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Clinton E. White, Jr (Skip) Lerner College of B&E University of Delaware skipw@udel PowerPoint Presentation
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Clinton E. White, Jr (Skip) Lerner College of B&E University of Delaware skipw@udel

Clinton E. White, Jr (Skip) Lerner College of B&E University of Delaware skipw@udel

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Clinton E. White, Jr (Skip) Lerner College of B&E University of Delaware skipw@udel

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  1. Inline XBRL vs. XBRL forFinancial ReportingUWCISASymposium on Information Integrity & IS Assurance- Toronto, Oct 3, 2013 - Clinton E. White, Jr (Skip) Lerner College of B&E University of Delaware skipw@udel.edu

  2. iXBRL vs. XBRL • When you open an income statement with your browser, which would you prefer to see?

  3. XBRLan XML vocabulary • XBRL • XBRL is an XML vocabulary for business operations and financial reporting • XML – the Extensible Markup Language • A set of rules & syntax for encoding documents in a format that is both computer and human-readable • Simplicity … generality … usable over a network • The default way to encode documents for software-to-software exchanges over networks and between applications (e.g., office productivity tools)

  4. XBRLthe original concept • XBRL • Crate an XML vocabulary with which to encode financial information so that it is software-readable and can be exchanged and unambiguously interpreted and used by software or humans • Without being bound to a presentation format

  5. XBRLas implemented by the SEC • Document format files: • HTML format (including financials) • Official filings • Audited or reviewed • Data files: • Financials in XBRL format • Supplemental filings • Not audited or reviewed • Separate but presumed to be equal

  6. XBRL at the SEC

  7. XBRL at the SEC • Data files: • Each line item & disclosure tagged with a tag from the US GAAP taxonomy or the company’s extension taxonomy • <us-gaap:SalesRevenueNetcontextRef="FROM_Jan01_2012_TO_Dec31_2012" unitRef="USD“ decimals="-3" > 29904000000 </us-gaap:SalesRevenueNet> US GAAP: http://xbrl.us/taxonomies/Pages/US-GAAP2013.aspx

  8. XBRL at the SEC • Document files: • HTML (presentation) format

  9. Document & Data Files • Why are companies required to file both document and data files? • Document files • The “original,” “official” file(s) • Audited (or reviewed), legal document(s) • Data files • The computer-processable file(s) • Unaudited, reusable data, validateable

  10. XBRL at the SEChybrid documents • Each line item & disclosure tagged with a tag from the US GAAP taxonomy or the company’s extension taxonomy • Each disclosure tagged and its contents formatted with HTML multiple times to appear exactly as it does on paper (Levels 1, 2, & 3 tagging) • Difficult to process and analyze • Difficult to compare to the official HTML documents • Hybrid XBRL instance documents

  11. Inline XBRL • What if we embedded the XBRL formatted financial statement in a HTML document so that it renders in humanly-readable format – exactly as in paper form? • And, we can extract an XBRL instance document when needed!

  12. iXBRL • Inline XBRL 1.1 • Working draft: March 2013 • For embedding XBRL fragments into an HTML document (XBRL International) • When processed by an XML processor, it is rendered as a Web page instead of an XBRL document XBRL.org: http://www.xbrl.org/news/xbrl-international-seeks-feedback-inline-xbrl-11

  13. 3M Consolidated Income Statement(XBRL instance - 10-K 12/31/2012)

  14. 3M Consolidated Income Statement(iXBRL)

  15. iXBRL • iXBRL documents: • The “source” document is the “official” document • An XML document with an HTML root element • Actually, XHTML document • Contains the XBRL tagged items formatted and in exactly the same order as when rendered • Renders exactly as intended by the entity • The XBRL instance document is extractable from the “source” document • Referred to as a “target” document • It is usable by XBRL analysis software & is valedatable

  16. iXBRL • One “source” document • The XBRL is more transparent and easier to process for analysis purposes • Much easier to provide assurance that the XBRL is complete, consistent, & mapped & structured correctly • Much more user-friendly • No redundancy in disclosures

  17. 3M Co’sNet sales revenue- iXBRL - <ix:nonFraction name="us-gaap:SalesRevenueNet" contextRef="FROM_Jan01_2012_TO_Dec31_2012" unitRef="USD" decimals="-3" format="ixt:numcommadot" id="ID-15" scale="3"> 29,904 </ix:nonFraction>

  18. iXBRL • Can take advantage of HTML5 & CSS3 • A semantic HTML • Incorporates much of XHTML • Includes new APIs for dynamic Web pages • CSS3: • Supports namespaces • More powerful styling features • Reusable, maintainable code

  19. Current XBRL Level 1 disclosure • <us-gaap:ConsolidationPolicyTextBlock id="ID_378" contextRef="FROM_Jan01_2012_ TO_Dec31_2012">&lt;p style='margin-top:0pt; margin-bottom:0pt'&gt;&lt;font style="font-family:Arial;font-size:10pt;font-style:italic;margin-left:0px;"&gt;Consolidation:&lt;/font &gt;&lt;font style="font-family:Arial;font-size:10pt;"&gt; 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products. All subsidiaries are consolidated. All significant intercompany transactions are eliminated. As used herein, the term &amp;#8220;3M &amp;#8221; or &amp;#8220;Company&amp;#8221; refers to 3M Company and subsidiaries unless the context indicates otherwise.&lt;/font&gt;&lt;/p&gt; </us-gaap: ConsolidationPolicyTextBlock>

  20. iXBRL Level 1 disclosure • <div class="mediumtext" style="disclosure"> • <ix:nonNumeric name="us-gaap: ConsolidationPolicyTextBlock" id="ID-378" contextRef="FROM_Jan01_2012_TO_Dec31_2012"><i>Consolidation:</i> 3M is a diversified global manufacturer, technology innovator and marketer of a wide variety of products. All subsidiaries are consolidated. All significant intercompany transactions are eliminated. As used herein, the term &quot;3M&quot; or &quot; Company&quot; refers to 3M Company and subsidiaries unless the context indicates otherwise. </ix:nonNumeric> • </div>

  21. 3M iXBRL: root, head & ix:header

  22. 3M iXBRL: head & ix:hidden

  23. 3M iXBRL: root, head & ix:header

  24. Resources • www.skipwhite.com • The Accountant’s Guide to XBRL • The Guide & Workbook for Understanding XBRL • http://sixrevisions.com/web-standards/ • Saqib – “20 HTML Best Practices …” • www.w3schools.com/ • HTML5 … CSS3 • “HTML5 Definition Complete …” • www.xbrl.org • “Inline XBRL Part 1: Specification …”