xbrl ® moving beyond static taxonomy management david scott stokes, director asia pacific +61 417...

XBRL®

Moving beyond static taxonomy management

David Scott Stokes, Director Asia [email protected] +61 417 531 107

Moving beyond static taxonomy management. David Scott Stokes UBmatrix Australia. [email protected]

Background

• Offers proprietary tools and solutions for vertical markets, private enterprise & the public sector.

• The worldwide leader of XBRL, (eXtensible Business Reporting Language) with taxonomies including US GAAP, IFRS, BASI, Dutch GAAP, Australia, New Zealand, Korea & many other .

• Partnering with system integrators providing solutions offering increased accuracy, precision analysis, and operating cost reductions while reducing business risk.


Seeing XBRL in context• Regulatory and Business users want better, faster and cheaper

reporting. This requires productivity, cost efficiency and comparative advantage.

• Creating a proprietary standard is expensive and leads to decades of support costs. To avoid this, powerful users want to leverage existing interface standards while fully meeting their own needs.

• IT users want IT aligned to support business processes and to aid integration with web services. The Spec 2.1 Conformance Suite provides assurance about interoperability between .Net and J2EE environments.

• All users want versioning and easy maintenance. This change management in XBRL is through taxonomy extensions.

• Metadata Management is about ensuring that the team meets the above needs, rather than mere XML and XBRL technical validation.


Investments need other internal parties to show the improvement

IT Project IT Operations Business / regulator mission

XBRL Expenditure IT Assets IT Impacts Performance

Appropriate IT use

IT and Project Management

Appropriate regulatory use

Adapted from Soh and Markus (1995)


Metadata Management XBRL Alignment

Firm Infrastructure

Adapted from Porters Generic Value Chain

Human Resource Management

Technology Development

Procurement

Inbound Logistics = Web Forms, Importers, XBRL readers,

Validators

Operations = Workflow, Formula quality checks, transformations

Outbound Logistics = Web Analyzer, Adaptors, XBRL writers,

Marketing & Sales = Requirements analysis

Testing

Governance

Service = Extension Taxonomies,

Versioning,

Business rules

Supp

ort

Prim

ary

Act

iviti

es

Integrateinformation

Apply XBRL

Edits, ErrorMessages andExplanations

DownloadData and

Requirements in XBRL

ReportingRequirements

Analyzedata

usingXBRL

Consumevalid XBRL

reports& check for acceptable

Editexplanations

StoreXBRL Datadocuments

andrelational

data

ImplementReporting in

Chart of Accountsand information

capturesystems

Call Processing Future

ConsumeCall data

Regulators

CentralData

Repository

WallStreet

Banks

ERPVendor

NonXBRLdata

DataWarehouse

< --- Report creators --- >

Forms,Instructions,Edits,Error Messages,and Explanations

ValidatedCall Data

Static Reporting

ValidatedCall Data

TransformTo XBRL

< Report consumers >

Integrate XBRL

Reportingwith line of business

application

In pilot, apply XBRL

Taxonomy,Edits, Error

Messages andExplanations

DownloadData and

Requirements in XBRL

ReportingRequirements

DownloadMetadata andRequirements

Apply Same XBRL Edits& Check for Acceptable

EditExplanations

ProcessXBRL DataDocumentsand validatethe change

Define ReportingRequirements

In XBRL

Call Processing Future

Exceptions?

RegulatorsWallStreet

Banks

Call SW

Vendor

Bank

Bank

Exceptions?

MetadataManager

Forms,Instructions,Edits,Error Messages,and Explanations

ValidatedMetadata

Change Management of ReportingReport

CreatorsReporting SW

VendorsReport

Consumers

CentralData

Repository

<---------- Report Consumers -------- >


Metadata Manager• Create a Central Data Repository (CDR)• Publish business rules (meta-data) electronically

– XBRL taxonomies for content, instructions, edits, etc.– Designed to be imported into Vendor products– Historical data to support edits available from CDR

• Apply interagency data quality standards– CDR will validate and reject non-conforming

• No math edit failures allowed, Quality edits must be explained• “Pull Down” and “Narrative” explanations supported• Banks notified of rejected files

• Reports published as accepted by the CDR• Quality edit reviews will not delay publication

Source: FDIC


FDIC Benefits & Capabilities

• Ability to customize edits and reports by bank type or rating

• Rely more upon on offsite monitoring• Facilitate bankers’ reuse of data for multiple

regulators• Possible integration of reports and holistic view

of the frequency of reports

Source: FDIC


Change Management- what do users see?

• Several XBRL vendors offer ready made solutions / components

• Successful projects such as FDIC provide guidance

• A few published components follow:


Desktop application for teams to build taxonomies, create instances and as a client to server based XBRL systems.


Import and Validate

• Importer to bring in legacy and other data from Excel / relational databases, create instance documents and validate for mathematics and business rules.


Data capture through forms, and validation of data for both mathematics and for business rules.


XBRL Web Forms Benefits

• Real time submission – more timely data• Increased accuracy• Added functionality – business rules

through taxonomy extensions • Operating cost reduction• Reduced burden

– No paper – regulator and regulated entities– Minimum call back to regulated entities


Web Analyzer for Analysts and Regulators

XBRL? Financials(Summary)

What is XBRL

Effects of XBRLXBRL

Community

XBRL Data

Site Map

Balance Sheet Growth

Profitability

Today’s Disclosure

Stability

Others

Comparison

Service Information

Service Sampling

Income StatementCash Flow Statement

Statement of Appropriation of Retained EarningsStatement of Appropriation of Disposition of Deficit

RankingComparison of

company

Cash Flow

Ratios(Financials)

Disclosure Search

Filings

Home Notes English

ServiceRequest

Web service

Excel Analyzer

Main

Notice

Real time Quotes