...The XBRL technology standard for business information reporting was initiated in 1998 by Charles Hoffman when a handful of forward-looking accounting and technology experts came up with the idea of structured data for business information. Later that year, the American Institute of Certified Public Accountants (AICPA) was approached to spearhead the introduction of what was to become XBRL to the world. AICPA provided funding to begin research and development. In 1999, the prototype is completed and named XFMRL (Extensible Financial Reporting Markup Language). The prototype is describing XML as important for the accounting profession. The first XFRML consortium meeting took place in New York by October 1999. Soon thereafter, the initial name XFRML was changed to XBRL once the name was determined by the consortium members. The XBRL committee announces the presentation of the first specification for financial statements for American businesses. The membership of the committee increases significantly. (Gray 2007) In April 2008, XBRL US completed the first release of the XBRL US GAAP Taxonomy and subsequently published the 2009 Release, 10 years from when the idea was born. Today, XBRL is being adopted around the globe by the business community which sees the opportunity to transform the way it communicates and conducts business. (XBRL.us) XBRL(eXtensible Business Reporting Language) is a financial reporting markup language derived from XML (eXtensible Markup Language). The markup...
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...Version Version 1 XBRL in Plain English www.batavia–xbrl.com XBRL in Plain English A SIMPLIFIED VIEW ON XBRL WWW.BATAVIA-XBRL.COM XBRL™ is a trademark of the American Institute of Certified Public Accountants (“AICPA’) © 2006, 2007 Batavia XBRL BV all rights reserved Postal box 258, 2800 AG, Gouda Phone +31 182 686 816 • Telefax +31 182 686 206 The contents of this publication are protected by Dutch copyright law and international treaties. Unauthorized reproduction of this publication or any portion of it is strictly prohibited. While every precaution has been taken in the preparation of this book, the publisher and the author assume no responsibility for errors or omissions, or for damages resulting from the use of information contained in this book or from the use of programs and source code that may accompany it. In no event shall the publisher and the authors be liable for any loss of profit or any other commercial damage caused or alleged to be caused directly or indirectly by this book. Version Revision Authors : : : 1 1 Jos van der Heiden Index 1 __________________________________________________________________ INTRODUCTION __________________________________________________________________ 1 ________________________________ 1 2 2 4 5 EXPECT ________________________________________________________________ _________________________________ 1.1 WHAT TO EXPECT _________________________________________________________________ XBRL________________________________...
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...Implementing XBRL Developing a roadmap for the SEC mandate Contents 1 2 4 14 What is XBRL? XBRL and the SEC Implementing XBRL Focus on quality To our clients and friends For several years now, momentum has been building towards a single electronic financial reporting standard to allow more efficient retrieval and analysis of financial information. One of the key objectives of this movement to digital financial reporting is to enhance the accessibility of financial information, which proponents believe will be utilized better, faster and cheaper. Furthermore, a digital format would support more informed business and investing decisions, including greater comparability across enterprises. The SEC has required filers to begin using “interactive data” — eXtensible Business Reporting Language (XBRL) — as the electronic financial reporting standard. This indicates the dawn of a new digital era in business and financial reporting. This document is intended to help companies develop an XBRL implementation strategy that includes an understanding of the key considerations and decisions required to create a quality XBRL submission. Thus allowing investors, analysts, regulators and other financial statement users to realize the full benefits of XBRL. It outlines the building blocks for a company’s XBRL implementation plan. The foundation of this plan is for a company to develop the necessary background on XBRL basics and the SEC’s XBRL mandate. With an implementation...
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...EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) Submitted in Partial Fulfillment of Course Requirements in Accounting 8320 Spring 2009 Kesha Haley By submission of this paper I certify that this paper is entirely my own work. Further this paper has not been submitted for credit in another course. HALEY - 1 - EXTENSIBLE BUSINESS REPORTING LANGUAGE (XBRL) ABSTRACT The purpose of this paper is to define XBRL, explore the implications of XBRL on auditing, and discuss the advantages and disadvantages of this form of financial reporting. The SEC is now requiring companies to submit financial statements in the XBRL format. A subset of XML (eXtensible Markup Langage), XBRL (eXtensible Business Reporting Language) standardizes the electronic communication of financial data around the world. XBRL will provide benefits, cost savings, increased efficiency, improved accuracy and reliability in the analysis and communication of business information. It may be thought of as the SEC.s answer to the desire of many to have a continuous audit. This paper will first discuss the definition and origins of XBRL, implications on auditing, advantages and finally disadvantages of XBRL. HISTORY AND OVERVIEW Introduced in the 1990.s by Charles Hoffman, eXtensible Business Reporting Language (known as XBRL) is revolutionizing business reporting across the globe (http://en.wikipedia.org/wiki/XBRL). An extension of eXtensible Markup Language (known as XML), XBRL is being used for reporting financial data...
