XBRLXBRLeXtensible Business Reporting LanguageeXtensible Business Reporting Language

By:By:Jeff ElstonJeff Elston

Jake White andJake White andGarrett AllenGarrett Allen

AgendaAgenda

HTMLHTML XMLXML XBRLXBRL Throughout; Business ImplicationsThroughout; Business Implications How it all comes togetherHow it all comes together Questions?Questions?

What is HTML?What is HTML?

Definition: HyperText Markup Language is a Definition: HyperText Markup Language is a common manner for displaying text-based common manner for displaying text-based information in web pages via an internet information in web pages via an internet browser. browser.

Characteristics: HTML assigns ‘tags’ or labels to Characteristics: HTML assigns ‘tags’ or labels to textual information. These ‘tags’ define where textual information. These ‘tags’ define where and how the browser should arrange and display and how the browser should arrange and display the information.the information.

History: “Since 1996, the HTML specifications History: “Since 1996, the HTML specifications have been maintained, with input from have been maintained, with input from commercial software vendors, by the World commercial software vendors, by the World Wide Web Consortium (W3C).” Wide Web Consortium (W3C).” Wikipedia.comWikipedia.com

HTML ExplainedHTML Explained

HTML converts coded information from web HTML converts coded information from web documents into an easily viewed display for end-documents into an easily viewed display for end-users.users.

Advantages: Advantages: Image displayImage display Formatting (font, color, placement, etc)Formatting (font, color, placement, etc)

Disadvantages: Disadvantages: Data cross referencing capabilityData cross referencing capability Display application onlyDisplay application only Inadequate for business – “tags” are not uniformInadequate for business – “tags” are not uniform

What is XML?What is XML?

Definition:Definition: Extensible Markup Language. Extensible Markup Language. XML is a markup language for documents XML is a markup language for documents

containing structured information. containing structured information. Structured information is…Structured information is… A markup language is …A markup language is … What's a Document?What's a Document?

XML ExplainedXML Explained

XML’s primary purpose.XML’s primary purpose. XML was designed to describe data and to focus XML was designed to describe data and to focus

on what data is.on what data is. XML was created to structure, store and to send XML was created to structure, store and to send

information.information. XML’s role in business.XML’s role in business.

What is XBRL? What is XBRL?

Definition: XBRL (Extensible Business Definition: XBRL (Extensible Business Reporting Language) is an XML-based Reporting Language) is an XML-based language being developed specifically for language being developed specifically for the automation of business information the automation of business information requirements, such as the preparation, requirements, such as the preparation, sharing, and analysis of financial reports, sharing, and analysis of financial reports, statements, and audit schedules. statements, and audit schedules.

XBRL ExplainedXBRL Explained

A language for the electronic A language for the electronic communication of business and financial communication of business and financial data which is revolutionizing business data which is revolutionizing business reporting around the world.reporting around the world.

Why is XBRL important!Why is XBRL important! Standardization (Public & Private sharing)Standardization (Public & Private sharing) Manual, repetitive, & error prone processes Manual, repetitive, & error prone processes

become automated. become automated. SEC SEC Financial Analysts Financial Analysts Investors Investors

XBRL SystemXBRL System

PUBLIC FIRMS

SEC

INTERNETFINANCIAL ANALYSTS

INVESTORS

Relationships: HTML+XML+XBRLRelationships: HTML+XML+XBRL

HTML v.s. XMLHTML v.s. XML HTML v.s. XBRLHTML v.s. XBRL XML v.s. XBRLXML v.s. XBRL

XML to HTML ProcessXML to HTML Process

PC monitor displays HTML file

End user receives information

XML-coded information is organized and made available via website

Desired data

Data gets coded in industry-specific XML

Data is then stored on servers

Data viewable by website is converted to HTML format

PC downloads the websites temporary HTML file

Questions?Questions?