xbrl data quality focus and latest wdesk updates · • taxonomy navigation • inconsistent...
TRANSCRIPT
©2014 WebFilings Confidential
XBRL Data Quality Focus and Latest Wdesk Updates
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Jason Basteyns Senior Team Manager
Professional Services
Presenter
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Agenda
1. How data quality impacts you
2. Business validation updates
3. The future of data quality and Wdesk
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How Data Quality Impacts You
What is XBRL data quality?
· Having quality XBRL data allows for the financial
information that is submitted to the SEC to be fully
consumed, aggregated, and analyzed by
consumers of that XBRL data
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How Data Quality Impacts You
•Industry focus
· How data quality impacts your industry
• Regulatory focus
· How data quality impacts regulators
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How Data Quality Impacts You
Industry focus
• Data preparers
· You, our customers, are the data preparers
• Data consumers
· Data aggregators
· Financial analysts
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How Data Quality Impacts You
Data preparers focus
• Taxonomy navigation
• Inconsistent mapping and modeling
• Multiple ways of tagging the same fact
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How Data Quality Impacts You
Data consumers focus
• Inconsistent mapping and modeling
• Multiple ways of tagging the same fact
• Managing extensions
• Data quality—financial information to be fully
consumed, aggregated, and analyzed
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How Data Quality Impacts You
Regulatory focus
• Need quality XBRL filings—period
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How Data Quality Impacts You
The regulators' highest concerns are
material errors that impact the ability to
consume data through automation
• Excessive extensions, especially dimensions
• Inconsistent mapping and modeling across
companies, and over time
• Poor extension definitions
• Unclear element relationships (calculations)
• Incorrect fact values
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How Data Quality Impacts You
How regulators are managing data
quality
• Staff observations
• Dear "CFO" letter
• SEC/FASB FAQs and Implementation
Guides
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How Data Quality Impacts You
Staff Observations
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How Data Quality Impacts You
Dear "CFO" letter
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How Data Quality Impacts You
SEC/FASB FAQs and Implementation Guides
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How Data Quality Impacts You
SEC/FASB FAQs and Implementation Guides
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How Data Quality Impacts You
SEC/FASB FAQs and Implementation Guides
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How Data Quality Impacts You
Quality issues—attention areas
• Unnecessary extension concepts
• Unnecessary extension [Axis]
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How Data Quality Impacts You
Unnecessary extension concepts
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How Data Quality Impacts You
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How Data Quality Impacts You
US GAAP element may be close enough
Face statement extensions are a focus
of the SEC and data aggregators
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How Data Quality Impacts You
Unnecessary extension [Axis]
• Cause severe data consumption issues
· Subjects XBRL data to manual review
· Defeats the purpose of electronic data
• Determine if your extension [Axis] are
absolutely necessary
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How Data Quality Impacts You
Many extensions are replaceable with US GAAP
[Axis]
Replace
Replace
Replace
Replace
Replace
Replace
Replace
Replace
Replace
? ?
?
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How Data Quality Impacts You
Check spelling, plural, extraneous characters, etc.
(Arrangement vs. Arrangements,
ReclassificationOutOf vs. Reclassificationoutof)
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How Data Quality Impacts You
Use Wdesk to help
• Business validations
· Go beyond SEC/Arelle validations
· Check fact values, dates, non-XBRL calculations
(roll forwards), and accounting logic
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Business Validations Update
• Arelle validations released in Q3 2014
· 1 – Validation "warnings"
• Seven business validation messages
released in Q3 2014 (more to come)
· 1 – Business validation "error"
· 6 – Business validation "warnings"
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Business Validations Update
Key updates to validations
• XBRL [Axis] defaults
• DEI dates
• [Axis]/[Member] relationships
• Extension balance types
• Verify as correct
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Business Validations Update
XBRL [Axis] defaults
• Severity: XBRL Validation Warning
• Message: Your filing contains an XBRL axis default
which is different from the default specified in the
US-GAAP Taxonomy. Change the default to match
the default specified in the US-GAAP Taxonomy
using the "XBRL Axis Defaults" button in the XBRL
Outline toolbar.
• Description: Ensures that US-GAAP Axis/Domain
relationship is consistent with the taxonomy
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Business Validations Update
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Business Validations Update
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Business Validations Update
Measurement Basis [Axis]
Very common warning due to a
specific taxonomy structure
and [Member] [Default].
Corrective action provided on
the Community.
