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Advanced Accounting Information Systems
Advanced Accounting Information Systems
Day 38
Current State of XBRLNovember 30, 2009
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AnnouncementsAnnouncements
– Deb Noll– Graduate student papers– Final exam Wed Dec 16 from 9:45 to 11:45– XBRL assignment 3 due today– XBRL assignment 4 due next Monday– Presentation on Wednesday by Webfilings
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ObjectivesObjectives
Obtain an understanding of– The current state of XBRL in financial and business
operations reporting around the world
– Tools available for instance document creation and validation
– Future role of XBRL and related emerging technologies.
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Current Tools – Create Instance DocumentsCurrent Tools – Create Instance Documents
Spreadsheet based– Dragon Tag
Stand alone– Fujitsu Xwand
Third party agents– EDGAR Online– Business Wire– Merrill Corp
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XBRL Document ViewersXBRL Document Viewers
Dragon View Imetrix EDGARizerX
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XBRL Financial ReportingXBRL Financial Reporting
Emerging technology Several companies are attempting to
enter this market Incentives to create XBRL document
creation software
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Taxonomy StatusTaxonomy Status
Acknowledged– One that has been tested for compliance with
the SBRL 2.1 Specification Approved
– Taxonomy has been through an open review process after reaching ‘Acknowledged’ status and has been used to create a number of instance documents to confirm that it adequately covers the data it purports to represent
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XBRL Around the WorldXBRL Around the World
FDIC
– Third quarter 2005 SEC
– Electronic filing since 1996 – EDGAR PCAOB
– Two audit objectives
• Does XBRL data agree with official EDGAR filings
• Do XBRL documents conform with applicable XBRL taxonomies and specifications?
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XBRL Around the WorldXBRL Around the World
International Agencies
– Canada – May 2007 SEDAR
– Europe
• UK
• German Stock Exchange
• Netherlands
– Asia
• Japan
• Koran
• Thailand
– Australia and New Zealand• Australian Stock Exchange
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XBRL Services and ToolsXBRL Services and Tools
Taxonomy creation software– Edgar Online– Automated Filing Services– Merril– Business Wire – corefiling– Clarity FSR– Dragon Tag– EDGAR Filines eDGARizer X– Interstage Xwand– UB Matrix
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Taxonomy Creation SoftwareTaxonomy Creation Software
Need to specify company Time period Numeric unit used (i.e. US Dollars, yen, etc)
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Taxonomy Creation SoftwareTaxonomy Creation Software
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Taxonomy Creation SoftwareTaxonomy Creation Software
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Taxonomy Creation SoftwareTaxonomy Creation Software
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Taxonomy Creation SoftwareTaxonomy Creation Software
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Taxonomy Creation SoftwareTaxonomy Creation Software
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Taxonomy Creation SoftwareTaxonomy Creation Software
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The Future State of XBRLThe Future State of XBRL
• Software Development
• Regulatory Requirements
• XBRL GL
• Audit Requirements