Frequently Asked Questions 1. Who is using XBRL for what? 2. What is most urgent for XBRL International? 3. How will XBRL impact content based businesses? 4. Why XBRL instead of our own XML Schemas? 5. What XBRL tools and products are available? 6. What is XLink and why is XBRL based on it? 7. When will XBRL become widely used? 8. Who is behind XBRL… and why? 9. Is XBRL like Fp. ML (RIXML, MDDL, Someother. ML) 10. Where can I get a copy of these slides? | | 3/17/2018 | * |
Frequently Asked Question: Who is using XBRL for what? § B 2 G - Regulatory Applications § Australian Prudential Regulatory Authority (2001) § US Federal Depository Institution Corp. (2002) § UK Inland Revenue (2003) § B 2 L – Business to Lenders § Bank of America / Moody’s – Credit Analysis (2003) § Deutsche Bank – same § B 2 M – Business to Markets § Traditional financial reporting (2002) § Business performance reporting (2003) § Internal applications | | 3/17/2018 | * |
Frequently Asked Question: What is most urgent for XBRL International? § Taxonomies § Wide coverage § Consistent practices § Reusability § Specifications § Enhanced validation § Richer representations § Move to interoperability § Implementations § Profiles | | 3/17/2018 | * |
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Taxonomy as Dictionary Disclosure Income inc Advertising exp. adv | | 3/17/2018 | * | Expense Result exp inx Marketing Profit Net Interest exp. mkt inx. prf inx. int
Taxonomy as Classification Disclosure Defined as Income Expense Result Defined as Advertising | | 3/17/2018 | * | Marketing Profit Net Interest
Taxonomy as Calculation Disclosure Added into Income Expense Result Subtracted from Added into Advertising Marketing Profit Net Interest Added into | | 3/17/2018 | * |
Taxonomy as Reusable Building Block Disclosure Added into Income Result Expense Subtracted from Added into Rebates Advertising Marketing Website Expenses | | 3/17/2018 | * | Profit Net Interest Added into
Example: XBRL for Web Site Reporting Insider trades Significant events Element Schema and Definition Linkbase Calculation and Other Linkbases Restrictions on redefining links GAAP C&I v 2 Taxonomy Element Schema and Definition Linkbase Calculation and Other Linkbases | | 3/17/2018 | * | Company Site Custom Taxonomy US Site Taxonomy imports Element Schema and Definition Linkbase Calculation and Other Linkbases
Taxonomy as Collaborative Effort § Agree naming § Agree structure § Agree schedule Income Advertising | | 3/17/2018 | * | Disclosure Expense Marketing Result Profit Net Interest
XBRL Taxonomies in 2002 § Best practices § e. g. ast. amz. goodwill = Amortization of Goodwill § e. g. Assets have “current” & “non current” children § e. g. Reusable common components taxonomy § Focused development efforts § § § | IAS Taxonomy: Core financials, Core + Notes US GAAP C&I Taxonomy UK GAAP C&I Taxonomy Inland Revenue “Computation” Taxonomy FDIC Taxonomy (US) Canadian GAAP, others. | 3/17/2018 | * |
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Validation § The financial information integration problem § Any (XBRL) application involving data transfer across enterprises must validate incoming data one way or another. § Consumer can validate after the fact, return errors (bad) § Producer can validate before submitting (good) § Common solutions and their consequences § Custom code, database constraints § XML Schema validation § Computation linkbases § Like XML Schema – used in many programming environments § Native to XBRL and works well for financial computations § Do this the way other standards bodies would | | 3/17/2018 | * |
Validating XBRL today Current assets, liabilities, Pretax profit, expenses, Directors compensation… XBRL Taxonomy Calculation and Other Linkbases “Include only profit and expenses which must be whole numbers” Element Schema Imports Schema Validation Calculation. Arc cwa Validation Form AA Filing | | 3/17/2018 | * | Imports Form AA Schema Validation Schedule BB Schema Validation Form BB Filing “Include only directors’ comp”
Validation Levels § Data elements § “Current assets” is represented by uk: ast. cur § Primitive data types Benefit of Upstream Validation: Low § The value of uk: ast. cur must be nine digits and not negative § Compound data structures § A Maturity Breakdown must contain Loans, Securities and Derivatives § Calculated data values § RIAC 4410 = RIAC 4411 + RIAC 4412, plus or minus 1 § Co-Constraints among data values – “Business Rules” § Box 27 is True if and only if Box 28 is the same as Box 29 § Cross-document constraints § If Box 28 is larger than any other value ever reported, Var 50 is True | | 3/17/2018 | * | Benefit of Upstream Validation: High
Computation Linkbases Sample “business rule” FRB Edit Check 0125 True/false Upper tolerance Result Constant Lower tolerance Riad 4011 -Q 1 >= Riad 4022 -Q 2 Formula Outstanding Loans in Q 1 Monetary | | 3/17/2018 | * | Variable Constant Outstanding Loans in Q 2 Monetary
