Post From KTFA By JJONESMX » July 10th, 2015
Had to look this up... thanks, WALKINGSTICK... *JJ*
walkingstick » July 10th, 2015, 5:29 am • [Post 92]
CBI News & Announcementsbn Tender No. ( 2015/5 ) and for the processing system ( XPRL )
What is XBRL?
Over 30 regulators across the globe, including the US Securities & Exchange Commission (SEC), have mandated XBRL as the required electronic reporting format.
What are the benefits?
Value propositions — better, faster and cheaper
For several years now, momentum has been building towards a single electronic financial reporting standard which would allow more efficient retrieval and analysis of financial information.
Some of the key objectives of this movement towards digital financial reporting are to provide more consistent financial information, which is delivered better, faster and cheaper. In addition, a digital format supports more informed business and investing decisions, including greater comparability within and across enterprises.
Key XBRL regulatory report benefits:
Reduce reporting burden
Drive down costs
Improve data timelines
Improve data accuracy
What is XBRL and what does it mean for me?
Extensible business reporting language (XBRL) is the financial and operational business reporting offshoot of Extensible Markup Language (XML), which is a freely-licensable, open technology standard used to electronically exchange business information. XML is a universally preferred data description language used to describe the storage, manipulation and exchange data via the Internet.
The idea behind XBRL is simple.
Instead of treating financial information as a static text — as in a standard internet page or a printed document, XBRL provides an identifying tag for each individual item of data, whether numeric or textual. This tag is computer readable and allows the information to be used interactively.
Improving execution. We can help.
EY can work with you to improve the effectiveness and efficiency in creating XBRL formatted financial information.
EY can evaluate and provide feedback on your XBRL Exhibit as well as assist you to bring XBRL creation in-house, avoiding the need to rely on a third party to create your exhibits. That gives you more control over both the process and your XBRL adoption costs.
We provide observations on your draft XBRL exhibit and helping you design internal processes and controls for ongoing detail-tagging, allowing management to demonstrate to the audit committee and investors that the tagging process is accurate and complete.
Our risk-based approach focuses effort on areas with the highest likelihood of receiving attention from regulators. This not only reduces your risks of having to submit an amended filing due to XBRL issues or obtaining SEC comments, but it also provides cost-savings.
Learn more about XBRL and our services:
The SEC's position on XBRL
XBRL: how we can help
XBRL observations and challenges
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Regulatory Transparency and XBRL
By Kurt Cagle
October 15, 2008 | Comments: 6
The last couple of weeks have seen some of the most turbulent action ever in the financial markets, in which trillions of dollars of wealth have disappeared from the stock market, credit remains incredibly tight, and banks and other businesses are beginning to disappear at an alarming rate.
While there are many culprits to blame in this (and its easy to blame anyone and everyone) one group of individuals that are getting especially heavy scrutiny are the banking regulators.
It is very likely that some corruption exists here - suborning the regulatory mechanism is the very first step necessary in order to make the kind of deals that ultimately led to the financial collapse possible, and there is no doubt that more than a few regulators should probably be wearing prison orange jumpsuits right now.
However, at the same time it's worth noting that part of the problem with the regulatory system as it exists right now is that it has to do a very nearly impossible task - the regulators have to be able to monitor the flow of more than one hundred billion transactions involving hundreds of trillions of dollars in order to determine whether any specific transactions are taking place illegal (outside the regulatory framework).
Given that in most cases, companies only have to provide financial statements and show their books once a year, and these books in turn are often highly edited and worked over in order to show the companies in the best possible light in terms of both investors and taxes, it's perhaps not surprising that regulation has proved to be such a difficult proposition.
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It's an election year, people are opening up their 401K and dividend statements and fainting, and the cries for more regulation are being increasingly heard in the halls of political power. Yet the irony is that in general, there is plenty of adequate regulation that exists today.
The trouble is that is virtually impossible to enforce this regulation in a meaningful fashion, because most corporations are about as transparent as concrete.
Transparency has been one of those goals that has been given a lot of lip service by many corporations, but in point of fact such transparency is a difficult thing for most companies to achieve, even when the will is there ... and often times transparency can be seen as running counter to the goal of the corporation, which is to maximize profits while at the same time minimizing the ability of competitors to do the same.
