbook for Understanding
XBRLXBRL• http://sixrevisions.com/web-http://sixrevisions.com/web-
standards/ standards/ – Saqib – Saqib – “20 HTML Best Practices …”“20 HTML Best Practices …”
• www.w3schools.com/ www.w3schools.com/ – HTML5 … CSS3HTML5 … CSS3– ““HTML5 Definition Complete …”HTML5 Definition Complete …”
• www.xbrl.orgwww.xbrl.org – ““Inline XBRL Part 1: Specification …”Inline XBRL Part 1: Specification …”