chapter 6
DESCRIPTION
Chapter 6. Current State of XBRL IFRS Taxonomy Discoverable Taxonomy Set Extension Taxonomies Validation of XBRL vs xml. Current State of XBRL. Who Must File. All companies are now required to file using XBRL All companies are filing Level 1 to Level 4 footnotes - PowerPoint PPT PresentationTRANSCRIPT
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Chapter 6Current State of XBRLDiscoverable Taxonomy SetExtension TaxonomiesValidation of XBRL vs xmlIFRS TaxonomyiXBRLCorporate ActionsAudit Data StandardsOh my….. There’s a lot of stuff here
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Current State of XBRL
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Who Must FileAll companies are now required
to file using XBRLAll companies are filing Level 1 to
Level 4 footnotesLimited Liability protection has
been waivedForeign Private Issuers are
required to file using IFRS taxonomy
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SEC Filing PackagesDiscoverable Taxonomy Set (DTS)
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DTS – What must be filed with SECContains:
◦ Instance Document◦ Extension Taxonomy◦ Linkbases
Calculation Definition Labels Presentation
◦ All Imported SchemasFilename Format
◦ Identifier-yyyymmdd.xml for instance◦ Identifier-yyyymmdd.xsd for schema◦ Identifier_yyyymmdd_cal.xml or _def or _lab or _pre
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Extension TaxonomyLinks the linkbases to the DTSLinks the linkbases to the elements/documentsIncludes the elements used in instance document
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Structure of SEC Extension TaxonomySchema Root Element,
namespace declarations (same as chapter 3)
annotation/appinfo◦link:linkbaseRef
Links all the linkbases to the schema document
◦link:roleType Links each statement and disclosure to
the linkbases
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link:linkbaseRef (International Speedway Corp 10Q) <link:linkbaseRef xlink:type="simple" xlink:href="isca-
20110531_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links, all"/>
<link:linkbaseRef xlink:type="simple" xlink:href="isca-20110531_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links, all"/>
<link:linkbaseRef xlink:type="simple" xlink:href="isca-20110531_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links, all"/>
<link:linkbaseRef xlink:type="simple" xlink:href="isca-20110531_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links, all"/>
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link:roleType (International Speedway Corp 10Q)
<link:roleType roleURI="http://internationalspeedwaycorporation.com/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical">
<link:definition>0111 - Statement - Consolidated Balance Sheets (Unaudited) (Parenthetical)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
</link:roleType>
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Import schemas1. <xsd:import namespace="http://fasb.org/us-gaap/2012-01-31"
schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd"/>2. <xsd:import namespace="http://fasb.org/us-roles/2012-01-31"
schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-roles-2012-01-31.xsd"/>3. <xsd:import namespace="http://fasb.org/us-types/2012-01-31"
schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-types-2012-01-31.xsd"/>4. <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-
2003-12-31.xsd"/>5. <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-
2003-12-31.xsd"/>6. <xsd:import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact"
schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd"/>7. <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-
2009-12-16.xsd"/>8. <xsd:import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-
16.xsd"/>9. <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric"
schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>10. <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-
2009-12-16.xsd"/>11. <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>12. <xsd:import namespace="http://xbrl.sec.gov/country/2012-01-31"
schemaLocation="http://xbrl.sec.gov/country/2012/country-2012-01-31.xsd"/>13. <xsd:import namespace="http://xbrl.sec.gov/currency/2012-01-31"
schemaLocation="http://xbrl.sec.gov/currency/2012/currency-2012-01-31.xsd"/>14. <xsd:import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-
31.xsd"/>15. <xsd:import namespace="http://xbrl.sec.gov/exch/2012-01-31" schemaLocation=
http://xbrl.sec.gov/exch/2012/exch-2012-01-31.xsd/>16. <xsd:import namespace="http://xbrl.sec.gov/invest/2012-01-31" schemaLocation="http://xbrl.sec.gov/invest/2012/invest-
2012-01-31.xsd"/>17. <xsd:import namespace="http://xbrl.sec.gov/naics/2011-01-31" schemaLocation="http://xbrl.sec.gov/naics/2011/naics-
2011-01-31.xsd"/>18. <xsd:import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation=
http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd/>19. <xsd:import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-
01-31.xsd"/>
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Extension Element (International Speedway 10Q)
<element id="isca_PrepaidExpensesAndOtherCurrentAssets” name="PrepaidExpensesAndOtherCurrentAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" xbrli:balance="debit"/>
Note: No longer used in current 10-QExamine International Speedway
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A Quick Example3M’s 10K
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XBRL Validation
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XBRL Validation Levels Phase I
◦ xml validation (NOT XBRL) Schema validation – does the xml match the schema structure? International Speedway (will it validate?)
Phase II◦ Validates XBRL semantics in DTS◦ Validates syntax and semantics in linkbases
So if calculation linkbase indicates what is totaled for Current Assets does it agree with the Total Current Assets element?