There is, additionally, another reason for corporations to be less than forthcoming about the actual state of their finances. Public corporations in particular make money in two ways - by creating and selling services and products, and by having investors purchase shares of the company.
Transparency within companies mean that people may be able to see when a company that is representing itself as being profitable is in fact playing fast and free with accounting tricks that show net income to be far smaller than may be presented (or one-time write-offs actually occur with startling regularity).
This can affect stock values (especially important to CEOs with large stock option positions) and dividend structures, and thus, until something bad happens, the shareholders typically are just as uninterested in the company revealing their inner workings as the senior management are.
Something bad has happened.
The amount of money being poured into the global financial community in particular by governments (and by extension, by taxpayers) in the last month is staggering - enough to completely revamp the US transportation infrastructure, rebuild the educational system, support the development of a whole host of alternative fuels technologies and fund the entirety of another Iraq war from the US side alone.
Couple that with the losses from the level of the worker saving for retirement to the level of the countries of Iceland and Ireland, and what emerges is the fact that the lack of transparency in these dealings made it possible for trillions of dollars of "imaginary" money to enter into the system that collapsed the moment that Heisenberg's box was opened.
In an economy where billions of transactions and hundreds of trillions of dollars move around the globe every day, there is no way that humans by themselves can regulate such systems.
Instead, one of the most significant reforms that could take place would be the widespread adoption of the Extensible Business Reporting Language (XBRL) at all levels.
The purpose of XBRL is to define and establish a set of standards that can be used to describe, at a programmatic modeling level, common factors of business accounting, as used by the SEC and other regulatory agencies. Last year, Chris Cox, current head of the SEC, endorsed XBRL as an acceptable format for submitting annual reports - and other countries are moving to the point of not just accepting, but requiring, that an XBRL document be submitted as part of quarterly or annual filings.
It may seem hyperbole to expect that a single XML document will radically transform the finance industry, but it has the potential to have a significant impact.
One of the central problems that regulators face currently is that most reports and filings are hard copy text rather than electronic form, and even the form of such filings varies dramatically from one company to the next.
While it's possible to scan such documents and apply OCR or similar mechanisms, the amount of work necessary to get even one such company's filings into a searchable form is not trivial, and the sheer variety of such form data means that printed documents are essentially unsearchable as so much of the relevant content is not data but metadata (context).
The SEC has accepted the use of electronic filings using both text and html through its EDGAR (Electronic Data Gathering, Analysis, and Retrieval) system, and does in fact have an older XML format as part of the EDGAR specification - XFDL (Extensible Forms Description Language).
However, XFDL is, as the name implies, a forms presentation language. It makes it possible to precisely lay out form content for later print production, but it does not in fact contain any formal business semantics about the information contained within this form.
XBRL, on the other hand, is a standard intended to model business entities rather than providing presentation. With XBRL you could lay out the assets that you have and their associated asset classes, you could give information about profits and losses achieved, you could provide taxation information.
Because XBRL focuses on the business objects rather than on the presentation, XBRL is far better suited for providing context to the data that a given company produces as part of its reports, and because of this it also makes XBRL far more ideal to be searched and analyzed.
In the current financial crisis, such an XBRL could have far more clearly identified potential problem areas such as untenable hedge fund bets, understatement of capitalization compared to outstanding debts drawn against this capital, potential misclassification of risk vehicles and so forth.
What's perhaps more important, however, is that if the XBRLs were available on a quarterly basis it would have been possible to run analytics on them that would have clearly demonstrated places where inequalities and systemic pressures were building - and would have allowed both regulators and analysts a much better view of the real health of a company.
Moreover, XBRL has gone past both the hype and negative phases and is now emerging as a solid technology with a well-financed and sophisticated product base.
Companies such as Rivet Software, JustSystems, RR Donnelley, UBMatrix, Price Waterhouse Coopers, Edgar Online, Deloitte Consulting and others have not only developed sophisticated XBRL tools and workflows in their own right, but have also formed strategic partnerships with Microsoft, Oracle, Adobe, Fujitsu, IBM and other major software consortia in order to offer XBRL creation and analytics solutions to companies and governments worldwide.
This market is being driven in part by pilot electronic systems in governments worldwide.
