Advanced Accounting Information Systems

Advanced Accounting Information Systems

Day 38

Current State of XBRLNovember 30, 2009

AnnouncementsAnnouncements

– Deb Noll– Graduate student papers– Final exam Wed Dec 16 from 9:45 to 11:45– XBRL assignment 3 due today– XBRL assignment 4 due next Monday– Presentation on Wednesday by Webfilings

ObjectivesObjectives

Obtain an understanding of– The current state of XBRL in financial and business

operations reporting around the world

– Tools available for instance document creation and validation

– Future role of XBRL and related emerging technologies.

Current Tools – Create Instance DocumentsCurrent Tools – Create Instance Documents

Spreadsheet based– Dragon Tag

Stand alone– Fujitsu Xwand

Third party agents– EDGAR Online– Business Wire– Merrill Corp

XBRL Document ViewersXBRL Document Viewers

Dragon View Imetrix EDGARizerX

XBRL Financial ReportingXBRL Financial Reporting

Emerging technology Several companies are attempting to

enter this market Incentives to create XBRL document

creation software

Taxonomy StatusTaxonomy Status

Acknowledged– One that has been tested for compliance with

the SBRL 2.1 Specification Approved

– Taxonomy has been through an open review process after reaching ‘Acknowledged’ status and has been used to create a number of instance documents to confirm that it adequately covers the data it purports to represent

XBRL Around the WorldXBRL Around the World

FDIC

– Third quarter 2005 SEC

– Electronic filing since 1996 – EDGAR PCAOB

– Two audit objectives

• Does XBRL data agree with official EDGAR filings

• Do XBRL documents conform with applicable XBRL taxonomies and specifications?

XBRL Around the WorldXBRL Around the World

International Agencies

– Canada – May 2007 SEDAR

– Europe

• UK

• German Stock Exchange

• Netherlands

– Asia

• Japan

• Koran

• Thailand

– Australia and New Zealand• Australian Stock Exchange

XBRL Services and ToolsXBRL Services and Tools

Taxonomy creation software– Edgar Online– Automated Filing Services– Merril– Business Wire – corefiling– Clarity FSR– Dragon Tag– EDGAR Filines eDGARizer X– Interstage Xwand– UB Matrix

Taxonomy Creation SoftwareTaxonomy Creation Software

Need to specify company Time period Numeric unit used (i.e. US Dollars, yen, etc)

Taxonomy Creation SoftwareTaxonomy Creation Software

Taxonomy Creation SoftwareTaxonomy Creation Software

Taxonomy Creation SoftwareTaxonomy Creation Software

Taxonomy Creation SoftwareTaxonomy Creation Software

Taxonomy Creation SoftwareTaxonomy Creation Software

Taxonomy Creation SoftwareTaxonomy Creation Software

The Future State of XBRLThe Future State of XBRL

• Software Development

• Regulatory Requirements

• XBRL GL

• Audit Requirements