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...IRS Adoption of XBRL Table of Contents Introduction 3 Interactive Data 3 A Common Standard 3 Multi-lingual Feature 4 XBRL GL 4 Benefits 5 Accuracy 5 Traceability 5 Predictability 6 Obstacles 6 Around the World 7 HMRC iXBRL 7 Netherlands Taxonomy Project 7 Standard Business Reporting 8 Partners 8 Conclusion 9 Reference List 10 Introduction eXtensible Business Reporting Language (XBRL), the standard for electronic communication of business data has grown to become an integral part of business reporting today. The Securities & Exchange Commission’s (SEC) XBRL mandate began in 2009, requiring all public companies to submit financial statements in XBRL format (United States Securities and Exchange Commission, 2011). The Federal Deposit Insurance Corporation (FDIC) has used the standard since 2005. The Internal Revenue Service (IRS) is the latest of these immense government agencies to flirt with idea of implementing a XBRL mandate. The purpose of this paper is to briefly (1) explore why XBRL is the preferred standard, (2) shed light on the exploratory phase that the IRS has entered and the benefits to be gained from the new standard as well as the obstacles that lie ahead, (3) look at what the rest of the world is doing, and finally (4) look at the inevitability of an IRS adoption of XBRL. Interactive Data Unlike commercial accounting information systems, tax returns printed on paper forms and information...
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...What is XBRL? What is XBRL? May 2008 Charles Hoffman, CPA (Charles.Hoffman@UBmatrix.com) 1 What is XBRL, the 50,000 foot Perspective Let's first take a look at XBRL from altitude, from the 50,000 foot "big picture" perspective. 1.1 Definition definition of XBRL (from Wikipedia, see XBRL (Extensible Business Reporting Language) is an open standard which supports information modeling and the expression of semantic meaning commonly required in business reporting. XBRL is XML-based. It uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, Namespaces, etc. to articulate this semantic meaning. One use of XBRL is to define and exchange financial information, such as a financial statement. The XBRL Specification is developed and published by XBRL International, Inc. (XII). XBRL is a standards-based way to communicate business and financial information. These communications are defined by metadata set out in taxonomies. Taxonomies capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning. The following is a very good http://en.wikipedia.org/wiki/XBRL): 1.2 The Fundamentals: Better, Faster, Cheaper Fundamentally, this is what XBRL is about: SOURCE: XBRL Essentials, published by the AICPA The components of financial reporting from both a creation and analysis perspective involve: data discovery, re-keying of data, validation of data, reporting, analysis...
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...| Literature Review of XBRL | | | | | Group 14： | | | Literature Review of XBRL ------------------------------------------------- Z Abstract XBRL (eXtensible Business Reporting Language) is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Since its foundation in 1998, XBRL has been developing rapidly in the world. This paper teases out and discusses the literature researches of XBRL from 6 aspects: the production bases of XBRL, the effect of XBRL, the classification criteria formulation of XBRL, the auditing assurance of financial reports based on XBRL, the implementation of XBRL in different countries and some researches about XBRL in China, which reflects the current status of research about XBRL relatively fully. ------------------------------------------------- Keywords: XBRL, Auditing assurance, Classification criteria 1. Introduction XBRL is one variant of XML (eXtensible Markup Language) for business reporting. XBRL defines financial data on the web with explicit semantics in a machine-readable format, making automated data analysis possible. XBRL is a standard XML reporting language to enhance the efficiency, reliability and accuracy of financial reporting. Data in XBRL format does not need to be converted from one application to another because data are independent of applications by using standard tags for data items (Farewell, 2006). The financial information is presented to the public on...
