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Understanding the Current State of XBRL and IFRS Taxonomy Filing Requirements

This chapter delves into the current landscape of XBRL (eXtensible Business Reporting Language) and its application in IFRS (International Financial Reporting Standards) taxonomy. All companies are mandated to file using XBRL, with foreign private issuers specifically required to employ the IFRS taxonomy. The chapter compares the structural differences between IFRS and US GAAP taxonomies, highlighting the significant number of elements and the absence of rule-based documentation in IFRS. Furthermore, it outlines the validation processes for XBRL filings and details on Discoverable Taxonomy Sets, including instance documents and extension taxonomies.

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Understanding the Current State of XBRL and IFRS Taxonomy Filing Requirements

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  1. Chapter 6 Current State of XBRL IFRS Taxonomy Discoverable Taxonomy Set Extension Taxonomies Validation of XBRL vs xml

  2. Current State of XBRL

  3. Who Must File • All companies are now required to file using XBRL • Foreign Private Issuers are required to file using IFRS taxonomy

  4. XBRL IFRS

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

  6. IFRS Taxonomy • 2011 Taxonomy Issued March 25, 2011 • Compared to US GAAP, ~ 4000 elements vs. 15,000 • Documentation is not included in IFRS (as it is NOT rule based). • Instead disclosures and example references are included

  7. Illustrations of IFRS XBRL • iXBRL (next week) • XBRL IFRS

  8. <?xml version="1.0" encoding="utf-8"?> <!-- XBRL instance shell - Skip White December 2010 --> <!-- File name: XBRLInstanceShell2010.xml --> <xbrli:xbrlxmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns: _____1_________ > <link:schemaRefxlink: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>

  9. Discoverable Taxonomy Set (DTS)

  10. DTS – What must be filed with SEC • Contains: • Instance Document • Extension Taxonomy • Linkbases • Calculation • Definition • Labels • Presentation • All Imported Schemas • Filename Format • Identifier-yyyymmdd for instance and schema • Identifier_yyyymmdd_cal or _def or _lab or _pre

  11. Extension Taxonomy

  12. Structure of SEC Extension Taxonomy • Schema Root Element, namespace declarations • annotation/appinfo • link:linkbaseRef • Links all the linkbases to the schema document • link:roleType • Links each statement and disclosure to the linkbases

  13. link:linkbaseRef (International Speedway Corp 10Q) • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links, all"/> • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links, all"/> • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links, all"/> • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links, all"/>

  14. link:roleType (International Speedway Corp 10Q) • <link:roleTyperoleURI="http://internationalspeedwaycorporation.com/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical"> • <link:definition>0111 - 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>

  15. 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"/>

  16. XBRL Validation

  17. XBRL Validation Levels • Phase I • xml validation (NOT XBRL) • Schema validation – does the xml match the schema structure? • Phase II • Validates XBRL semantics in DTS • Requires specialized software ($’s) • Phase III • Validates XBRL based on reporting rules • SEC XBRL filing requirements • Requires specialized software ($’s)

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