xbrl data quality focus and latest wdesk updates · • taxonomy navigation • inconsistent...

©2014 WebFilings Confidential

XBRL Data Quality Focus and Latest Wdesk Updates


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Jason Basteyns Senior Team Manager

Professional Services

Presenter


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Agenda

1. How data quality impacts you

2. Business validation updates

3. The future of data quality and Wdesk


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How Data Quality Impacts You

What is XBRL data quality?

· Having quality XBRL data allows for the financial

information that is submitted to the SEC to be fully

consumed, aggregated, and analyzed by

consumers of that XBRL data


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•Industry focus

· How data quality impacts your industry

• Regulatory focus

· How data quality impacts regulators


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Industry focus

• Data preparers

· You, our customers, are the data preparers

• Data consumers

· Data aggregators

· Financial analysts


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Data preparers focus

• Taxonomy navigation

• Inconsistent mapping and modeling

• Multiple ways of tagging the same fact


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Data consumers focus

• Inconsistent mapping and modeling

• Multiple ways of tagging the same fact

• Managing extensions

• Data quality—financial information to be fully

consumed, aggregated, and analyzed


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Regulatory focus

• Need quality XBRL filings—period


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The regulators' highest concerns are

material errors that impact the ability to

consume data through automation

• Excessive extensions, especially dimensions

• Inconsistent mapping and modeling across

companies, and over time

• Poor extension definitions

• Unclear element relationships (calculations)

• Incorrect fact values


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How regulators are managing data

quality

• Staff observations

• Dear "CFO" letter

• SEC/FASB FAQs and Implementation

Guides


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Staff Observations


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Dear "CFO" letter


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SEC/FASB FAQs and Implementation Guides


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Quality issues—attention areas

• Unnecessary extension concepts

• Unnecessary extension [Axis]


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Unnecessary extension concepts


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US GAAP element may be close enough

Face statement extensions are a focus

of the SEC and data aggregators


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Unnecessary extension [Axis]

• Cause severe data consumption issues

· Subjects XBRL data to manual review

· Defeats the purpose of electronic data

• Determine if your extension [Axis] are

absolutely necessary


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Many extensions are replaceable with US GAAP

[Axis]

Replace

Replace

Replace

Replace

Replace

Replace

Replace

Replace

Replace

? ?

?


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Check spelling, plural, extraneous characters, etc.

(Arrangement vs. Arrangements,

ReclassificationOutOf vs. Reclassificationoutof)


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Use Wdesk to help

• Business validations

· Go beyond SEC/Arelle validations

· Check fact values, dates, non-XBRL calculations

(roll forwards), and accounting logic


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Business Validations Update

• Arelle validations released in Q3 2014

· 1 – Validation "warnings"

• Seven business validation messages

released in Q3 2014 (more to come)

· 1 – Business validation "error"

· 6 – Business validation "warnings"


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Key updates to validations

• XBRL [Axis] defaults

• DEI dates

• [Axis]/[Member] relationships

• Extension balance types

• Verify as correct


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XBRL [Axis] defaults

• Severity: XBRL Validation Warning

• Message: Your filing contains an XBRL axis default

which is different from the default specified in the

US-GAAP Taxonomy. Change the default to match

the default specified in the US-GAAP Taxonomy

using the "XBRL Axis Defaults" button in the XBRL

Outline toolbar.

• Description: Ensures that US-GAAP Axis/Domain

relationship is consistent with the taxonomy


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Measurement Basis [Axis]

Very common warning due to a

specific taxonomy structure

and [Member] [Default].

Corrective action provided on

the Community.


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DEI dates • Severity: Business Validation Error

• Message: Date applied to {0} does not match the date applied

to the "Document Period End Date"

• Description: Checks all DEI facts (except

dei:EntityCommonStockSharesOutstanding and

dei:EntityPublicFloat) to make sure the date they applied

matches the date applied to the "Document Period End Date"

fact


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DEI Dates

• Severity: Business Validation Warning

• Message: The value for Document Period End Date is

significantly different than the end date of the duration applied.