Currently XBRL has either been implemented or is the primary candidate for regulatory organizations in the United States (voluntary filings), Canada (voluntary filings) the United Kingdom (mandatory use of XBRL by 2010), France (mandated), Germany, the Netherlands (mandated), Spain (mandated), Japan (mandated), China (mandated), Australia (voluntary), New Zealand (voluntary) and others that are currently evaluating XBRL based regulatory infrastructures.
One of the more intriguing aspect of this level of development and cooperation is that the XBRL standard makes it much easier to compare apples with apples when dealing with companies in different countries (and which consequently makes it easier for companies that have an XBRL audit trail to clear potential regulatory issues more quickly when wishing to expand into other countries).
Additionally, within the US, the XBRL standard is an integral part of a program unveiled by the SEC on August 19, 2008 called the Interactive Data Electronic Applications system (IDEA), which is intended to move beyond the single document presentation of annual reports to a fully supported, services-oriented data system built on an entirely new architecture.
This means that XBRL, either through IDEA or using IDEA-based data, will become the foundation for most of the business analytics performed in the United States.
Because of that, it is likely that the biggest beneficiary in all of this is the investor or financial analyst, what could be seen as a shadow regulatory environment.
All too often, an analyst is forced to predict financial behavior for companies based upon very incomplete data such as annual reports, documents that are of course intended more as sales vehicles for investors and existing shareholders.
By being able to load in what amounts to a well-defined financial data model for a given company, analysts can actually perform far more comprehensive computational metrics upon a company, with the consequence being a much clearer idea about the true viability of a company when placed in a given competitive environment.
The benefit for companies themselves, however, is somewhat more mixed. XRBL is still a document produced from data that a financial officer provides into the model, so the data within that document is only going to be as accurate as the inputs.
This means that if someone is deliberately cooking the books, XBRL by itself will likely not reflect that ... immediately. However, one side effect that may emerge with XBRL is the fact that, because you can run analytics on the data, inconsistencies in the data model over time usually become much more apparent, especially once a large enough base of "rogue patterns" emerge within a regulator's (or analyst's) repository.
Moreover, these are not ordinary times. Faith in financial companies in particular, and with the current capitalistic system in general, has taken a severe blow - to the extent that trust, one of the key hallmarks necessary for a true "free market" to survive, no longer really exists.
Companies that would have fought such transparency measures even a year ago are likely to adopt them without much complaint (if not necessarily enthusiastically) if this transparency will restore faith in the companies and they way that they operate.
What's more, as more honestly run businesses make their organizations marginally more transparent via something like XBRL, this will put pressure on those companies that refuse to adopt XBRL, or try to provide the absolute minimum information required by law, and this in turn will make such companies more suspect in the eyes of regulators, analysts, investors, and even customers.
Moreover, as the XBRL users grow, so too do tools that make XBRL fit more readily into the electronic accounting workflow that companies use, minimizing the overall impact upon XBRL adopters.
A tectonic shift is taking place in the economy right now, one that is punishing those that have been most abusive of the trust of customers, investors, governments and the taxpayers in those governments. XBRL has the potential to help renew that trust.
Kurt Cagle is Online Editor for O'Reilly Media. He lives in Victoria, British Columbia
XBRL (eXtensible Business Reporting Language) is a freely available and global standard for exchanging business information. XBRL allows the expression of semantic meaning commonly required in business reporting. The language is XML-based and uses the XML syntax and related XML technologies such as XML Schema, XLink, XPath, and Namespaces.
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 and exchange business information between business systems. These communications are defined by metadata set out in taxonomies, which capture the definition of individual reporting concepts as well as the relationships between concepts and other semantic meaning. Information being communicated or exchanged is provided within an XBRL instance.
Early users of XBRL included regulators such as the U.S. Federal Deposit Insurance Corporation and the Committee of European Banking Supervisors (CEBS). Common functions in many countries that make use of XBRL include regulators of stock exchanges and securities, banking regulators, business registrars, revenue reporting and tax-filing agencies, and national statistical agencies.