Computation Linkbases (Vun Kannon) <element name="FRB-EDCK-0125" type="xbrl: boolean. Item. Type"> <annotation> <documentation> Current quarter value should be greater than or equal to previous quarter's value. </documentation> <appinfo> <xbrl: formula select="(number($riad 4011 -q 1) - $lower_tolerance) >= (number($riad 4011 -q 2) + $upper_tolerance)" xlink: type="resource" xlink: label="RI_FRB-EDCK-0125_fm" xlink: title="RI_FRB-EDCK-0125_fm"> <xbrl: variable name="riad 4011 -q 1" xlink: type="simple" xlink: href="ffiec-031. xsd#riad 4011"> <xbrl: precondition name="period" interval="m" value="6 9 12"/> <xbrl: precondition name="period" minimum_value="20010101"/> </xbrl: variable> <xbrl: variable name="riad 4011 -q 2" xlink: type="simple" xlink: href="ffiec-031. xsd#riad 4011"> <xbrl: restriction name="period" interval="m" offset="-3"/> </xbrl: variable> <xbrl: constant name="upper_tolerance" value="0"/> <xbrl: constant name="lower_tolerance" value="0"/> <ffiec: edit type="i"/> </xbrl: formula> </appinfo> </annotation> </element> | | 3/17/2018 | * |
Entity Linkbase proposal § Proposed additional computation / validation requirements: § Ability to define, publish and re-use general financial formulas § Ability to express computational relationships across entities | | 3/17/2018 | * |
Entity Linkbase proposal § Common need to represent financial relationships among subsidiaries, owned assets, etc. TLA owns 100% Enron Group (Virtual) owns 100% Enron JV’s (Virtual) | | 3/17/2018 | * | St. Advil’s Hospital owns 100% MA_571 XVH (Asset) owns 100% TBD owns 50% BFD
Entity Linkbase proposal Sample fragment <ownership. Link> <!-- TLA has two fully owned subsidiaries, TBD and BFD. --> <entity xlink: label="tla" xlink: type="resource" xlink: title="tla“ /> <entity xlink: label="tbd" xlink: type="resource" xlink: title="tbd" /> <entity xlink: label="bfd" xlink: type="resource" xlink: title="bfd" /> <ownership. Arc weight="1" from="tla" to="tbd" xlink: type="arc" /> <ownership. Arc weight="1" from="tbd" to="tla" xlink: type="arc" /> <ownership. Arc weight="1" from="tla" to="bfd" xlink: type="arc" /> <ownership. Arc weight="1" from="bfd" to="tla" xlink: type="arc" /> </ownership. Link> | | 3/17/2018 | * | TLA owns 100% TBD owns 100% BFD
Augmented Computation Linkbase: Compact, reusable business rules § TLA Q 1 Revenue = TBD Q 1 Revenue + BFD Q 1 Revenue § HPCQ Q 2 Interest = HP Q 2 Interest + Compaq Q 2 Interest § etc… Upper tolerance Check True/false Result Owner/Owned Flow Items Formula Owning Entity All “Flow” type Items In All Periods | | 3/17/2018 | * | Variable Constant Lower tolerance All Owned Entities For all Owned Entities Corresponding “Flow” type items Corresponding “Flow”type items in corresponding Periods
Augmented Computation Linkbase Sample “business rule” <xbrl: formula. Type select="(number($R 1)) - $lower_tolerance) >= (number($R 2) + $upper_tolerance)" xlink: type="resource" xlink: label="GTPP" xlink: title="GTPP"> <xbrl: variable name="P" type="period"/> <xbrl: variable name="E" type="entity"/> <xbrl: variable name="I" type="item"/> <xbrl: variable name="R 1"> <xbrl: precondition name="entity" bind="$E"/> <xbtl: precondition name="item" bind="$I"/> <xbrl: precondition name="period" bind="$P"/> <xbrl: precondition name="period" interval="m" value="6 9 12"/> <xbrl: precondition name="period" minimum_value="20010101"/> </xbrl: variable> <!--. . . --> </xbrl: formula. Type> <xbrl: formula. Instance xlink: label="GTPP"> <xbrl: bind name="P" value="20010101 P 3 M"/> <xbrl: bind name="E" xlink: href="entity. xml#bailey_bank"/> <xbrl: bind name="I" xlink: href="ffiec-031. xsd#riad 4011"/> </xbrl: formula. Instance> …but my point is… | | 3/17/2018 | * |
Creating a Specification in a “capital-S” Standards Body § Requirements document § Market requirements – define needs, assess current solutions § Technical requirements – compatibility with other open specs § Use cases – specific cases to be covered § Specification document § Technical documents including design rationale § Reference implementation § Sample instances, documentation of instances § Sample application that illustrates correct semantics § QA and Review process § Define criteria, set deadlines, have 2 nd editor, vote. | | 3/17/2018 | * |
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Implementation Profiles § Excited advocates of XBRL face cost uncertainties § Process analysis of exporting, transmitting, revising, importing § Authenticating sender and receiver, privacy, version control § Schema and linkbase version management, repositories § Current solutions require reinvention of wheels § Plug XBRL payloads into an existing communication path § Develop dedicated login, signature, transport § Publish suggested bindings to other specifications § OFX 2 – not typically used for reporting, but it would work § SOAP / WSDL / UDDI / XLANG – Web Services § eb. XML – business transaction protocol, process definitions | | 3/17/2018 | * |
Producer-Consumer interactions appearing in all e-reporting § Register, retrieve, update producer and producer standing data; § Register, revoke, update authorized persons at the producer; § Register, revoke, update authorized intermediaries reporting on behalf of the producer; § Obtain new versions of the reporting form; communicate other change notices; | | 3/17/2018 | * | § Submit a test report, submit an actual report; § Obtain an error check or analysis on a report; § Recall a previously submitted report; submit an updated report; modify individual data items within a report; § Confirm acceptance or rejection of a report; § Obtain a transaction history, version history; access log, and detailed audit trail of reports, by institution and/or report.
