Chapter 6 Current State of XBRL IFRS Taxonomy Discoverable Taxonomy Set Extension Taxonomies Validation of XBRL vs xml

Current State of XBRL

Who Must File All companies are now required to file using XBRL Foreign Private Issuers are required to file using IFRS taxonomy

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 2011 Taxonomy Issued March 25, 2011 Compared to US GAAP, ~ 4000 elements vs. 15,000 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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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 for instance and schema ◦ Identifier_yyyymmdd_cal or _def or _lab or _pre

Extension Taxonomy

Structure of SEC Extension Taxonomy Schema Root Element, namespace declarations 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

Extension Element (International Speedway 10Q)

XBRL Validation

XBRL Validation Levels Phase I ◦ xml validation (NOT XBRL)  Schema validation – does the xml match the schema structure? Phase II ◦ Validates XBRL semantics in DTS  Requires specialized software ($’s) Phase III ◦ Validates XBRL based on reporting rules ◦ SEC XBRL filing requirements  Requires specialized software ($’s)