A wiki repository of XBRL projects is available to be freely explored and updated. Within the last ten years, the Securities and Exchange Commission (SEC) in the US, the United Kingdom's HM Revenue & Customs (HMRC), and Companies House in Singapore had begun to require companies to use it,
and other regulators were following suit. The SEC's deployment was launched in 2008 in phases, with the largest filers going first: foreign companies which use International Financial Reporting Standards (IFRS) are expected to submit their financial returns to the SEC using XBRL once the IFRS taxonomy has been accepted by the SEC. In the UK in 2013, both HMRC and Companies House accepted XBRL in the iXBRL format.
XBRL was adopted by the Ministry of Corporate Affairs (MCA) of India for filing financial and costing information with the Central Government.
iXBRL (Inline XBRL) is a development of XBRL in which the XBRL metadata are embedded in an HTML document, e.g., a published report and accounts.
It requires the HTML document to be well-formed but does not otherwise specify the required XML format. Typically, iXBRL is implemented within HTML documents, which are displayed or printed by web browsers without revealing the XBRL metadata inside the document.
The specification does, however, provide a normative schema which requires that any schema-valid iXBRL document should be in XHTML format.
Unlike XBRL, it is feasible to create Inline XBRL documents by hand, by adding Inline XBRL elements to an existing HTML rendering of a document. However, most iXBRL financial reports are produced in one of two ways:
The system which creates the report formats it directly in iXBRL. In the UK, where all companies are required to file in iXBRL, the main commercial accounting packages all provide iXBRL export of financial reports.
The financial report is produced as a Microsoft Word or Microsoft Excel document, and a "Tagging Program" is used to add the XBRL concept metadata and to export the document as Inline XBRL.
With large and complex financial statements, a single iXBRL file may be too large for a web browser to handle. This happens more often when, as in the UK, the company report, which may contain many graphics, is combined with the accounts in a single iXBRL document. The iXBRL specification allows for a set of iXBRL documents to be treated as a single iXBRL document set.
The word processing package which has been enhanced for iXBRL most widely is Microsoft Word. This allows "round-tripping" between its own format for the precise layout of documents and HTML through the use of non-standard extensions to HTML. The iXBRL tags are typically held as comments within the document.
In the UK, HM Revenue and Customs requires businesses to submit their report and accounts and tax computations in iXBRL format when making their Corporation Tax return.
Businesses and their agents can use HMRC's Online Filing software to prepare their report and accounts and tax computations in iXBRL format or they can prepare the iXBRL files themselves and submit them to HMRC.
HMRC's Online Filing software is an example of a program which generates iXBRL from source data. This uses a series of forms in which the key data (which will appear in XBRL tags) are entered in data entry fields. Additional data (the rest of the report and accounts) are entered in text boxes.
The program generates the iXBRL report and accounts in a standard sequence of sections and a standard format. All other formatting of material is lost. While the resulting report and accounts meets HMRC's requirements, it is not an attractive document to view or read.
Inline XBRL is mandated for corporate filings by government agencies in Japan, Denmark and the United Kingdom. In the United Kingdom, Companies House also accepts iXBRL. Although iXBRL is not mandated by Companies House, it makes up the majority of the filings received each year.
XPRL (Extensible Public Relations Language) is an open specification for an XML-based language being developed for the public relations sector. XPRL is similar to the Extensible Business Reporting Language (XBRL), but more specific to public relations applications.
The aim of the U.K.-based XPRL initiative group is to standardize the way that industry-specific computer data is stored and shared over the Internet.
According to the XPRL Steering Group, the new schema-based markup language will benefit not only public relations professionals, but anyone dealing with that business sector, including journalists, content aggregators, and public relations management.
Developers can use XPRL to write programs for the automation of common public relations tasks. For example, when an online version of a press release is written, tags will be generated that identify document components, such as images, headlines, dates, and so on.
Through these, each version of the document can be identified, and changes automatically tracked and managed. When a journalist writes a story based on the press release, that story will also include the tags. Any content aggregator or cutting agency will be able to automatically capture copy for delivery to clients.
As a field, public relations has not been as quick as others in moving towards automated processes and Internet-enabled data sharing. XPRL is expected to accelerate this transition. Because XPRL is compatible with the XML Schema Definition (XSD), it will facilitate data exchange with other specialized data exchange languages, such as XBRL and NewsML (News Markup Language).