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

2. Current State of XBRL

3. 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
Taxonomy is now (March 1, 2017) available from the SEC

4. SEC Filing Packages Discoverable Taxonomy Set (DTS)
“A discoverable taxonomy set (DTS) contains taxonomy schemas and linkbases. The bounds of a DTS are such that DTS Components include all taxonomy schemas and linkbases that can be discovered by following links or references in the taxonomy schemas and linkbases included in the DTS. “

5. DTS – What must be filed with SEC
Contains:
Instance Document (.xml)
Extension Taxonomy (.xsd)
Linkbases
Calculation (_cal.xml)
Definition (_def.xml)
Labels (_lab.xml)
Presentation (_pre.xml)
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

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

7. 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

8. link:linkbaseRef (International Speedway Corp 10Q)
<link:linkbaseRef xlink:type="simple" xlink:href="isca _cal.xml" xlink:role=" xlink:arcrole=" xlink:title="Calculation Links, all"/>
<link:linkbaseRef xlink:type="simple" xlink:href="isca _pre.xml" xlink:role=" xlink:arcrole=" xlink:title="Presentation Links, all"/>
<link:linkbaseRef xlink:type="simple" xlink:href="isca _lab.xml" xlink:role=" xlink:arcrole=" xlink:title="Label Links, all"/>
<link:linkbaseRef xlink:type="simple" xlink:href="isca _def.xml" xlink:role=" xlink:arcrole=" xlink:title="Definition Links, all"/>

9. link:roleType (International Speedway Corp 10Q)
<link:roleType roleURI=" ceSheetsParenthetical" id="BalanceSheetsParenthetical"> <link:definition> Statement - Consolidated Balance Sheets (Unaudited) (Parenthetical)</link:definition> <link:usedOn>link:presentationLink</link:usedOn> <link:usedOn>link:calculationLink</link:usedOn> <link:usedOn>link:definitionLink</link:usedOn> </link:roleType>

10. Import schemas
<xsd:import namespace=" schemaLocation=" 31.xsd"/>
<xsd:import namespace=" schemaLocation=" 31.xsd"/>
<xsd:import namespace=" schemaLocation=" 31.xsd"/>
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation=" 16.xsd"/>
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation=" 31.xsd"/>
<xsd:import namespace=" schemaLocation=" 31.xsd"/>
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation=
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation="
<xsd:import namespace=" schemaLocation=
<xsd:import namespace=" schemaLocation="

11. Extension Element (International Speedway 10Q)
<element id="isca_PrepaidExpensesAndOtherCurrentAssets” name="PrepaidExpensesAndOtherCurrentAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" xbrli:balance="debit"/>
Note: No longer used in current 10-Q
Examine International Speedway

12. A Quick Example
3M’s 10K

13. XBRL Validation

14. 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

15. XBRL IFRS

16. IFRS Instance Document
Same structure as XBRL
Uses different taxonomy
Root element / namespace declarations
SchemaRef
Context
Unit
Items

17. IFRS Taxonomy 2017 Taxonomy
Compared to US GAAP, ~ 4000 elements vs. 17,000
Documentation is not included in IFRS (as it is NOT rule based).
Instead disclosures and example references are included

18. <?xml version="1.0" encoding="utf-8"?>
<!-- XBRL instance shell - Skip White December >
<!-- File name: XBRLInstanceShell2010.xml -->
<xbrli:xbrl xmlns:xbrli=" xmlns:link=" xmlns:xlink=" xmlns:iso4217=" xmlns: _____1_________ >
<link:schemaRef xlink:type="simple" xlink:href= _____2_________ /> <xbrli:context id= _____3_________ >
<xbrli:entity>
<xbrli:identifier scheme= _____4_________ > _____5_________ </xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant> _____6_________ </xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:unit id= _____7_________ >
<xbrli:measure> _____8_________ </xbrli:measure>
</xbrli:unit>
<!-- Insert the XBRL items (facts) below --> </xbrli:xbrl>

19. Corporate Actions XBRL Taxonomy

20. 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 Acquisitions

21. 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 keeps track of 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)

22. Corporate Actions Taxonomy
Like UBL
Intended to streamline corporate action filings

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

24. Corporate Action is XBRL
<xbrli:xbrl xmlns:xbrli="
xmlns:iso4217="
xmlns:link=" xmlns:xlink="
xmlns:xbrldi="
xmlns:ca="
<link:schemaRef xlink:type="simple" xlink:href="

25. Table Axes
Each Axes
Event, Market, Issue, & Security Holder, Status Type
Axes is defined as an Explicit Member of a Segment in a Context Structure.

26. Table Context Structure
<xbrli:context id="ContextCashDividendUSEquityMandatory">
<xbrli:entity>
<xbrli:identifier scheme="
<xbrli:segment>
<xbrldi:explicitMember dimension="ca:EventTypeAxis">ca:CashDividendMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ca:MarketTypeAxis">ca:UnitedStatesMember</xbrldi:explicitMember>
<xbrldi:explicitMember
dimension="ca:IssueTypeAxis">ca:EquityMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ca:MandatoryVoluntaryAxis">ca:MandatoryMember</xbrldi:explicitMember>
dimension="ca:StatusAxis">ca:PreliminaryMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate> </xbrli:startDate>
<xbrli:endDate> </xbrli:endDate>
</xbrli:period>
</xbrli:context>

27. Corporate Action Facts
<ca:UniqueUniversalEventIdentifier contextRef="ContextCashDividendUSEquityMandatory">Citibank123456</ca:UniqueUniversalEventIdentifier>
<ca:DocumentTitle contextRef="ContextCashDividendUSEquityMandatory">Dividend Announcement</ca:DocumentTitle>
<ca:AnnouncementDate contextRef="ContextCashDividendUSEquityMandatory"> </ca:AnnouncementDate>
<ca:EventType contextRef="ContextCashDividendUSEquityMandatory">Cash Dividend</ca:EventType>
<ca:OrdinaryShare contextRef="ContextCashDividendUSEquityMandatory" unitRef="shares" decimals="INF">1</ca:OrdinaryShare>

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

29. Other Stuff

30. 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

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

32. Florida Governmental Reporting
CS/CS/CS/HB 1073 — Department of Financial Services
Begins the process of creating the Florida Open Financial Statement System to allow better access to financial reports filed by local governments and provides a $500,000 appropriation;

33. Open Financial Statement System
It is the intent of the Legislature to create the Florida Open Financial Statement System, an interactive repository for governmental financial statements.
The Chief Financial Officer may choose contractors to build one or more eXtensible Business Reporting Language (XBRL) taxonomies suitable for state, county, municipal, and special district financial filings and to create a software tool that enables financial statement filers to easily create XBRL documents consistent with such taxonomies.
If the Chief Financial Officer deems the work adequate, all local governmental financial statements for fiscal years ending on or after September 1, 2022, must be filed in XBRL format and must meet the validation requirements of the relevant taxonomy.
A local government that begins filing in XBRL format may not be required to make filings in Portable Document Format.