1. IS 356 IT for Financial Services
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

3. 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

4. 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

5. 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

6. Adding Tags
Extensible Business Reporting Language
© Paul Tallon

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

8. 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

9. © Paul Tallon

10. XBRL Viewer
View XBRL Files

11. 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

12. Applies to all publicly traded firms from mid 2011
SEC mandate…
Applies to all publicly traded firms from mid 2011
Source:
© Paul Tallon

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