IS 356 IT for Financial Services http://www..evergreen.loyola.edu/~pptallon/is356.htm IS 356 IT for Financial Services XBRL and Information Sharing Please use this space for making ANNOTATIONS or for adding comments to individual slides. 29 May 2018

Introduction Extensible Business Reporting Language The purpose of XBRL is “to enhance the flow of financial information through the creation of a globally useful language in which to describe financial facts and concepts.” XBRL is uniquely positioned to provide mobility and transportability to financial and business facts. Students in AIS, Advanced Accounting, Auditing, Consolidations, Mergers, Tax, Not-for-Profit will all be affected by XBRL © Paul Tallon

Extensions of XML Extensible Business Reporting Language Standards-based method; users can prepare, publish in a variety of formats, exchange and analyze financial statements Does not require disclosure of additional information beyond that which they normally disclose under existing standards Does not require a change to existing accounting standards Improves access to financial information by improving the form of the information and making it more appropriate for the Internet Eliminates need to enter financial information more than once; removes need to manually key information for various formats (printed financial statement, an HTML document for a company's Web site, an EDGAR filing document, a raw XML file or other specialized reporting formats such as credit reports and loan documents) thereby lowering a company's cost to prepare and distribute its financial statements while improving investor or analyst access to information. © Paul Tallon

XBRL for Financial Statements XBRL - What XBRL Working Model XBRL for G/L XBRL for Financial Statements Journal Entry XBRL for Reporting Regulatory Filings Internal External Investment Processes Processes Business Financial Financial and Lending Operations Reporting Reporting Analysis XBRL for Business XBRL for Audit XBRL for Event Reporting Schedules Credit Filings Financial Publishers Companies Investors Participants Participants and Data Aggregators Trading Management Auditors Regulators Partners Accountants © Paul Tallon Software Vendors

Adding Tags Extensible Business Reporting Language © Paul Tallon

The XBRL Vision IRS Financial Analysts Financial Data Annual tagged in XBRL Annual Report Style sheets Management Team SEC 10Q © Paul Tallon

Here are the Great Plains Financial Statements in an XBRL format. Can you see the differences between these financial statements and those in PDF format posted at their website? © Paul Tallon

© Paul Tallon

XBRL Viewer View XBRL Files

Benefits & recent developments Reduces cost to publish and use financial information Increases the speed of use and related decisions Virtual documents Comparison of all components, including disclosures Linkage to ‘related’ topics UK IRS began accepting XBRL filings in 2003 GE adopted XBRL for end-of-year consolidation 150+ distinct GL systems Incompatible XBRL solution will streamline process

Applies to all publicly traded firms from mid 2011 SEC mandate… Applies to all publicly traded firms from mid 2011 Source: http://www.informationweek.com/news/global-cio/compliance/showArticle.jhtml?articleID=207800147 © Paul Tallon

For Next Class… Hand in one-page Capital One case summary Start working on the stock market report © Paul Tallon