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XBRL: Will it Revolutionize Financial Reporting?
UAA – ACCT 316 Accounting Information Systems Dr. Fred Barbee
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AICPA Top Ten Technologies - 2003
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Top Ten Technologies 2003
1. Information Security
2. Business Information Management
3. Application Integration
4. Web Services
5. Disaster Recovery Planning
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Top Ten Technologies 2003
6. Wireless Technologies
7. Intrusion Detection
8. Remote Connectivity
9. Customer Relations Management
10.Privacy
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AICPA Top Ten Technologies - 2002
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Top Ten Technologies 2002
1. Business and Financial Reporting Applications
2. Training and Technology Competency
3. Information Security and Controls
4. Quality of Service
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Top Ten Technologies 2002
5. Disaster Recovery (includes business continuation and contingency planning).
6. Communications Technologies – Bandwidth
7. Remote Connectivity Tools
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Top Ten Technologies 2002
8. Web-based and Web-enabled Applications (Internet)
9. Qualified IT Personnel
10.Messaging Applications (e-mail, faxing, voicemail, instant messaging).
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Top Ten Technologies 2002
Business and Financial Reporting Applications
Training and Technology Competency
Information Security and Controls
Quality of Service
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What is XBRL?
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eXtensible . . .
Capable of being extended or protruded.
Of or relating to a programming language or a system that can be modified by changing or adding features.
eXtensible = Flexible
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XBRL
XBRL is an XML-based framework that provides a standards-based method to prepare,
publish in a variety of formats,
reliably extract and
automatically exchange financial statements of both public and private companies and the information contained within.
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XBRL (From xbrl.org)
Provides an XML-based framework that the global business information supply chain can use to create, exchange, and analyze financial reporting information including, but not limited to . . .
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XBRL . . .
Regulatory filings such as annual and quarterly financial statements.
General ledger information, and
Audit schedules.
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XBRL . . .
XBRL is freely licensed and facilitates the automatic exchange and reliable extraction of financial information among various software applications anywhere in the world.
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What is XML?
eXtensible Markup Language
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XML
“If HTML is the fire-engine red paint and supple leather interior of a sports car . . .
Michael Morrison. Teach Yourself XML in 24 Hours
XML is the turbocharged engine and sport suspension.”
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XML
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eXtensible Markup Language
……is a meta markup language the
considers a universal standard for describing both structured data and the behavior of applications that process the language.
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VPML – Virtual Pet Markup Language
<pets>
<pet name=“Maximillian” type =“pot bellied pig” age=“3”>
<friend name=“Augustus”/>
<friend name=“Nigel”/>
</pet>
<pet name=“Augustus” type=“goat” age=“2”>
<friend name=“Maximillian”/>
</pet>
<pet name=“Nigel” type=“chipmunk” age=“2”>
<friend name=“Maximillian”/>
</pet>
</pets>
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HTML – XML ComparisonSample HTML Coding
<H3>Sale Price: $24.95</H3> <I>(Suggested retail: $39.95)</I><B>Shipping cost: $4.00 UPS Ground</B>
Sample XML Coding
<PRICE type=“sale” unit=“US Dollar”>24.95 </PRICE> <PRICE type=“retail” unit=“US Dollar”>39.95</PRICE><SHIPPING type=“UPS Ground” unit=“US Dollar”>4.00</SHIPPING>
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What Is XML?
“XML is a
platform-independent,
self-describing,
expandable,
standard data exchange format.”
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XML is Platform Independent
Windows
Unix
Macintosh
Mainframe
Linux
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XML is Self-Describing
Example:
<DATE>July 26, 1998</DATE>
Describes the information, not the presentation
Format neutral
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XML is Expandable
Whereas HTML has a fixed set of tags <H1>, <B>, <PRE>
XML lets you create your own tags <sugary-substance>
<Shakespearean-character>
<cash-equivalent>
The key focus is on content, not presentation
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XBRL
XML and XMLenabling technologies
X-Link, X-Schema
SGMLStandard Generalized Markup Language
XBRL Builds on XML and SGML
Industry Developed,Supported
W3C Supported
2001
1998
1986
ISO Standard
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How does it work?
XML gives meaning to information through the use of tags
<Customer> <Name>Bob Smith</Name> <Company>XYZ Corporation</Company> <Title>CEO</Title> <Age>49</Age></Customer>
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How XML Works
Improves the way companies -- and applications -- share information Enjoys strong industry and vendor support
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What XML is Not!!
XML is Not
A religion.
The solution to all world problems.
A solution for all electronic commerce problems.
A solution to all legal-technology problems.
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What is ‘XML’?
XML is a Tool
XML is a Really Cool (Powerful) Tool!
