Kế toán, kiểm toán - Chapter 9: Xbrl

Chapter 9XBRLOutlineExpected outcomesPurpose and nature of XBRLTerminologyBenefitsRisks and internal controlsTaggingExpected outcomesDefine the following terms as they relate to XBRL: extensible, specification, taxonomy, namespace, 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 and nature of XBRLXBRL is a tool for tagging (labeling) financial data.It provides context for those data; i.e., allows them to be interpreted more easily.Important ideasOpen sourceSoftware & hardware independentNot a new set of GAAPRequired for SEC filingsCan be expanded / extended by virtually anyonePurpose and nature of XBRLXBRL InternationalNot-for-profit consortium of over 600 organizations worldwideBuilds XBRL languagePromotes & supports its adoptionwww.xbrl.org TerminologyExtensibleXBRL will never be “finished.” It can be extended, within certain guidelines, through the creation of new tags.SpecificationXBRL is part of a larger family of tagging languages known as XML (extensible markup language). Thus, XBRL is a specification of XML.TerminologyTaxonomyThe basic organizational unit of the XBRL language. Taxonomies are sets of tags such as those shown on the right.US GAAP taxonomy 2009CL China Listed taxonomyGlobal Ledger taxonomyIFRS General Purpose taxonomy 2008TerminologyNamespaceThe Internet address (URL) where an XBRL taxonomy “lives.” Namespaces must be declared at the beginning of an XBRL document so computers know where to go to find the meaning of tags.TerminologyInstance documentA document, such as a balance sheet, properly formatted with XBRL tags. In the SEC’s EDGAR database, instance documents are labeled “interactive data.”TerminologyMicrosoft’s income statement from its 10-Q. This document was generated from an XBRL instance document.TerminologyHere is part of the XBRL code from Microsoft’s instance document.TerminologyLecture break 9-1Point your web browser to the XBRL web site.Click “taxonomy information” on the left.Click “XII Recognized Taxonomies.”Based on the information there, what is the difference between an “approved” and an “acknowledged” taxonomy?BenefitsMore efficient data collection and reportingReduced costFaster, more reliable consolidationsSimpler regulatory reportingFacilitates data consumption and analysisMore time for value-added tasksQuicker, more efficient decisionsBetter communication with banks, regulators and other stakeholdersRisks and internal controlsError issuesIncorrect taggingInappropriate taxonomyControl issuesAuthorizations for:TaggingTaxonomy selectionAuditing issuesDocument validationClient processes associated with XBRL“Using XBRL: Audit and Control Implications” by G. Gray. IT Audit, 10 August 2007.Risks and internal controlsLecture break 9-2Consider the risks on the previous slide. Suggest at least one internal control for each risk. Is the control you suggested preventive / detective / corrective in nature?TaggingNearly all tagging is automated.Tagging software often functions as an “add-on” to some other software, such as Excel or Peachtree.Packages include:Ez-XBRLCrossfire (Rivet Software)UB MatrixList of other XBRL tagging software from XBRL InternationalFor more information and links, check out the XBRL post on Dr. Hurt’s AIS blog.Classroom assessmentThis chapter has focused on the eXtensible Business Reporting Language.On your own, write down two questions you have about XBRL.Work with a partner to consolidate your lists.Work with another pair (group of four) to make one master list.