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What is XBRL

What is XBRL . ?. Dr Paul Booth Technical & Development Manager, IT Faculty. the techie bit. Not. Look under the bonnet?. Start with the familiar: HTML. ‘The book <i><b>Systema Naturae</b></i> was one of the major works of the Swedish botanist, zoologist and physician Carolus Linnaeus.’.

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What is XBRL

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  1. What is XBRL ? Dr Paul Booth Technical & Development Manager, IT Faculty

  2. the techie bit Not Look under the bonnet?

  3. Start with the familiar: HTML • ‘The book <i><b>Systema Naturae</b></i> was one of the major works of the Swedish botanist, zoologist and physician Carolus Linnaeus.’ Systema Naturae <b>Systema Naturae</b> Systema Naturae <i>Systema Naturae</i> Systema Naturae <i><b>Systema Naturae</b></i>

  4. What about XML? • Like HTML but a bit cleverer • A browser knows (from a Stylesheet) how to display it • Other programs can process it too • It’s all about tagging <name>Mr John Smith</name> <addr1>23 Acacia Avenue</addr1> <addr2>Birmingham</addr2>

  5. Tagging • What does each tag mean? • Is it <addr1> or <address firstline>? • Will the code MIA send your bag to Miami International (USA) or Mian Yang (China)? So, every tagging language needs a dictionary

  6. All sorts of tagging languages • ebXML: ‘ebXML enables enterprises of any size, in any global region, to conduct business using the Internet’ • CML: ‘CML (Chemical Markup Language) is an approach to managing molecular information …’ • ThML: … and there’s even one for Theology! • Tagging makes it easier to share data between users without manual re-keying • …and for computers to extract and process data

  7. … and now XBRL • eXtensible Business Reporting Language • Freely licensed standard, originated in accountancy profession • It is XML – and cleverer still • As well as tagging data items • it can show relationships • … and how they have been calculated • Uses a taxonomy

  8. What’s a taxonomy?

  9. Taxonomies • An XBRL taxonomy is the same sort of thing: a ‘dictionary’ and logical categorisation scheme for financial reporting concepts. • Examples: ‘net profit’, ‘assets’, ‘equity’ • In XBRL, taxonomies relate back to financial reporting standards • Different taxonomy needed for different reporting standards – in UK, UK GAAP or IFRS

  10. Transparent reporting, checking • Each ‘fact’ (eg ‘Share premium = £293,900’) can be related back to the taxonomy. • Items that are supposed to add up can be checked • Definitions and context (eg currency, period, units) are there. 

  11. Humans read the HTML Computers read the XBRL tags … and then there’s iXBRL • Inline XBRL • HTML and XBRL in the same document

  12. Just a bit more background … • XBRL already in use around the world • SEC in the USA one of most significant • In the UK, Companies House XBRL filing has been running for past four years.

  13. Companies House • Currently the simplest companies – dormant and abbreviated accounts • Next year, Companies House moves to iXBRL • Eventually, a single filing for both purposes. • Up to end of November, 738,515 accounts e-filed at Companies House, of which 537,760 web filings and 200,755 using software

  14. Companies House

  15. What about HMRC? • Enable tax authority to analyse returns more efficiently. • Target ‘problem cases’ – eg suspected fraud, under-payment more effectively. • Make the tax authority’s processes less labour-intensive, therefore cheaper. • Enable better analysis of effects of possible changes in legislation/tax rates.

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