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Current State of XBRL and IFRS Taxonomy: Understanding Discoverable Taxonomy Sets

This chapter provides a comprehensive overview of the current state of XBRL, focusing on the IFRS Taxonomy and the framework governing Discoverable Taxonomy Sets (DTS). It outlines the requirements for companies filing with the SEC, including the necessary documents such as instance documents and extension taxonomies. The chapter also explores the structure of SEC extension taxonomies, compliance with validation standards, and the intricacies of filing, linking various linkbases for effective reporting and transparency in financial disclosures.

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Current State of XBRL and IFRS Taxonomy: Understanding Discoverable Taxonomy Sets

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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 • 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

  4. SEC Filing Packages Discoverable Taxonomy Set (DTS)

  5. DTS – What must be filed with SEC • Contains: • Instance Document • Extension Taxonomy • Linkbases • Calculation • Definition • Labels • Presentation • 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

  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: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"/>

  9. 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>

  10. Import schemas • <xsd:import namespace="http://fasb.org/us-gaap/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd"/> • <xsd:import namespace="http://fasb.org/us-roles/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-roles-2012-01-31.xsd"/> • <xsd:import namespace="http://fasb.org/us-types/2012-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-types-2012-01-31.xsd"/> • <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/> • <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/> • <xsd:import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd"/> • <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd"/> • <xsd:import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd"/> • <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/> • <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/> • <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/> • <xsd:import namespace="http://xbrl.sec.gov/country/2012-01-31" schemaLocation="http://xbrl.sec.gov/country/2012/country-2012-01-31.xsd"/> • <xsd:import namespace="http://xbrl.sec.gov/currency/2012-01-31" schemaLocation="http://xbrl.sec.gov/currency/2012/currency-2012-01-31.xsd"/> • <xsd:import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd"/> • <xsd:import namespace="http://xbrl.sec.gov/exch/2012-01-31" schemaLocation=http://xbrl.sec.gov/exch/2012/exch-2012-01-31.xsd/> • <xsd:import namespace="http://xbrl.sec.gov/invest/2012-01-31" schemaLocation="http://xbrl.sec.gov/invest/2012/invest-2012-01-31.xsd"/> • <xsd:import namespace="http://xbrl.sec.gov/naics/2011-01-31" schemaLocation="http://xbrl.sec.gov/naics/2011/naics-2011-01-31.xsd"/> • <xsd:import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation=http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd/> • <xsd:import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd"/>

  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. XBRL Validation

  13. 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 • Requires specialized software ($’s) • Phase III • Validates XBRL based on reporting rules • SEC XBRL filing requirements • Requires specialized software ($’s)

  14. XBRL IFRS

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

  16. IFRS Taxonomy • 2012 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

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

  18. <?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>

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