Like all tools, XML can be used wisely and unwisely.
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Why is XML so Important?
Vendor neutral
Readable data format
More flexible and easier to use than EDI
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Why is XML so Important?
All major software products are becoming “XML” enabled
Defacto standard for data exchange
Enabling new levels of interoperability
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XML
Widely expected to reduce cost of publishing to the Net by as much as 50%.
Gartner Group prediction
70% of all B2B transactions executed on the Web will be done using XML.
And by next year
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Who defines the tags?
Tags are defined by industry consortiums
Each industry’s standard tags are commonly referred to as a taxonomy
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XBRL Taxonomies
Commercial and Industrial Companies, US GAAP - Published
Federal Departments, US
Mutual Funds, US
Financial Institutions, US
Commercial and Industrial, IASC
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XBRL Taxonomies
Commercial and Industrial, German GAAP
Bank Call Reports - FDIC
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Who’s Building Taxonomies?
Accounting Advertising Architecture
Automotive Banking Communication
Economics Education E-Commerce
EDI ERP Financial
Healthcare HR Insurance
Legal Music News
Publishing Real Estate Retail
Science Software Supply Chain
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Astronomy
Aerospace
Music
Publishing or Mythology
Chemical
Auto Industry
<RECORD- LABEL>
<PROGRAM>
<PLANET>
<GOD>
<SYMBOL>
<CAR-MODEL>
Industry Specific Context
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HTML, XML, and XBRL?
How do they differ?
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HTML
In simple terms, HTML is a system of marking up a document so it can be published on the WWW.
Documents prepared in HTML contain reference graphics and formatting tags.
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HTML
HTML is a series of pre-defined tags that primarily focus on describing how content appears on the Internet.
HTML describes what font, font size, and color the text of this paragraph should be when viewed via a web browser.
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HTML
With HTML you have a lot of content but no real context.
That is where XML comes in.
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eXtensible Markup Language
XML is the universal format for data on the web that uses tags to give context and structure to content.
XML is a standards language ratified in February 1998 and maintained by the World Wide Web Consortium (W3C).
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eXtensible Markup Language
XML does not replace HTML – it is a complimentary format that is platform independent, allowing XML data to be rendered on any device, such as a computer, cell phone, PDA or tablet device.
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eXtensible Markup Language
XML allows developers to easily describe and deliver rich, structured data from any application in a standard, consistent way.
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eXtensible Markup Language
Whereas HTML offers a fixed/pre-defined number of tags . . .
XML neither defines nor limits tags.
XML provides a framework for defining tags (taxonomy) and the relationship between them (i.e., schema).
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XBRL is an XML-based schema that focuses specifically on business reporting.
XBRL is a complement to XML, allowing accountants and regulatory bodies to identify items that are unique to the business reporting environment
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XBRL’s schema defines how to create XBRL documents and XBRL taxonomies (i.e., GAAP, IAS),
Providing a set of business information tags that allows users to identify business information in a consistent format.
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XBRL is also extensible in that users are able to create their own XBRL taxonomies that define and describe tags unique to a given environment.
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XBRL: How It Can Improve Today’s Business Environment
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XBRL Benefits
Case 1: Consolidating Subsidiaries
Case 2: Issuing Financial Statements
Case 3: Analyzing Financial Information
Case 4: Following Government Regulations
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What are the problems solved by XBRL?
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XBRL . . .
XBRL is freely licensed and facilitates the automatic exchange and reliable extraction of financial information among various software applications anywhere in the world.
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What is XBRL Used For?
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What is XBRL Used For?
XBRL, at least at first, will be used to publish digitally companies’ financial statements for external users.
An XBRL-based F/S is a digitally enhanced version of paper-based F/S which includes the complete “set” of F/’S including the accountant’s report.
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Potential XBRL Applications
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Potential XBRL Applications
Financial Statements
Taxes
Regulatory Filings
Accounting and Business Reports
Authoritative Literature.
![Page 59: XBRL: Will it Revolutionize Financial Reporting? UAA – ACCT 316 Accounting Information Systems Dr. Fred Barbee](https://reader030.vdocument.in/reader030/viewer/2022032708/56649e675503460f94b63892/html5/thumbnails/59.jpg)
What are the benefits of XBRL for Financial Statements?
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XBRL Benefits
Preparing a financial statement for
Printing
A Web Site
Regulatory filing
Means potentially entering information three times.
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XBRL Benefits
With XBRL, information will be entered once and the same information will be “rendered”
As a printed Financial Statement
As an HTML document for a Web Site
As an EDGAR filing
As a raw XML file
As some specialized reporting format
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Transaction Details
Financial System
XBRL-enabled Financial Statements
DrillDown