XBRL Update: New Functionality for Interactive Data

by Nicholas Messing, XBRL Accountant, Business Wire New York
Nicholas Messing

Nicholas Messing

The upcoming filing season looks to be one of the busiest yet for XBRL preparers, with all US public companies submitting financial statements to the SEC required to include detail-tagged XBRL as of June 15, 2012. As the XBRL mandate reaches full implementation for SEC filings, the functionality of XBRL continues to expand through various initiatives including the DATA Act, corporate actions, and Business Wire’s Retail Report.

XBRL has increased its presence in the US Congress with the Digital Accountability and Transparency Act, which the House of Representatives unanimously passed on April 25, 2012. Known as the DATA act, this bill provides for a broader implementation of data reporting standards to track federal spending data. Following its strong bipartisan success in the House, the DATA Act has been referred to the Senate Committee on Homeland Security and Governmental Affairs. Similar to the Child and Family Services Innovation and Improvement Act, which was signed into law in October 2011, the DATA Act includes a significant reference to XBRL: “In designating reporting standards… the Commission shall, to the extent practicable, incorporate existing nonproprietary standards, such as the eXtensible Business Reporting Language (XBRL).”

XBRL US released the 2012 Corporate Actions Taxonomy for public comment on May 17, 2012. This is the second version of the Corporate Actions Taxonomy, designed to tag over 50 types of corporate actions announcements, including mergers and acquisitions, dividends, redemptions, tender offers, and stock splits. Approximately 200,000 corporate actions are released each year in the US, and these textual announcements require time-consuming manual steps to process as financial data. XBRL tagging of corporate actions releases would enhance the efficiency of downstream processing across the financial community. XBRL US has teamed with The Depository Trust & Clearing Corporation (DTCC) and The Society for Worldwide Interbank Financial Telecommunication (SWIFT) to promote the use of XBRL tagging for corporate actions in accordance with the existing ISO (International Organization for Standardization) standards.

On May 3, 2012, Business Wire became the first commercial newswire to map, tag and disseminate its own content in XBRL format. XBRL exhibits utilizing the US GAAP taxonomy now accompany Business Wire’s Retail Report, which is released monthly to Business Wire’s full national circuit. Published on the day that retailers announce sales figures for the previous month, the report tracks specialty apparel and general merchandise retailers’ monthly and year-to-date total sales with percentage comparisons across periods, alongside comparative stores’ sales growth data. To date, the April and May 2012 Retail Reports have been published with supplemental XBRL files, which may be freely downloaded and rendered through the SEC’s XBRL previewer, to facilitate analysis of retail sales data. Two members of Business Wire’s XBRL team, Senior XBRL Financial Reporting Specialist Belayneh Alemayehu and Junior XBRL Accountant Khondakar Moin, have provided their expertise to translate the Retail Report into XBRL. While Business Wire’s XBRL team has been proactively preparing for the final wave of the SEC’s XBRL mandate, we have also implemented a new innovation in interactive data.

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