Slides of a presentation given by myself and Skip Falatko of the MACPA. This presentation covers what XBRL is in broad terms as well as an in-depth look at how the MACPA is using XBRL to improve internal efficiencies as well as extend the U.S GAAP FR Taxonomy.

1. XBRL
What is it?
What’’s happening with it?

2. The panelists:
•• Skip Falatko –– MACPA
•• Thomas Hood –– MACPA student intern
(Salisbury University)
•• Eric E. Cohen –– PricewaterhouseCoopers &
founding member of XBRL

3. XBRL
••eXtensible
••Business
••Reporting
••Language

4. XBRL
•• Open standard tagging language
•• In use internationally
•• SEC requirement in US
•• ““Bar coding”” of financial
information

5. XBRL tags provide meaning and
context such as……
•• McCormick & Company
•• Sales Revenue $3,122
•• US Dollars
•• US GAAP
•• Audited
•• Year ending November 30, 2010

6. Taxonomies are data dictionaries
•• Used to organize tagged data
•• They include the financial statement
elements
•• Are unique to specific industries
•• Can be extended to fit your
organization

7. Initial XBRL work with Microsoft
•• Fitting into the commercial and industrial
taxonomy was a challenge
•• Non-profits need their own taxonomy
•• XBRL would be beneficial to the non-profit
community

8. Why does XBRL matter?
•• Facilitates the automatic exchange of
information
•• Can be used to populate financial statements,
tax returns, or anything that relies on data
•• Has the potential to change what we do as
CPAs

9. MACPA’s XBRL project
•• Learn about XBRL
•• Impacts our members
•• Leverage the technology internally to
improve our speed, processes and
capability

10. Overview
•• Map Accounting Data to XBRL Global Ledger
•• Subsidiary closing entry
•• Extend the GAAP Taxonomy
•• Use the XBRL GL Accounting Data
GL to GAAP
KPI Analysis –– Excel XML import
Financial Scoreboard –– batch files/GUI

11. Mapping
•• Use SQL to retrieve accounting data
What information do we need?
•• Use functions to facilitate movement of data
•• Map –– Account info, journal entries, audit rollup
groups, KPI’’s

12. Accounting Data

13. XBRL GL Data

14. Excel XML Import

15. Excel Pivot Table

16. Subsidiary Closing Entry
•• Differences due to:
BLI Closing Entry
•• Use Global Ledger to ‘‘reverse’’ the closing entry
•• No data in the accounting system is affected
•• Reversing Journal Entry is easily pulled
containing full detail in GL

17. Reversal of Closing Entry
••

18. Reversing Entry in Excel

19. Extending GAAP
•• Use GAAP Commercial & Industrial as
entry point
•• Add FASB References
•• Create a dimension
Dues
Courses

20. GAAP Extension

21. Use the Data
•• XBRL Global Ledger –– SRCD Module
Facilitates the link between GL and FR
Key Component of GL
•• KPI Analysis
Excel Pivot tables
•• Financial ScoreBoard
Second Mapping
Batch Files/Graphical User Interface

22. Outlook
•• Improve mappings - Global Ledger can represent much
more than just general ledger –– use it to its max
potential!
Transaction level
Multiple databases
•• Database integration
Dynamics
Payroll
AM4
SalesForce
•• Audit Schedules/worksheets
•• Financial Dashboard –– Own your Data
•• Automated 990 form generation

23. What did Global Ledger Do?
•• Automated generation of financial statements
•• Automated KPI analysis of revenue/expense
•• Automated Financial ScoreBoard package
•• Drill down from audit rollup to underlying
transactions
•• ““Ownership”” of data
•• Think Global Ledger, Think Internal

24. SEC Mandates
•• Final
Financial Reports
Mutual Funds
Credit Rating Agencies
•• Proposed
Extractive Industries
SWAPs
Registration and Regulation of Security-
Based Swap Execution Facilities

25. SEC (Continued)
••2011 Taxonomy
FASB responsibility
Incorporation into exposure drafts
••Year 3
500 -> 1700 -> 10,000
IFRS
Concerns
Reaction: HOT OFF THE PRESSES!!
End of limited liability for Group 1

26. SEC (Continued)

27. SEC (Continued)

28. Other Mandates
•• Ongoing mandates in US (FDIC),
Belgium, Chile, China, France,
Germany, India, Israel, Italy, Japan,
Korea, Spain and others
•• Inline XBRL at HMRC; also Denmark,
Ireland, elsewhere
The ___ of HTML and the ___ of
XBRL

29. SBR
••SBR movement:
Primary goal:
Reduced compliance burden
But also:
Greater efficiencies,
communications, transparency
NL, AU, TW, SP, UK, et al
Moving from option to mandate

30. Europe
••Banking sector
Former CEBS now EBA
Basel II
••Insurance sector
European Insurance and
Occupational Pensions Authority
(EIOPA)

31. Assurance
•• SOP 09-1: Agreed upon procedures
•• Next step: Principles and Criteria
http://www.aicpa.org/InterestArea
s/AccountingAndAuditing/Resource
s/XBRL/DownloadableDocuments/F
INAL-ED-XBRL-Principles-and-
Criteria.pdf
Hot off the presses!

32. Tooling
•• From outsourced to in-house
Clarity FSR
WebFilings
•• To open source
www.arelle.org
•• To embedded
MACPA story

33. XBRL Global Ledger
•• The touch point to transactional standards
•• The Seamless Audit Trail
•• Outreach
OMG, EDMC
OCEG
HIMSS and Medical Banking Project
US Government space
•• Research: Momentum Accounting (K. Wright)

34. Technical
••Formal modelling
••Many updates and refinements
••Data types and Units of
measure

35. Events
••XBRL US, Nashville in September
https://events.capsllc.net/xbrl2011/welcome
••XBRL International XII
Brussels (just concluded)
Montreal in October
Abu Dhabi in the Spring.

36. Questions?
For more information:
skip@macpa.org
jh55424@gulls.salisbury.edu
eric.e.cohen@us.pwc.com
Altova - MACPA XBRL Case Study
http://www.altova.com/documents/MACPA_Low.pdf
XBRL Resources:
http://www.xbrl.com
http://www.cpasuccess.com/xbrl
http://www.xbrlplanet.org/
http://xbrlnetwork.ning.com/
http://www.altova.com

37. Skip Falatko, CPA
Director of Finance
Maryland Association of CPAs
Business Learning Institute
(443) 632 2301
E mail skip@macpa.org
Twitter: www.twitter.com/skipfalatko
Linked In: http://www.linkedin.com/pub/skip falatko/4/14b/332
Web http://www.macpa.org
Blog http://www.cpasuccess.com
http://www,bizlearningblog.com