Grabbing XBRL
Grabbing XBRL: It‘s really simple
Diane Mueller-KlingsporSenior Product Manager - Business ObjectsEditor-in-Chief, XBRLSpy.comXBRL-GL Working Group Chair
Grabbing XBRL
Common Goals
• Promote XBRL adoption
• Make XBRL accessible to the masses
• Improve transparency thru accessibility
• Increased Disclosure will promote:– Better educated investors– Lowers investor uncertainty– Lowers the portfolio turnover– Lowers cost of capital
Grabbing XBRL
Grabbing XBRL: The Distribution issues
• Where’s the XBRL? • How do we know when it’s there?• What to we need?
Proposed Solution:
XBRL-enhanced RSS data feed
• What is RSS• XBRL-enhanced RSS Data feeds
If you build it, they will comeThe Kevin Costner philosophy
Grabbing XBRL
Where is the XBRL?• Investor Relations sites
– Irregular, sporadic postings
• Stock Exchanges– Limited Pilot projects
• Aggregators– Normalized Data, Historical Depth Available– Web Services aware-apps required– Pay-per-view
• SEC Edgar repository as of April 4th
– As reported by company
Grabbing XBRL
How do we know when it’s there?
• SEC Current Listings Index– Searching for Exhibit 100s– Labor-intensive– Nobody wants to do this every day, hour
Grabbing XBRL
Business User’s Expectation
• As Simple as Google Alerts
• Easy to ‘Grab’ – Push to my Blog– Push to my Blackberry– Push to Excel– Push to XML-aware BI applications
• Never hear the letters ‘X-B-R-L’
Grabbing XBRL
What do we need?
• Delivery & Notification Mechanism
• Instant Reliable Accurate Access
• From Trusted Sources
Grabbing XBRL
It has to be really simple
• Accessible by Business users
• Via my desktop applications
• Without Building Web Service Applications
• Without additional IT infrastructure
• At no cost
Grabbing XBRL
Enter RSS
• XML-based format for syndicating content
• Underpinning of “blogging”
• Stands for “Really Simple Syndication”
• Not a protocol, a data format
• Lite weight - “good enough” technology
• Widely adopted– 3 million active blogs, the majority with RSS
feeds
Grabbing XBRL
RSS News Feed Snippet<rss version=“2.0" xml:base=http://www.xbrlspy.org n><channel><title>XBRLSpy - Accelerate Compliance with XML Today</title><link>http://www.xbrlspy.org</link><language>en</language><item><title>11th XBRL International Conference to Address Significance of eXtensible Business Reporting Language</title><link>http://www.xbrl.org/boston</link><description>The 11th XBRL International Conference will deliver its most comprehensive program to date, focusing on the ways
that eXtensible Business Reporting Language (XBRL) improves the business reporting process. Attendees will hear from an unprecedented lineup of speakers, and have the opportunity to attend sessions highlighting the numerous benefits of XBRL adoption. The event takes place from April 26-28 at the Westin Copley Place in Boston. <br />
<br />XBRL helps companies make faster and better decisions. Adoption of XBRL permits financial analysts, investors,
accountants, government agencies, internal users and other interested parties to access, compare and analyze data in ways that are not currently practical or even possible. Companies of all types can use XBRL to reduce costs and streamline their processes for collecting and reporting financial information. By taking advantage of XBRL, companies are able to benefit from the flexibility to adapt and meet different requirements, enabling them to easily automate the process of data collection, which dramatically improves efficiencies and ultimately a company's bottom line.