Requires specialized software ($’s)
Phase III◦ Validates XBRL based on reporting rules◦ SEC XBRL filing requirements
Over 200 rules Requires specialized software ($’s)
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XBRL IFRS
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IFRS Instance DocumentSame structure as XBRLUses different taxonomy
1. Root element / namespace declarations
2. SchemaRef3. Context4. Unit5. Items
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IFRS Taxonomy2013 Taxonomy Issued March 27,
2013Compared to US GAAP, ~ 4000
elements vs. 16,000Documentation is not included in
IFRS (as it is NOT rule based).◦Instead disclosures and example
references are included
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Illustrations of IFRS XBRLiXBRL (next week)XBRL IFRS
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<?xml version="1.0" encoding="utf-8"?><!-- XBRL instance shell - Skip White December 2010 --><!-- File name: XBRLInstanceShell2010.xml --><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns: _____1_________ > <link:schemaRef xlink:type="simple" xlink:href= _____2_________ /> <xbrli:context id= _____3_________ >
<xbrli:entity> <xbrli:identifier scheme= _____4_________ > _____5_________ </xbrli:identifier>
</xbrli:entity><xbrli:period>
<xbrli:instant> _____6_________ </xbrli:instant></xbrli:period>
</xbrli:context><xbrli:unit id= _____7_________ >
<xbrli:measure> _____8_________ </xbrli:measure></xbrli:unit><!-- Insert the XBRL items (facts) below --> </xbrli:xbrl>
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IFRS TaxonomyLets Review
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Corporate Actions XBRL Taxonomy
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What is a corporate Action?Something that affects the equity
or debt issued by a public company
Made by the Board of DirectorsExamples:
◦Cash or Stock Dividends◦Stock Splits◦Mergers and/or Acquisitions
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Corporate Action requirementThe issuer (the company) issues anISO 20222 message
◦“Hey an action may have an effect on… as a result of …”
Sent to Financial Services Registrar◦Who keeps track of who owns the
shares/bonds of the issuerRe-entered, Re-arranged,
translated, etc. to be sent to owners and regulatory bodies (e.g. SEC)
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Corporate Actions TaxonomyLike UBLIntended to streamline corporate
action filings
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Corporate Action TaxonomyFour Criteria for each Action/Event:
1. Type of Event2. Market in which event occurs (currently
only U.S.)3. Type (equity, debt, other)4. Mandatory or Voluntary5. Status (Confirmed, Unconfirmed,
Preliminary) Yes I know that’s 5!
All reported in a 4 (5) dimensional table◦Called a HyperCube
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Corporate Action is XBRL<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink"xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:ca="http://xbrl.us/corporateActions/2012-03-31">
<link:schemaRef xlink:type="simple" xlink:href="http://taxonomies.xbrl.us/corpactions/2012/ca/US/Equity/CashDiv/Mand/ca-US-Equity-CashDiv-Mand-ent-2012-03-31.xsd"/>
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Table AxesEach Axes
◦Event, Market, Issue, & Security Holder, Status Type
Axes is defined as an Explicit Member of a Segment in a Context Structure.
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Table Context Structure<xbrli:context id="ContextCashDividendUSEquityMandatory"> <xbrli:entity>
<xbrli:identifier scheme="http://www.citibank.com/xbrl">Citibank</xbrli:identifier>
<xbrli:segment> <xbrldi:explicitMember
dimension="ca:EventTypeAxis">ca:CashDividendMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ca:MarketTypeAxis">ca:UnitedStatesMember</xbrldi:explicitMember> <xbrldi:explicitMember dimension="ca:IssueTypeAxis">ca:EquityMember</xbrldi:explicitMember> <xbrldi:explicitMember dimension="ca:MandatoryVoluntaryAxis">ca:MandatoryMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ca:StatusAxis">ca:PreliminaryMember</xbrldi:explicitMember> </xbrli:segment> </xbrli:entity> <xbrli:period>
<xbrli:startDate>2014-12-01</xbrli:startDate><xbrli:endDate>2014-12-01</xbrli:endDate>
</xbrli:period></xbrli:context>
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Corporate Action Facts
<ca:UniqueUniversalEventIdentifier contextRef="ContextCashDividendUSEquityMandatory">Citibank123456</ca:UniqueUniversalEventIdentifier>
<ca:DocumentTitle contextRef="ContextCashDividendUSEquityMandatory">Dividend Announcement</ca:DocumentTitle>
<ca:AnnouncementDate contextRef="ContextCashDividendUSEquityMandatory">2014-12-01</ca:AnnouncementDate>
<ca:EventType contextRef="ContextCashDividendUSEquityMandatory">Cash Dividend</ca:EventType>
<ca:OrdinaryShare contextRef="ContextCashDividendUSEquityMandatory" unitRef="shares" decimals="INF">1</ca:OrdinaryShare>
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AICPA Audit Data StandardsLots of Stuff but we aren’t
covering it today!
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Other Stuff
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Uses of XBRL (FDIC)Call Reports
◦Quarterly reports from banking institutions
◦125 data items◦Call Report Taxonomy developed by◦Federal Financial Institutions
Examination Council◦Responsibility of Validation rests with
Banks This is contrasted with XBRL where
validation takes place by SEC
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AICPASOP 13-2
◦Performing Agreed-Upon Procedures Engagements That Address the Completeness, Mapping, Consistency or Structure of XBRL-Formatted Information”
Principles and Criteria for XBRL Formatted Information
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Remaining ClassesApril 23rd
◦iXBRL◦Status of XBRL◦Review for Exam