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Big Data and XBRL What YouNeed to Know
Presented by: The Honorable Kim R. Wallin, CMA, CFM, CPA
Nevada State Controller
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What is Big Data
What is Interactive Data
How XBRL Can Help with Big Data Demonstration Using XBRL
Liv Watson, Web Filings
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What is Interactive Data?
Data is Labeled or Tagged
Uses Computer Markup Language
Improves Analysis XBRL (eXtensible Business Reporting
Lanuage)
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Answering the Question, Why XBRL?Your business
operates oninformation, so you
need to know the
fundamentals of
XBRL.
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Answering the Question, Why XBRL?
XBRL is,
fundamentally, a
language that helps
businesses
effectively and
efficiently bridge thecurrent gap between
business systems by
crossing artificial
boundaries.
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What is XBRL?
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What is XBRL?
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What is XBRL?
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What is XBRL?
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Fresh Produce
fresh thyme 1 1/2 tablespoons
Meat/Poultry
1 3/4-pound cornish game hen
Baking/Nuts/Spicesground allspice teaspoon
Oils and Vinegars
olive oil 1 tablespoon
Condiments and Sauces
bottled fruit salsa cup
hot-pepper sauce teaspoon
What is XBRL?
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What is XBRL?
Gazpacho Soup
Roast Cornish Game Hen
with Spicy Fruit Salsa
Apple Pie
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Global ledger framework
Its not a general ledger
Its global, holistic, generic, open sourceand extensible
XBRL GL Basics
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Before XBRL
Data 66% clean
30% had math errors
Weeks to report
Productivity 450-500
banks per examiner
With XBRL
Data 95% clean
100% accuracy
1 day to report
Productivity 550-600
banks per examiner
FDIC Experience with Bank Call Reports
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Single Audit
Single Audit Findings
Roll Out To Local Governments Can Be Used for Sub Grant Reporting
Use to Solve Other Spreadsheet Problems
Future Uses of XBRL in Nevada
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Looking at XBRL in Different Ways
A freely available, market-driven, open, global standard forexchanging business information
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Looking at XBRL in Different Ways
A global consortium of more than 600 members
Source: http://www.xbrl.org/WhatIsXBRL/
REMEMBER!!XBRL stands
for eXtensible
Business
Reporting
Language andit is an open
standard, free
of l icense fees.
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Looking at XBRL in Different Ways
A better approach to exchanging business information
When assessing adoption of XBRL and other supply
chain standards, management teams should consider
the typical economic consequences of standardization:
Lower costs
Improved accuracy
Higher volumes of information are available for analysis
Accelerated frequencies of availability
Improved resource allocation
More efficient processes
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Dispelling Common Misconceptions
Users of XBRL dont need to learn anything new.
.
Think of when the world moved from
paper spreadsheets to electronicspreadsheets. Did business users
have to learn new things? Certainly.
Did it kil l them? Certainly not
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Compelling Reasons to Consider XBRL
Improving integrity of information Collaborating with business partners
Making business systems interoperable
Looking for good investments
Analyzing information Making your system more flexible
REMEMBER!!
XBRL makes your systems
more flexible becauseXBRL was built to allow for
changes to your
information.
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Getting a Grip on XBRL Fundamentals
Two periodsInformation is expressed in thousands of dollars.
Two
definitions
mapped to
the USGAAP
Taxonomy
XBRL instance documents, is built in the form of an electronic file and contains business
information.
Lets look under the
hood
Th F M i P t f XBRL I t
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The Four Main Parts of an XBRL Instance
Document
1. Valuesa. The valuesare the text (individual values or entire narratives) andnumbers in the report
2. Contexta. The contextexplains important information about the values. You
need to understand what entitys value relates to, what period the
values relate to, and if the values are actual, budgeted, and so on3. Conceptsa. Technical representations of business terms. For example, Net
Income (Loss) and Sales, Net
4. Dict ionary or Taxonomya. Concepts are expressed within a dictionary
b. The important thing here is that the dictionary is the centrallocation where concepts are pointed to information that definesthat concept.
1. The dictionary gives a precise definition about the meaning ofeach term (semantics),including references and examples.
T Y i
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Tag Youre it:Tags add structure I
Within the XBRL instance,
the business information,
or the value, is expressed
in the form of what is often
referred to as tags.
Tags look l ike this within the XBRL instance:
End Tag
Beginning Tag
T Y it
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Tag Youre it:Tags add structure III
Dictionaries can be flexible
Dictionaries can enforce rules
Users can change report organization
In XBRL, the creator of a report,
such as a financial statement,
tags it. These tags add structure,
which helps computers
understand and do things w iththe information within the report.
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Liv Watson
Director of New Markets
W 888-275-3125 C 515-203-6632
Skype: Livwatson
Katrina Mader
Platform Instructor
W 515-296-3537 C 515-509-7399
Webfilings webfilings.com
Kris Brands
Assistant Professor, Regis University
W 303-964-5056
XBRL Resources Community
http://linkup.imanet.org/Communities
Resources
mailto:[email protected]:[email protected]:[email protected]://linkup.imanet.org/Communitieshttp://linkup.imanet.org/Communitiesmailto:[email protected]:[email protected]:[email protected]8/12/2019 XBRL Kim Wallin
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Questions???????
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