Chapter 6 Current State of XBRL Discoverable Taxonomy Set Extension Taxonomies Validation of XBRL vs xml IFRS Taxonomy iXBRL Corporate Actions Audit Data Standards Oh my….. There’s a lot of stuff here

Current State of XBRL

Who Must File All companies are now required to file using XBRL All companies are filing Level 1 to Level 4 footnotes Limited Liability protection has been waived Foreign Private Issuers are required to file using IFRS taxonomy

SEC Filing Packages Discoverable Taxonomy Set (DTS)

DTS – What must be filed with SEC Contains: ◦ Instance Document ◦ Extension Taxonomy ◦ Linkbases  Calculation  Definition  Labels  Presentation ◦ All Imported Schemas Filename Format ◦ Identifier-yyyymmdd.xml for instance ◦ Identifier-yyyymmdd.xsd for schema ◦ Identifier_yyyymmdd_cal.xml or _def or _lab or _pre

Extension Taxonomy Links the linkbases to the DTS Links the linkbases to the elements/documents Includes the elements used in instance document

Structure of SEC Extension Taxonomy Schema Root Element, namespace declarations (same as chapter 3) annotation/appinfo ◦ link:linkbaseRef  Links all the linkbases to the schema document ◦ link:roleType  Links each statement and disclosure to the linkbases

link:linkbaseRef(International Speedway Corp 10Q)

link:roleType (International Speedway Corp 10Q) Statement - Consolidated Balance Sheets (Unaudited) (Parenthetical) link:presentationLink link:calculationLink link:definitionLink

Import schemas

Extension Element (International Speedway 10Q) Note: No longer used in current 10-Q Examine International SpeedwayInternational Speedway

A Quick Example 3M’s 10K

XBRL Validation

XBRL Validation Levels Phase I ◦ xml validation (NOT XBRL)  Schema validation – does the xml match the schema structure?  International Speedway (will it validate?) Phase II ◦ Validates XBRL semantics in DTS ◦ Validates syntax and semantics in linkbases  So if calculation linkbase indicates what is totaled for Current Assets does it agree with the Total Current Assets element?  Requires specialized software ($’s) Phase III ◦ Validates XBRL based on reporting rules ◦ SEC XBRL filing requirements  Over 200 rules  Requires specialized software ($’s)

XBRL IFRS

IFRS Instance Document Same structure as XBRL Uses different taxonomy 1.Root element / namespace declarations 2.SchemaRef 3.Context 4.Unit 5.Items

IFRS Taxonomy 2013 Taxonomy Issued March 27, 2013 Compared to US GAAP, ~ 4000 elements vs. 16,000 Documentation is not included in IFRS (as it is NOT rule based). ◦ Instead disclosures and example references are included

Illustrations of IFRS XBRL iXBRL (next week) iXBRL XBRL IFRS

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IFRS Taxonomy Lets Review

Corporate Actions XBRL Taxonomy

What is a corporate Action? Something that affects the equity or debt issued by a public company Made by the Board of Directors Examples: ◦ Cash or Stock Dividends ◦ Stock Splits ◦ Mergers and/or Aquisitions

Corporate Action requirement The issuer (the company) issues an ISO message ◦ “Hey an action may have an effect on… as a result of …” Sent to Financial Services Registrar ◦ Who owns the shares/bonds of the issuer Re-entered, Re-arranged, translated, etc. to be sent to owners and regulatory bodies (e.g. SEC)

Corporate Actions Taxonomy Like UBL Intended to streamline corporate action filings

Corporate Action Taxonomy Four Criteria for each Action/Event: 1.Type of Event 2.Market in which event occurs (currently only U.S.) 3.Type (equity, debt, other) 4.Mandatory or Voluntary 5.Status (Confirmed, Unconfirmed, Preliminary)  Yes I know that’s 5! All reported in a table

Context Structure for Corporate Action Table Citibank ca:CashDividendMember ca:EquityMember ca:MandatoryMember ca:UnitedStatesMember ca:PreliminaryMember

Context Structure for Corporate Action Table Dividend Announcement US Incomplete CIT-05382A

Member Facts

AICPA Audit Data Standards Lots of Stuff but we aren’t covering it today!

Other Stuff

Uses of XBRL (FDIC) Call Reports ◦ Quarterly reports from banking institutions ◦ 125 data items ◦ Call Report Taxonomy developed by ◦ Federal Financial Institutions Examination Council ◦ Responsibility of Validation rests with Banks  This is contrasted with XBRL where validation takes place by SEC

AICPA SOP 13-2 ◦ Performing Agreed-Upon Procedures Engagements That Address the Completeness, Mapping, Consistency or Structure of XBRL- Formatted Information” Principles and Criteria for XBRL Formatted Information

Remaining Classes April 17 th – iXBRL April 22 nd ◦ XBRL Demos ◦ Status of XBRL ◦ Review for Exam