In part 1, I described XBRL and a bit of its background. In Part II, I'll talk more about why it is useful, and one major caveat to keep in mind.
As mentioned in Part 1, XBRL has now been mandated for use by companies filing disclosures with the SEC, starting with the biggest companies and eventually requiring compliance from all submitters. Clearly the SEC believes that the XBRL filings will be superior to the previous ASCII and HTML text submissions, and I think they are right. While I don't have a lot of visibility into the SEC's thinking process, I can speculate on the advantages XBRL brings to them:
- Validation - Built-in to XBRL is a notion of calculation linkbases, which describe how the values of certain taxonomy concepts must balance. This is as much for the submitter as for the SEC, as it can easily eliminate bookkeeping or data entry mistakes since it will catch errors such as two values not summing to a third value, or two values not summing to zero. These checks are not intended to catch a malicious document submitter who could easily manipulate multiple values to avoid the calculation checks, but it should help cut down on errors such as dropping a zero or missing a negative sign. More of these validation capabilities are being added over time.
- Reporting - Because XBRL documents are easily processed by computers, and must conform to the US GAAP Taxonomy, reporting is greatly simplified. You can take the underlying data encoded in the document and present it in different formats, compare and contrast different companies using different criteria, and even write queries against the data like you would in a standard database. To see some of this in action, check out the SEC Interactive Financial Report Viewer, which allows you to drill down into XBRL submissions to see a glimpse at how having data in a consistent format can unlock serious reporting capabilities. More importantly, the old EDGAR system is being replaced with the new IDEA system, which is built around the notion of businesses providing data, which can be queried and analyzed, instead of providing documents, which can only be searched.
- Communication - Similar to reporting, the ability to communicate financial reporting data to interested parties is greatly simplified due to the standard format of XBRL and the UGT. Right now, I can go to the SEC website and pull down the 10K for Microsoft corp and I get a huge HTML or PDF file with dozens of paragraphs and numbers. This information is in a relatively standard format, but even still, this is not an ideal communications format for anyone who cares about particular aspects of their business, or desires to know particular pieces of information. SEC forms are great for the SEC purposes, but since the data is stuck in document form, it is difficult to make it serve any other purpose. Once the data has been converted to XBRL, any tool that supports the format can use it for a novel application. Mark Cuban hinted at this in his recent blog post, in which he envisions XBRL as the solution to the problem of regulating new financial instruments, and as a way for government watchdogs to more easily monitor government spending.
So the move to XBRL is going to be a major step forward, that much should be clear. However, one thing I have noted on occasion is that people who first encounter XBRL look at it and see many of the same goals and capabilities as the Semantic Web, particularly RDF/XML, RDFS, and OWL, but XBRL is a syntactic standard, and not a semantic one. It defines how things should be said, and not what they mean. Looking at a taxonomy concept, it is easy to see a term called "Cash" and assume that anywhere you see a taxonomy concept called "Cash" in any taxonomy, it must mean the same thing. However, not only is there no guarantee that all "Cash" terms are equivalently defined by the users, but information about what defines "Cash" is only lightly covered in XBRL via the reference info that names an external resource where a concept definition can be found.
We can hopefully assume that as long as different instance documents use the same element from the same schema, they have the same intent, but across taxonomies, all bets are off. Unlike with RDF, where particular concepts are defined as resources and can be referred to by any other resource, XBRL is rooted in its taxonomies and not in a set of core concepts. There are some efforts underway to bridge this gap and create more formal definitions of concepts, but as you might imagine, defining concepts in a consistent way across accounting systems is a daunting task. Someday though, perhaps individual taxonomies will begin to reference certain core, shared concept ontologies.
I hope you found this brief introduction to XBRL clear and useful. Questions? Clarifications? Criticisms? Looking for XBRL development? Drop us a line!
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