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...XBRL: ISSUES AND CHALLENGES Erlane K Ghani and Kamaruzzaman Muhammad Throughout the world, a number of key regulators are advocating the need of Extensible Business Reporting Language (XBRL) and trumpeting this tool to be digitalising the financial information value chain thus bringing huge benefits to all relevant parties. Many companies in the world have started to prepare XBRL-based financial reports and the momentum of such practice is growing rapidly (Kernan, 2008). Similar to other countries, Malaysian regulators have also seen the need of adopting XBRL for all companies as a necessity to improve financial reporting. XBRL is seen to assist relevant parties in achieving the objectives of accounting framework in terms of relevance, consistency, timeliness and accuracy. The parties involves in the preparation and the usage of financial information such as the regulators, preparers, users as well as the auditors would have greater access to the financial information via XBRL since XBRL use the Internet as the medium of communication and transmission of information. Due to the greater hyped of XBRL, the Companies Commission of Malaysia (SSM) have set to fully implement XBRL upon completion of a five-year XBRL initiatives initiated by Malaysia’s Registrar of Companies developed under its Strategic Direction Plan II. SSM plans to implement XBRL-based financial reporting in phases starting with listed companies, their subsidiaries and non listed companies followed by private...
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...Running head: XBRL: THE NEW REPORTING XBRL: The New Reporting Julie Mercer Strayer University Chapter One Introduction This chapter consists of research ideas relating to eXtensible Business Reporting Language or XBRL, also how the American Institute of Certified Public Accountants (AICPA) and the Securities and Exchange Commission (SEC) are moving towards this type of reporting. The chapter consists of context of the problem, statement of the problem, research question and sub-questions, significance of the problem, research design and methodology, and organization of study. The chapter will also include a tentative reference list. Context of the Problem There is a time limit as to when an organization has to report financials to the SEC. There are several forms that are required to be filed to the SEC by public organization, for the purpose of this research paper we will focus on quarterly statements (10-Q) and yearly statements (10-K). For the 10-Q the organization has forty-five days, after each of the first three quarter ends to file the report with the SEC and ninety days, after the fiscal year end. (Yuille, n.d.) Given the time-frame organizations have to report the quarterly earnings, it would seem to be enough, but let us look at an organization that has an enterprise resource planning (ERP) system, along with Hyperion Financial Manager (HFM). The ERP system captures data from all the locations, if the organization has more...
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...Abstract This research paper will discuss Extensible Business Reporting Language (XBRL). The SEC is now requiring companies to submit financial statements in the XBRL format. (XBRL) is a language for the electronic communications of all sort of businesses and the exchange of financial data that is transforming business reporting around the globe. First in this research, I will discuss the definition and origins of (XBRL), and then I will summarize how (XBRL) works. Later, I will emphasize the main gains that XBRL provides in terms of cost savings, better efficiency and enhanced accuracy. Finally, it’s important to debate the disadvantages of Extensible Business Reporting Language (XBRL). History and definition Presented in the 1990‟s by Charles Hoffman, Extensible Business Reporting Language (XBRL) is a reforming business reporting throughout the world. This language has being used for reporting financial data around the globe, and the Securities and Exchange Commission (SEC) is serious about transforming corporate filings into an XBRL-based electronic reporting system. SEC started to get involved and requires (XBRL) to be phased in for U.S. financial reporting over the next few years (Hannon, 2005). The three year schedule phase-in plan is as follows: * 2009 – “Large accelerated filers”: (1) Use U.S. Generally Accepted Accounting Principles and (2) have a market capitalization of $5 billion as of the end of the most recent second fiscal quarter. (Estimated to cover...
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...Abstract About ten years ago the concept of Extensible Business Reporting Language (XBRL) was conceived by Charles Hoffman, a CPA in the state of Washington, USA. Since then it has grown to become a global phenomenon. In 2009, the Securities Exchange Commission (SEC) mandated the implementation of financial statements in XBRL format. Since its implementation, XBRL benefits where to reduce cost, improve data accuracy, flexibility and increase transparency. The purpose of this paper is to give a brief history on XBRL, XBRL’s implication on auditing, and the different challenges faced when implementing XBRL. HISTORY Charlie Hoffman is who coined the idea of Extensible Business Reporting Language (XBRL) in 1998. Brands (2013) stated that Hoffman saw the way to “how Extensible Markup Language (XML) could be used to share financial and business information in computer systems by employing standardized tags to define the information” (p 56). XBRL enables business information to be electronically shared, communicated, interpreted, and reused without human manipulation. With XBRL, users are able to tag or establish taxonomies to an individual item whether numerical or textual data. The use of tagging or taxonomy has made it easier to understand how the information is related to each other and how the information is calculated (www.xbrl.org). Based on AICPA.org, XBRL is able to provide the following benefits to its users: • companies and other producers of financial...