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Business Validations Update
DEI dates • Severity: Business Validation Error
• Message: Date applied to {0} does not match the date applied
to the "Document Period End Date"
• Description: Checks all DEI facts (except
dei:EntityCommonStockSharesOutstanding and
dei:EntityPublicFloat) to make sure the date they applied
matches the date applied to the "Document Period End Date"
fact
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Business Validations Update
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Business Validations Update
DEI Dates
• Severity: Business Validation Warning
• Message: The value for Document Period End Date is
significantly different than the end date of the duration applied.
Please review these dates, and make sure they match your
reporting period.
• Description: Checks to ensure that the Document Period End
Date is consistent with the YTD Duration Context applied to
the facts in the DEI
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Business Validations Update
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Business Validations Update
[Axis]/[Member] relationships
• These tests examine the [Axis]/[Member]
relationships in the US-GAAP taxonomy and
validate those relationships against your
XBRL outline structure
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Business Validations Update
Legal Entity [Axis] • Severity: Business Validation Warning
• Message: A standard member has been added to the Legal
Entity [Axis] which does not match the presentation structure in
the US-GAAP taxonomy
• Description: Identifies when a US-GAAP [Member] from
another area in the taxonomy is structured under the Legal
Entity [Axis]
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Business Validations Update
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Business Validations Update
Range [Axis]
• Severity: Business Validation Warning
• Message: Members which are used on Range [Axis]
should not be used on any other Axis
• Description: Checks to ensure that the Minimum
[Member], Maximum [Member], and Weighted
Average [Member] are only used under the Range
[Axis]
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Business Validations Update
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Business Validations Update
Equity Components [Axis] · Severity: Business Validation Warning
· Message: Class of Stock Members should not be used under
the Equity Components [Axis]
· Description: Checks to ensure that members such as
"Common Class A [Member]", Common Class B [Member],
Preferred Class A [Member], etc., are not improperly structured
under the Equity Components [Axis]. These members should
be structured under the Class of Stock [Axis].
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Business Validations Update
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Business Validations Update
Balance Type
• Severity: Business Validation Warning
• Message: Extension concept is monetary and does
not have a balance type. It is recommended to
include a balance type on all monetary concepts.
• Description: Checks to ensure that all monetary
extensions have a balance type (debit/credit)
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Business Validations Update
Balance Type and definition
requirements
• EFM 6.8.11
· Income Statement and Balance Sheet
extensions: Balance Type => required
• EFM 6.11.5
· Balance Type => best practice
· Must have definition that disambiguates positive
(negative) value is no balance type
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Business Validations Update
Editing the Balance Type
Corrective action for each
scenario provided on the
Community.
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Business Validations Update
Verify as correct
• Ability to verify that a validation message has been
reviewed and the context information (dates, values,
etc.) is correct.
· Only for a subset (not all) of Arelle/SEC and Business
Validation "Warnings" and "Informationals" and calculation
inconsistency messages
· Users do not have the "Verify as Correct" option on
business validation "Errors" as those items are deemed to
need correction (most cases)
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Business Validations Update
Markings will persist across generations
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Business Validations Update
•Filter by verification status
• Status reverts to grey icon if fact
changes
· E.g., fact value updated, fact properties changed,
etc.
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The Future of Data Quality and
Wdesk
• Other industry reports
• Other [Axis]/[Member] relationship tests
• Concept replace
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The Future of Data Quality and
Wdesk
Other industry reports
• Multiple third parties providing data quality reports
· Tests results are not always accurate
· Often corrective action is not a simple one-for-one
replacement
· Utilize your CSM/PSM and the Workiva Data Quality
Team to help
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The Future of Data Quality and
Wdesk
Other [Axis]/[Member] relationship tests
· More tests to examine the [Axis]/[Member]
relationships in the US-GAAP Taxonomy and
validate those relationships against your
XBRL outline structure
· Projected release—October/November 2014
· Corrective action will require review of the
overall XBRL outline structure in the identified
location and are not always simple fixes
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The Future of Data Quality and
Wdesk
Other [Axis]/[Member] relationship tests
• 22 [Axis] tests being reviewed (just the start)
• Types of tests:
· Allowable extensions, if any
· [Member]s from other locations
· Fair Value, Equity, Derivatives, Range, etc.
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The Future of Data Quality and
Wdesk
• Concept replace
· Separate workflow to identify potential US-GAAP
concepts ([Axis], [Domain], [Member], Line Items) that can
be used to replace extension concepts
· Selecting "Replace" will replace the extension with
the US-GAAP concept everywhere the element is
used
· Suggested replacements are based on the complex
algorithm written by Workiva Developers to analyze
the name of the extension and compare that to
similarities in the US-GAAP Taxonomy
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The Future of Data Quality and
Wdesk
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Thank you!