Please review these dates, and make sure they match your

reporting period.

• Description: Checks to ensure that the Document Period End

Date is consistent with the YTD Duration Context applied to

the facts in the DEI


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[Axis]/[Member] relationships

• These tests examine the [Axis]/[Member]

relationships in the US-GAAP taxonomy and

validate those relationships against your

XBRL outline structure


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Legal Entity [Axis] • Severity: Business Validation Warning

• Message: A standard member has been added to the Legal

Entity [Axis] which does not match the presentation structure in

the US-GAAP taxonomy

• Description: Identifies when a US-GAAP [Member] from

another area in the taxonomy is structured under the Legal

Entity [Axis]


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Range [Axis]


• Message: Members which are used on Range [Axis]

should not be used on any other Axis

• Description: Checks to ensure that the Minimum

[Member], Maximum [Member], and Weighted

Average [Member] are only used under the Range

[Axis]


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Equity Components [Axis] · Severity: Business Validation Warning

· Message: Class of Stock Members should not be used under

the Equity Components [Axis]

· Description: Checks to ensure that members such as

"Common Class A [Member]", Common Class B [Member],

Preferred Class A [Member], etc., are not improperly structured

under the Equity Components [Axis]. These members should

be structured under the Class of Stock [Axis].


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Balance Type


• Message: Extension concept is monetary and does

not have a balance type. It is recommended to

include a balance type on all monetary concepts.

• Description: Checks to ensure that all monetary

extensions have a balance type (debit/credit)


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Balance Type and definition

requirements

• EFM 6.8.11

· Income Statement and Balance Sheet

extensions: Balance Type => required

• EFM 6.11.5

· Balance Type => best practice

· Must have definition that disambiguates positive

(negative) value is no balance type


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Editing the Balance Type

Corrective action for each

scenario provided on the

Community.


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Verify as correct

• Ability to verify that a validation message has been

reviewed and the context information (dates, values,

etc.) is correct.

· Only for a subset (not all) of Arelle/SEC and Business

Validation "Warnings" and "Informationals" and calculation

inconsistency messages

· Users do not have the "Verify as Correct" option on

business validation "Errors" as those items are deemed to

need correction (most cases)


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Markings will persist across generations


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•Filter by verification status

• Status reverts to grey icon if fact

changes

· E.g., fact value updated, fact properties changed,

etc.


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The Future of Data Quality and

Wdesk

• Other industry reports

• Other [Axis]/[Member] relationship tests

• Concept replace


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Wdesk

Other industry reports

• Multiple third parties providing data quality reports

· Tests results are not always accurate

· Often corrective action is not a simple one-for-one

replacement

· Utilize your CSM/PSM and the Workiva Data Quality

Team to help


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Wdesk

Other [Axis]/[Member] relationship tests

· More tests to examine the [Axis]/[Member]

relationships in the US-GAAP Taxonomy and

validate those relationships against your

XBRL outline structure

· Projected release—October/November 2014

· Corrective action will require review of the

overall XBRL outline structure in the identified

location and are not always simple fixes


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Wdesk

Other [Axis]/[Member] relationship tests

• 22 [Axis] tests being reviewed (just the start)

• Types of tests:

· Allowable extensions, if any

· [Member]s from other locations

· Fair Value, Equity, Derivatives, Range, etc.


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Wdesk

• Concept replace

· Separate workflow to identify potential US-GAAP

concepts ([Axis], [Domain], [Member], Line Items) that can

be used to replace extension concepts

· Selecting "Replace" will replace the extension with

the US-GAAP concept everywhere the element is

used

· Suggested replacements are based on the complex

algorithm written by Workiva Developers to analyze

the name of the extension and compare that to

similarities in the US-GAAP Taxonomy


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Wdesk


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Thank you!

xbrl data quality focus and latest wdesk updates · • taxonomy navigation • inconsistent...

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