</ description><pubDate>Tue, 29 Mar 2005 17:01:53 -0800</pubDate></item>
Grabbing XBRL
RSS News re-purposed to Blog
Grabbing XBRL
RSS Re-purposed
• See it in Mozilla Thunderbird– Email RSS Reader– Notification via Syndication of Content
Grabbing XBRL
Consequences of Simplicity
• It’s really simple to re-purpose this content
• It’s really simple to add more meta-data to this content
• RSS gets used for more than WebBlogs– Business-to-business scenarios– No web service app required to consume
Grabbing XBRL
RSS Versions & Recommendations
From What is RSS? by Mark Pilgrim (www.xml.com)
Grabbing XBRL
Law of unintended consequences*
• Big media publishers, a few aggregators*gartner
RSS
RSS
RSS
NYT
CNN
BBC
WSJRSS
My PortalToday’s
Headline News
Original Purpose
I Read
Grabbing XBRL
Law of unintended consequences*
• Increased in blog processing power• Expanded reach to individual Blogs• Fundamental change in Web experience
**gartner
RSS
RSS
RSS
NYT
CNN
BBC
WSJ
RSS
RSS News ReaderSoftware
CNNCNN
CNNCNNBigMedia
NYTNYT
NYTNYT
NYTYourBBBC
BBCBBC
BBCBBCHisBlog
WSJWSJ
WSJWSJ
WSJMyBlog
Second Phase
I Subscribe
Grabbing XBRL
Law of unintended consequences*
• Changes to packages that consume RSS • RSS used to syndicate data automatically produced• Human-authored vs. Application-authored• Consumed by data-mining systems
*gartner
RSS
RSS
RSS
NYT
CNN
BBC
RSS
RSS News ReaderSoftware
CNNCNN
CNNCNNBigMedia
NYTNYT
NYTNYT
NYTYourBBBC
BBCBBC
BBCBBCHisBlog
Third Phase
I Consume
Applicationproduced
RSS
Grabbing XBRL
RSS Versions & Recommendations
From What is RSS? by Mark Pilgrim (www.xml.com)
Grabbing XBRL
The Future is now
RSS V2.0 enables namespaces
enables more meta-dataEnables XBRL content to be delivered today via RSS
XBRLSpy RSS Feeds todayPre-processes XBRL Content from Edgar
Extracts summary abstract from XBRL on EdgarPasses URLs to Edgar repositoryPushes processed XBRL to XBRLSpy News Feed
Raw XBRL Data Feed from Edgar
++
Grabbing XBRL
Raw XBRL RSS Data Feed Snippet
Issue: Today’s RSS Readers don’t ‘process’ XBRL in an informed manner
Grabbing XBRL
XBRLSpy processed XBRL RSS Feed
Grab Sample from Live Feed, Insert Here…
Grabbing XBRL
XBRL RSS Re-purposed
• See XBRL content in Mozilla Thunderbird– Raw XBRL as Thunderbird sees it today
• Open source project underway to build XBRL-aware RSS Reader plug-ins for Thunderbird
– XBRL content processed by XBRLSpy
• See XBRL content on XBRLSpy– XBRL Content re-purposed as blog content
Grabbing XBRL
See XBRL content on XBRLSpy
• See XBRL content in Mozilla Thunderbird– Raw XBRL as Thunderbird sees it today
• Open source project underway to build XBRL-aware RSS Reader plug-ins for Thunderbird
– XBRL content processed by XBRLSpy
• See XBRL content on XBRLSpy– XBRL Content re-purposed as blog content
Grabbing XBRL
If we feed them, they will come
• Create RSS Readers to do more than notify & push content– Deliver BI via RSS Readers– Render formatted XBRL Financial Reports
• Build RSS Readers that alert, educate, and inform the business consumers
Grabbing XBRL
Grabbing XBRL: The Distribution issues
• We know where the XBRL is– Thank you, SEC
• We know when it’s there– Via RSS syndication
• Now, we know how to get– Via XBRL-enhanced RSS data feeds
If you build it, they will comeThe Kevin Costner philosophy
Grabbing XBRL
Common Goals Revisited
• Promote XBRL adoption
• Make XBRL accessible to the masses
• Improve transparency thru accessibility
• Increased Disclosure will promote:– Better educated investors– Lowers investor uncertainty– Lowers the portfolio turnover– Lowers cost of capital
Grabbing XBRL
Thank you!
Diane Mueller-KlingsporSenior Product Manager - Business ObjectsEditor-in-Chief, XBRLSpy.comXBRL-GL Working Group Chair