L02 IntroductionToXBRL

L02 IntroductionToXBRL - XBRL The eXtensible Business...

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Unformatted text preview: XBRL The eXtensible Business Reporting Language An Introduction 1 What is XBRL? One of several XML vocabularies Supported by all Microsoft Office 2007+ products Used to communicate financial information between computers e.g., SEC and companies Tagged Information versus data What does this number mean? 3362000000 3 4 Metadata What if we start adding metadata to this piece of accounting data? First, mark it up with a name representing an accounting concept: <AccountsReceivableNetCurrent> 3362000000 </AccountsReceivableNetCurrent> Metadata = data about data Markup To understand what the accounting concept means we to describe whose accounting concept we are referring to (e.g., is this IFRS GAAP or US GAAP?). So we add more metadata: First, which taxonomy is this accounting concept defined in? <us-gaap:AccountsReceivableNetCurrent > Markup We of course need context information to fully understand this piece of data Second, what reporting context applies to this item ? < us-gaap:AccountsReceivableNetCurrent contextRef= I-2007 > Third, since this is a monetary item, what currency and precision applies? unitRef= usd decimals=-6 Markup And, what we now have is a single XBRL element: <us-gaap:AccountsReceivableNetCurrent contextRef= I-2007 unitRef= usd decimals=- 6 > 3362000000 </us-gaap: AccountsReceivableNetCurrent > A piece of marked up information in XBRL format can be understood by a human or a software application 9 3M companys 10-K (12/31/2007) Understanding 3Ms 10-K filing: 2,517 reported items : 2,082 elements from standard XBRL taxonomies 435 extension elements 511 separate context elements 2 separate taxonomies each with...
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This note was uploaded on 06/14/2011 for the course ACCT 404 taught by Professor Tuttle during the Spring '11 term at South Carolina.

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L02 IntroductionToXBRL - XBRL The eXtensible Business...

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