chapter 6 current state of xbrl discoverable taxonomy set extension taxonomies validation of xbrl vs...
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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
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
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
Extension TaxonomyLinks the linkbases to the DTSLinks the linkbases to the elements/documentsIncludes the elements used in instance document
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
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"/>
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>
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"/>
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
A Quick Example3M’s 10K
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)
IFRS Instance DocumentSame structure as XBRLUses different taxonomy
1. Root element / namespace declarations
2. SchemaRef3. Context4. Unit5. Items
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
Illustrations of IFRS XBRLiXBRL (next week)XBRL IFRS
<?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>
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
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)
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
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"/>
Table AxesEach Axes
◦Event, Market, Issue, & Security Holder, Status Type
Axes is defined as an Explicit Member of a Segment in a Context Structure.
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>
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>
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
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