Taxonomy Review.ppt

Taxonomy Review Jennifer S. Moriarty, FASB Yossef Newman, Deloitte Sharyn Kohen, Ernst Young Taxonomy Review Evolution of a Taxonomy Elements to Review Review Techniques Review Enablers Action Items Evolution of a Taxonomy US GAAP and International Financial Reporting Standards (IFRS) taxonomies created using: Accounting and Reporting standards Accounting enablers (e.g. checklists) Financial statements XBRL tools Participants: Trade organizations Public accounting firms Regulators Evolution of a Taxonomy (Cont.) Taxonomy Process Creators Domain groups Internal review Public review Importance of Public Feedback Consortium process: Public review Accuracy of taxonomies Area experts Meet the needs of the ultimate users of taxonomies Continuous public feedback is integral to effective taxonomy development Public comments will be considered and incorporated where appropriate Types of Reviews Domain Industry Accounting Financial reporting Technology Software validation Conformity with FRTA Where do you find the taxonomies? Choose the taxonomy you will review Home page of the BASI taxonomy Select both PDF and Excel files of the Presentation Report Anatomy of an XBRL Element Anatomy of an XBRL Element Anatomy of an XBRL Element Anatomy of an XBRL Element Elements to Review Focus on accounting terms, not XBRL technology Accounting: Concept Label (not XBRL technical name) Description Balance Type (e.g. Debit / Credit) Data type (e.g. monetary, string) Period type (e.g. duration, instant) References Presentation order Calculation (advance topic)* Taxonomy in PDF Review Techniques Comparison of taxonomies to: Company financial statements Internal accounting checklists / policies Accounting standards Industry Guides / common practice Manual review of taxonomy Create instance documents (advanced topic)* Review Techniques (Cont.) Type of Feedback Missing terms Inaccurate information Review performed by: Finance department Financial statement preparers Other ac