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Chapter 9 - XBRL, when you''ve finished studying this chapter, and completing the activities at its conclusion, you should be able to: Define the following terms as they relate to XBRL: extensible, specification, taxonomy, namespace, and instance document; explain the history and structure of XBRL; discuss ways XBRL can benefit organizations; identify software tools for creating XBRL-tagged documents; discuss internal control issues for XBRL.
Chapter XBRL Copyrightâ2016McGrawưHillEducation.Allrightsreserved.NoreproductionordistributionwithoutthepriorwrittenconsentofMcGrawưHillEducation Outline ã Learning objectives ã Purpose & nature of XBRL • Terminology • Instance document creation • Internal control 92 Learning objectives Define the following terms as they relate to XBRL: extensible, specification, taxonomy, namespace, and instance document Explain the history and structure of XBRL Discuss ways XBRL can benefit organizations Identify software tools for creating XBRLtagged documents 93 Purpose & nature of XBRL • Acronym eXtensible Business Reporting Language • • Platform-independent tool tagging tool Provides context for business reporting information—most often, financial information 94 Purpose & nature of XBRL • Important characteristics – Open source – Extensible – Required for SEC reporting – Can also be used for internal information, such as journal entries – Language—not a new set of GAAP – Overseen by XBRL International ( www.xbrl.org) 95 Terminology • • Like any Users can add tags as needed language, XBRL has unique terms that are critical to understanding it Extensible • Specification XBRL is an example of a broader group of languages called XML 96 Terminology • Like any • Taxonomy – An organizational structure for XBRL tags – Two broad types language, XBRL has unique terms – that are critical to understanding it • Acknowledged • Approved Examples • • • US GAAP Taxonomy 2009 US SEC Certification Taxonomy 2009 XBRL Global Ledger Taxonomy 97 Instance document creation Download the data to a spreadsheet Download the relevant taxonomy Map the data to the taxonomy; that is, determine which tags are Tag the data with appropriate tagging software Validate the document File the document appropriately See Figure 9.2 for a flowchart of these steps 98 Internal control • • Like any form of information technology, XBRL requires strong internal controls Existing IT (and other) controls can be adapted for XBRL applications • Daily data backups • Firewalls • • • • Periodic user training Disaster recovery plan Internal audit review Centralized 99 910 ... appropriately See Figure 9. 2 for a flowchart of these steps 9? ?8 Internal control • • Like any form of information technology, XBRL requires strong internal controls Existing IT (and other) controls... XBRLtagged documents 9? ?3 Purpose & nature of XBRL • Acronym eXtensible Business Reporting Language • • Platform-independent tool tagging tool Provides context for business reporting information? ??most... often, financial information 9? ?4 Purpose & nature of XBRL • Important characteristics – Open source – Extensible – Required for SEC reporting – Can also be used for internal information, such