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Chapter 6

Chapter 6. Current State of XBRL IFRS Taxonomy Discoverable Taxonomy Set Extension Taxonomies Validation of XBRL vs xml. Current State of XBRL. Who Must File. All companies are now required to file using XBRL Foreign Private Issuers are required to file using IFRS taxonomy.

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Chapter 6

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  1. Chapter 6 Current State of XBRL IFRS Taxonomy Discoverable Taxonomy Set Extension Taxonomies Validation of XBRL vs xml

  2. Current State of XBRL

  3. Who Must File • All companies are now required to file using XBRL • Foreign Private Issuers are required to file using IFRS taxonomy

  4. Automating XBRL Preparation • Fujitsu • Xwand • Taxonomy Creation • Instance Document Creation • Excel Mapping • Rivet • Crossfire & CrossView • CoreFiling • Sphinx • EDGAROnline • I-Metrix

  5. XBRL IFRS

  6. IFRS Instance Document • Same structure as XBRL • Uses different taxonomy • Root element / namespace declarations • SchemaRef • Context • Unit • Items

  7. IFRS Taxonomy • 2011 Taxonomy Issued March 25, 2011 • Compared to US GAAP, ~ 4000 elements vs. 15,000 • Documentation is not included in IFRS (as it is NOT rule based). • Instead disclosures and example references are included

  8. Illustrations of IFRS XBRL • iXBRL (next week) • XBRL IFRS

  9. <?xml version="1.0" encoding="utf-8"?> <!-- XBRL instance shell - Skip White December 2010 --> <!-- File name: XBRLInstanceShell2010.xml --> <xbrli:xbrlxmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns: _____1_________ > <link:schemaRefxlink:type="simple" xlink:href= _____2_________ /> <xbrli:context id= _____3_________ > <xbrli:entity> <xbrli:identifier scheme= _____4_________ > _____5_________ </xbrli:identifier> </xbrli:entity> <xbrli:period> <xbrli:instant> _____6_________ </xbrli:instant> </xbrli:period> </xbrli:context> <xbrli:unit id= _____7_________ > <xbrli:measure> _____8_________ </xbrli:measure> </xbrli:unit> <!-- Insert the XBRL items (facts) below --> </xbrli:xbrl>

  10. Discoverable Taxonomy Set (DTS)

  11. DTS – What must be filed with SEC • Contains: • Instance Document • Extension Taxonomy • Linkbases • Calculation • Definition • Labels • Presentation • All Imported Schemas • Filename Format • Identifier-yyyymmdd for instance and schema • Identifier_yyyymmdd_cal or _def or _lab or _pre

  12. Extension Taxonomy

  13. Structure of SEC Extension Taxonomy • Schema Root Element, namespace declarations • annotation/appinfo • link:linkbaseRef • Links all the linkbases to the schema document • link:roleType • Links each statement and disclosure to the linkbases

  14. link:linkbaseRef (International Speedway Corp 10Q) • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links, all"/> • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links, all"/> • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links, all"/> • <link:linkbaseRefxlink:type="simple" xlink:href="isca-20110531_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links, all"/>

  15. link:roleType (International Speedway Corp 10Q) • <link:roleTyperoleURI="http://internationalspeedwaycorporation.com/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical"> • <link:definition>0111 - Statement - Consolidated Balance Sheets (Unaudited) (Parenthetical)</link:definition> • <link:usedOn>link:presentationLink</link:usedOn> • <link:usedOn>link:calculationLink</link:usedOn> • <link:usedOn>link:definitionLink</link:usedOn> • </link:roleType>

  16. Extension Element (International Speedway 10Q) • <element id="isca_PrepaidExpensesAndOtherCurrentAssets" name="PrepaidExpensesAndOtherCurrentAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" xbrli:balance="debit"/>

  17. XBRL Validation

  18. XBRL Validation Levels • Phase I • xml validation (NOT XBRL) • Schema validation – does the xml match the schema structure? • Phase II • Validates XBRL semantics in DTS • Requires specialized software ($’s) • Phase III • Validates XBRL based on reporting rules • SEC XBRL filing requirements • Requires specialized software ($’s)

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