Frequently Asked Question: How will XBRL impact content based businesses? § Intermediaries’ value added does not change § § Completeness – History and breadth Consistency – Data linkage via unique identifiers Availability, Anonymity of access Customization, Convenience § Intensifies competition over unique content § Producer & consumer behaviors change slowly Intermediary Producer | | 3/17/2018 | * | Intermediary Consumer
Frequently Asked Question: Source: Liv Watson, Edgar Online How will XBRL impact content based businesses? § § § | Less data preparation Less data re-keying More direct communication among processes More emphasis on analytics Dashboards Expansion of non-financial information content Rapid transformation of products Semantic analysis Information agents Reduced data tailoring costs and revenues Reduced application tailoring costs and revenues | 3/17/2018 | * |
ICC Information Source: Terry Dawson, ICC § Part of the Bonnier Group, BBI § § 61 companies covering 19 European countries local information specialists core competence based around content XML adopted throughout BBI § ICC Information - UK & Irish company info. § Private Companies, Directors & Shareholders § Capture § Analysis § Direct & Indirect distribution | | 3/17/2018 | * |
Why XBRL is important to ICC § § § § | Source: Terry Dawson, ICC Standardisation of content is always important! Isolates content value in purchasing decisions Provides greater distribution opportunities Standardises delivery platforms beyond XML Supports analysis methods and data structure Potential to significantly reduce costs Leverages existing technology and skills Positive revenue impact | 3/17/2018 | * |
Mid and Long-term impacts Source: Terry Dawson, ICC § For the Industry § reduced switching costs / development expense § increasing emphasis on content and end-user integration § reduced publishing costs § intermediaries must seek new ways of adding value § For ICC Information § greater ability for content to be integrated in a wide variety of applications § cost of capture reduces (subject to UK Companies House & other Company Registries adopting) | | 3/17/2018 | * |
Frequently Asked Question: Why XBRL instead of our own Schemas? § Don’t reinvent the features of XBRL § § Item types – financial parameters Predefined concepts (labels, references) Entities, periods, segments, scenarios Extensibility using XLink Information Producer | | 3/17/2018 | * | € 2. 5 m 9, 000 57% EPS Business Information that is • Financial in nature • Enhances standard definitions • Refers to multiple entities • Refers to multiple periods Information Consumer
Frequently Asked Question: Why XBRL instead of our own Schemas? § § § § | ICAEW IASB AICPA IDW JICPA CICA CPAA | 3/17/2018 | * |
Frequently Asked Question: What is XLink and why is XBRL based on it? § XLink is a W 3 C standard way to use XML to represent all kinds of relationships between XML elements no matter where they are. XML Document 1 <P id=“a”> <P id=“b”> | | 3/17/2018 | * | Linkbase b explain sa XML Document 2 <P id=“c”> b is the same as c
XBRL uses XLink to represent all relationships between data elements <element id=“ast. cur”> Definition: more general <Label>Current Assets</Label> label <element id=“ast. inv”> <Label>Inventory</Label> Presentation: before <element id=“ast. fixed”> | | 3/17/2018 | * | reference <P>A formal explanation of Inventory in the Accounting Literature</P>
XLink allows customization and explicit, modular changes to reusable material <element id=“ast. cur”> Definition: more general <Label> </Label> label <element id=“ast. inv”> <Label> Presentation: before <element id=“ast. fixed”> | | 3/17/2018 | * | reference </Label> <P>A formal explanation of Inventory in the Accounting Literature</P>
Frequently Asked Question: What about other financial markup languages? MDDL – Market Data RIXML – Research Reports Fp. ML – Financial Instruments SMDX – Statistical Metadata ISO 15022 – UML repository of financial data fields and business processes (SWIFT, FIX, etc. ) § News. ML – News Packaging and Distribution § PRML – Press Releases § IFX and OFX – Financial transactions § § § | | 3/17/2018 | * |
Source: Tony Coates, Reuters What is the Role of XBRL in Finance? § Beyond company reports, XBRL is a good format to choose wherever a numerical breakdown/rollup needs to be expressed. § If there are no such breakdowns, then the main XML file risks being just another XML file § Little to be gained from using XBRL, unless a significant proportion of items have accepted XBRL definitions § So it is a matter of horses for courses § XBRL’s forte is numerical breakdown/roll-ups § Supports drill-down into numbers of interest. | | 3/17/2018 | * |
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