XBRL - Interactive Data

1. XBRL - Interactive Data Welcome to the Future

2. What is XBRL? XBRL - Interactive Data

3. XBRL - Interactive Data • What does XBRL stand for? • X is for • which means Adaptable • B is for • R is for • L is for eXtensible Business Reporting Language

4. XBRL - Interactive Data XBRL is a developing world-wide standard for exchanging accounting and business data.

5. History 101

6. History 101 Giovanni di' Medici 15th Century

7. History 101 Luca Pacioli in Venice, Italy (Circa 1495)

8. April 1998 Charles Hoffman CPA From Knight, Vale and Gregory in Tacoma, Washington

9. Charlie’s Idea • Financial data could be transferred or downloaded without rekeying. • Data could be exported into Excel or other programs intact. • No errors from Rekeying or Cut-and-Paste transfers. • Source and other information of the data could be included in transferred data.

10. January 1999 American Institute of Certified Public Accountants The first prototype is unveiled Entitled: XFRML – eXtensible Financial Reporting Markup Language. October 1999 High -Tech Task Force presents the First Prototype of true XBRL April 2000 AICPA and the soon to be “XBRL International” officially unveiled the first XBRL at press conference in New York City.

11. 1st XBRL International Conference in London. • Representatives from 10 countries attend the first meeting. • The International Accounting Standards Board has released a draft of an IAS taxonomy for review. • Morgan Stanley announces that it has tagged its financials, sent information to the SEC in XBRL format and posted them to its web site. • XBRL now has 85 members. FDIC joins XBRL. February 2001

12. Security and Exchange Commission institutes a voluntary program to encourage companies to file financial reports using XBRL. February 2005

13. In 2006 the SEC revamped EDGAR (SEC reporting system) to support XBRL at the cost of $54 million • May of 2008 the SEC requires, as of December 15, 2008 "large accelerated filers," to file their reports in XBRL.

15. What is a Markup Language “Use the same ‘Markup Language’ that Internet Web Pages use. eXtensable Markup Language (XML)”

16. What is a Markup Language • A markup language is a system for annotating text in a way which is distinguishable from that text. • Markup is typically omitted from the version of the text which is displayed for end-user consumption. 

17. Editor Markup

18. Legislative Markup

19. XML (Extensible Markup Language) 

20. XML (Extensible Markup Language)  XBRL is a advanced version of XML A type of Markup Language

21. XBRL’s Main Components • Instance Document • “Just the Facts” • Concept • Value • Context • Currency

22. XBRL’s Main Components • Taxonomy • “Dictionary of Concepts” • Concept • Resources • Relationships

23. Taxonomy Main Entry: tax·on·o·my Pronunciation: \tak-'sä-na-me\ Function: noun • 1 : the study of the general principles of scientific classification : systematics • 2 : classification; especially : orderly classification of plants and animals according to their presumed natural relationships. http://www.merriam-webster.com/dictionary/taxonomies

24. Taxonomy Taxonomy for Antennariamonocepala

25. Taxonomy Taxonomy for Statement of Financial Position (Balance Sheet)

26. Taxonomy

27. Taxonomy

28. Taxonomy Language Calculated or Account Number Presentation Concept Cash Equivalents (Concept) Accounting Authority Other information

29. Instance Document

30. Instance Document Rounding (000) Company Name Budget /Audited Currency - $ 9,151,953 Cash Equivalents (Concept) Date – as of 01/31/2009

31. XBRL Terms Taxonomy • “Dictionary of Concepts” • Concept • Resources • Relationships • Instance Document • “Just the Facts” • Concept • Value • Context • Currency To exchange information using XBRL you need both an instance document & taxonomy

33. The Oregon Project • In 2007 AGA decided to start a research project using XBRL • Focus on Public Sector • Study benefits of XBRL • Use the Comprehensive Annual Financial Report (CAFR) • Oregon

34. XBRL and the Public Sector “Despite it potential for success and ongoing expansion in the private sector, application of XBRL in nearly any part of the public sector, … is little understood and applied.” XBRL and Public Sector Financial Reporting Report No. 16

35. XBRL and the Public Sector • The Plan: • 90 days to complete • Focus on only two CAFR statements • Statement of Net Assets • Tag 96 elements • Statement of Activities • Tag 60 elements

36. XBRL and the Public Sector • The Results • Produced the two statements • Took longer than expected • Cost more than expected • The Lessons • A GASB based taxonomy needs to be created. • Require cooperation with all States

37. Current Oregon Status • Unable to make further progress due to: • Budget Cuts Due to the recession. • Lack of the Development of a national taxonomy (integrating GASB into the GAAP). • Lack of Resources due to new Federal and State initiatives.

38. XBRL in Grant Management

39. XBRL in Grant Management • Grants are a major conduit the federal government provides funds to the states and others. • Grant Management is becoming more involved and complex with the grantor (the state) given greater responsibly of oversight.

40. XBRL in Grant Management • This AGA research paper focuses on the current state of grant management including the impact that XBRL can have on grant management.

41. XBRL in Grant Management • The Grant has two major parts • The Front End. • Not an issue • The Back End • Post Award • Close Out

42. XBRL in Grant Management • Post Award • Payment Processing • Agency Monitoring • Grantee Reporting • Close Out • Prepare Final Reports • Financial Reconciliation • Other

43. XBRL in Grant Management • PL 106-107 Federal Financial Assistance Management Improvement Act of 1999 • Proposed standard data elements for Federal agency use • Sunset November 2007

44. XBRL in Grant Management PL 106-107 required Development of a common application and reporting system. Failed

45. XBRL in Grant Management • Reason for failure • Lack of definitions and formats. • No standardized terms • Grantees must track and report differently. • Different agencies use terms for the same thing. • Grant-making agencies using different reporting and payments systems.

48. Errors & Consistency Since June of 2009, public companies have submitted more than 1,400 financial filings containing more than 5,000 problems related to the use of the U.S. GAAP Taxonomy. “Avoiding Common Errors in XBRL Creation,” XBRL U.S. http://xbrl.us/research/documents/AvoidingErrorsWhitePaper.pdf

49. Errors & Consistency • Soon after the release of the report XBRL-US launched its XBRL Consistency Suite. A website that contains tools to indentify errors and inconsistencies. http://xbrl.us/research/pages/Csuite.aspx

50. The Danish Experience • The Danish registration authority receive and publish 140,000 class B annual reports each year. • The Plan: Year 2007 a full-scale XBRL solution for the Danish class B annual reports. • In 2008 they received 4 reports!! • As of June 2009 they had received 216 reports.