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...column with the appropriate definition from the right column. Ignore d and f. Term | Definition letter | 1. Payroll service bureau | E | 2. Payroll clearing account | H | 3. Earnings statement | G | 4. Payroll register | A | 5. Time card | C | 6. Time sheet | B | b b Chapter 16 quiz Question No. | Answer | 1. | B | 2. | B | 3. | C | 4. | B | 5. | D | 6. | C | 7. | A | 8. | A | 9. | B | 10. | C | Problem 16.1 Match the term in the left column with its appropriate definition from the right column: Terms | Definition letter | 1. journal voucher file | D | 2. instance document | K | 3. XBRL element | A | 4. Balanced Scorecard | F | 5. XBRL extension taxonomy | L | 6. audit trail | I | 7. XBRL taxonomy | E | 8. XBRL linkbase | G | 9. XBRL schema | H | 10. XBRL style sheet | J | 11. responsibility accounting | B | 12. flexible budget | C | Chapter 11 quiz Question No. | Answer | 1. | D | 2. | B | 3. | A | 4. | D | 5. | D | 6. | D | 7. | C | 8. | D | 9. | A | 10. | B |...
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...4.1 Audit objective relating to database access is verify that database access authority and privileges are granted to users in accordance with their legitimate needs. Audit procedures for testing data access controls are: Responsibility for authority tables and subschemas. The auditor should verify that database administration personnel retain exclusive responsibility for creating authority tables and designing user views. Evidence may come from three sources: (1) by reviewing company policy and job descriptions, which specify these technical responsibilities; (2) by examining programmer authority tables for access privileges to data definition language commands; and (3) through personal interviews with programmers and DBA personnel. Appropriate access authority. The auditor can select a sample of users and verify that their access privileges stored in the authority table are consistent with their job descriptions organizational levels. Biometric controls. The auditor should evaluate the costs and benefits of biometric controls. Generally, these would be most appropriate where highly sensitive data are accessed by a very limited number of users. Inference controls. The auditor should verify that database query controls exist to prevent unauthorized access via inference. The auditor can test controls by simulating access by a sample of users and attempting to retrieve unauthorized data via inference queries. Encryption controls. The auditor should verify that sensitive data, such...
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...3 Grading Criteria | Maximum Points | Correctly completed all the problems assigned. | 25 | Appropriately applied the concepts learned to answer the questions. | 5 | Presented a structured document free of spelling and grammatical errors. | 5 | Cited sources correctly using the APA format. | 5 | Total: | 40 | Imsorry 1.5 Research the programming language XBRL and write a two-page report about its effect on financial reporting via the Internet. http://www.xbrl.org/WhatIsXBRL/ XBRL's beginning can be traced to the initial efforts of one person, Charles Hoffman, a certified public accountant from Tacoma, Washington. XBRL (eXtensible Business Reporting Language) is a freely available, market-driven, open, and global standard for exchanging business information. XBRL allows information modeling and the expression of semantic meaning commonly required in business reporting. XBRL is XML-based. One use of XBRL is to define and exchange financial information, such as a financial statement. XBRL is a standards-based way to communicate and exchange business information between business systems. XBRL (eXtensible Business Reporting Language) is an enabling, disruptive technology: enabling in that Internet reporting will cut through...
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...computer-readable data, with the output being a document, i.e. financial statements, that looks like a Word or Excel document, but which has electronic tags embedded within it. The implications of these new requirements may be far-reaching, and could include: impact on organisational structure; timing of the audit; the statutory account production process; software and I.T. policy; and tax compliance. KPMG in Ireland has significant experience helping businesses in every sector easily and cost-effectively manage their iXBRL transition, We spoke to Jon D'Arcy of KPMG in Ireland, and asked him about the iXBRL experience in the U.K., and why getting iXBRL right first time is so important for Irish businesses. "The Revenue in the U.K. introduced XBRL two years ago, and the Revenue in the U.K. just made an announcement to say anybody who submits accounts in the U.K. with incorrect tags, or not a great effort at tagging, that they're more susceptible to get their accounts audited by the Revenue, so it's definitely a point for people to think about, that OK, this may be a burden, but it's an important burden to make sure you get right." It all sounds quite complex, and doing it yourself potentially costly and time-consuming, so what choices are open to Irish-based businesses, and how can KPMG help? "There's two main approaches really; you can adopt what's called an accounts preparation...
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