Chapter 9 - XBRL, when you've finished studying this chapter, and completing the activities at its conclusion, you should be able to: Define the following terms as they relate to XBRL: extensible, specification, taxonomy, namespace, and instance document; explain the history and structure of XBRL; discuss ways XBRL can benefit organizations; identify software tools for creating XBRL-tagged documents; discuss internal control issues for XBRL. | Chapter 9 XBRL Outline Learning objectives Purpose & nature of XBRL Terminology Instance document creation Internal control Learning objectives Define the following terms as they relate to XBRL: extensible, specification, taxonomy, namespace, and instance document. Explain the history and structure of XBRL. Discuss ways XBRL can benefit organizations. Identify software tools for creating XBRL-tagged documents. Discuss internal control issues for XBRL. Purpose & nature of XBRL Acronym eXtensible Business Reporting Language Platform-independent tool tagging tool Provides context for business reporting information—most often, financial information Purpose & nature of XBRL Important characteristics Open source Extensible Required for SEC reporting Can also be used for internal information, such as journal entries Language—not a new set of GAAP Overseen by XBRL International () Terminology Extensible Users can add tags as needed. Specification XBRL is an example of a broader group of languages called XML Like any language, XBRL has unique terms that are critical to understanding it. Terminology Taxonomy An organizational structure for XBRL tags Two broad types Acknowledged Approved Examples US GAAP Taxonomy 2009 US SEC Certification Taxonomy 2009 XBRL Global Ledger Taxonomy Like any language, XBRL has unique terms that are critical to understanding it. Instance document creation Download the data to a spreadsheet. Download the relevant taxonomy. Map the data to the taxonomy; that is, determine which tags are associated with which data. Tag the data with appropriate tagging software. Validate the document. File the document appropriately. See Figure for a flowchart of these steps. Internal control Like any form of information technology, XBRL requires strong internal controls. Existing IT (and other) controls can be adapted for XBRL applications. Daily data backups Firewalls Periodic user training Disaster recovery plan Internal audit review Centralized . | Chapter 9 XBRL Outline Learning objectives Purpose & nature of XBRL Terminology Instance document creation Internal control Learning objectives Define the following terms as they relate to XBRL: extensible, specification, taxonomy, namespace, and instance document. Explain the history and structure of XBRL. Discuss ways XBRL can benefit organizations. Identify software tools for creating XBRL-tagged documents. Discuss internal control issues for XBRL. Purpose & nature of XBRL Acronym eXtensible Business Reporting Language Platform-independent tool tagging tool Provides context for business reporting information—most often, financial information Purpose & nature of XBRL Important characteristics Open source Extensible Required for SEC reporting Can also be used for internal information, such as journal entries Language—not a new set of GAAP Overseen by XBRL International () Terminology Extensible Users can add tags as needed. Specification XBRL is an example of a broader .
