XBRL Overview Keith Maler Director, Interactive Services, XBRL Specialist Bowne Strategic Marketing [email protected]

XBRL Overview

Keith MalerDirector, Interactive Services, XBRL SpecialistBowne Strategic [email protected]

BIO

Keith Maler– Bowne & Co., Inc.

» Director, Interactive Services, XBRL Specialist

» [email protected]

Keith is an XBRL® Specialist of Interactive Services for Bowne & Co., Inc. focusing on client awareness and education for Interactive Data or XBRL. With more than 20 years experience in the Financial Printing Industry, Keith has held a variety of roles including Management roles within Customer Service and Compliance.

Bowne Capital Markets & Compliance | 2

Heard This Past Filing Season

• “Tags? What tags? Oh those…right…I’ve heard about them…I just let my printer pick them…we’re all good.”

• “I wanted to make a change in my XBRL but I called my provider and no one answered.”

• “We have a new “Pencil’s Down” rule: Anyone that wants a change on filing day must convince the CFO…directly.”

• “We’re not worried about Year 2 tagging since there’s a good chance the SEC is considering pulling it from the Final Rule.”

• “Isn’t the SEC kinda busy with Dodd-Frank so they’re not really looking at our XBRL anyway, right?”


Phase-In Schedule

>$5B Large Accelerated Filers (~400 companies)

Remaining LAFs(~800 companies) • >$700M, <$5B

Small/Mid-size and IFRS Filers(~7,000 companies)

All companies detail tagging(~8,200 companies)


Group Valuation Is Fluid• Company that was <$700m at

12/31/2009 and thus Group 3 increases to >$700m as of 12/31/2010; company “accelerates” to Group 2 status on K

6/30 Companies• Start detail tagging on 10-K

Updated/Alternative Forms General Rule• Incorporating by reference removes need

to resubmit XBRL8-Ks• Impact of accounting changes

S-4s• Periods covered by S4 data determines

level of required tagging

• Continued Pressure on External Reporting Groups – June 30, 2009: 70% outsource, 30% internalize– March 31, 2010: 80% outsource, 20% internalize– Desire to internalize still present; question of when

• Initial Year 2 Tagging feedback– Pain and Fear, Not Fun and Games– Additional internal resources required over Year 1

• Vendor Landscape– Little change in vendor landscape– One XBRL industry acquisition (EDGAR Online/UBmatrix)– One proposed financial printer merger (RR

Donnelley/Bowne)


Market Update


Market Share – By Filing Agent

Q2 2010 Historical

Bowne31%

RRD33%

MER13%

Other Filers20%

Other Printers1%

Vintage2%

BNE

RRD

MER

OF

OP0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2009 Q1 2010 Q2 2010 Q3 2010Q4 2009 Q1 2010 Q2 2010

Bowne25%

EOL18%

Fujitsu13%

Clarity5%

EdgarizerX13%

Rivet23%

CompSci1%

BW1%

Other1%

BNE

EOL

RivetFujitsu

Other

5%

10%

15%

20%

25%

30%

35%

40%

2009 Q1 2010 Q2 2010 Q3 2010


Market Share – By Tagging Application

Q2 2010 Historical

Q4 2009 Q1 2010 Q2 2010

Total Company Extensions


Extensions0

5000

10000

15000

20000

25000

30000

35000

40000

45000

50000

6885 7013 88356920

48464

6/30/099/30/0912/31/093/31/106/30/10

Extensions By Group and SIC

Extension GAAP Total


Group 1 Construction 33.74% 66.26% 100.00%Finance, Insurance, and Real Estate 44.03% 55.97% 100.00%Manufacturing 27.32% 72.68% 100.00%Mining 30.78% 69.22% 100.00%Retail Trade 21.06% 78.94% 100.00%Services 26.06% 73.94% 100.00%Transportation, Communications, Electric, Gas, and Sanitary Services 39.18% 60.82% 100.00%Wholesale Trade 23.48% 76.52% 100.00%(blank) 35.47% 64.53% 100.00%

Group 1 Total 32.76% 67.24% 100.00%

Group 2 Agriculture, Forestry, and Fishing 5.06% 94.94% 100.00%Construction 10.46% 89.54% 100.00%Finance, Insurance, and Real Estate 13.82% 86.18% 100.00%Manufacturing 6.40% 93.60% 100.00%Mining 9.05% 90.95% 100.00%Retail Trade 7.13% 92.87% 100.00%Services 8.67% 91.33% 100.00%Transportation, Communications, Electric, Gas, and Sanitary Services 10.47% 89.53% 100.00%Wholesale Trade 5.62% 94.38% 100.00%(blank) 19.44% 80.56% 100.00%

Group 2 Total 9.54% 90.46% 100.00%

Q2 2010

Common Extensions Q2 2010 vs Q1


Extension Tag Q1 Q2 TotalPrepaidExpensesAndOtherCurrentAssets 43 123 166IncomeLossFromContinuingOperationsBeforeIncomeTaxes 48 87 135PrepaidExpenseAndOtherAssetsCurrent 25 76 101FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTextBlock 62 62TotalOtherAssets 24 42 66InterestExpenseNet 20 39 59BasisOfPresentationTextBlock 11 39 50FairValueAssetsMeasuredOnRecurringBasis 38 38IncomeBeforeIncomeTaxes 17 34 51EarningsPerShareComputationTextBlock 1 31 32AccruedExpensesAndOtherCurrentLiabilities 13 30 43FairValueLiabilitiesMeasuredOnRecurringBasis 29 29SharesOutstanding 13 28 41ComprehensiveIncomeTableTextBlock 1 28 29PrepaidExpensesAndOther 9 28 37IncomeLossFromContinuingOperationsBeforeIncomeTaxesAndMinorityInterest 11 27 38ScheduleOfEarningsPerShareBasicAndDilutedByCommonClassTextBlock 25 25IncomeLossBeforeIncomeTaxes 6 25 31EarningsPerShareBasicAndDiluted 15 24 39InvestmentsTextBlock 12 24 36FairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock 23 23GoodwillAndIntangibleAssetsNet 6 22 28BasisOfPresentationDisclosureTextBlock 9 21 30BusinessDescriptionAndSignificantAccountingPoliciesTextBlock 9 21 30DetailsOfCertainBalanceSheetAccountsDisclosureTextBlock 9 20 29

• Decide on self vs. full-service tagging

• Finalize key resources

• Understand EDGAR Manual

• Establish project plan with goals/objectives and timeline

• Use US GAAP 2009

6/15 – Filing Date

9/30-12/15or

3/1-4/30Now!

• Detail tag financials

• Placeholder- or block-tag Notes to the Financials/Schedules

• Test file to SEC

• Post-mortem to plan for first mandated filing

• Convert to US GAAP 2011

• Initiate 3/31 template roll-forward prior to closing the quarter to get initial review

done early

• Finalize tag changes

• Finalize content

• Live file to SEC


Year 1 Tagging Action Plan

Review 2011 US GAAP Taxonomy


Back pages are more important than front

Get Vol. II, Version 15

Review FAQs and C&DIs

SEC eventually will raise bar

Mandate Compliance Pyramid

• Begin review of detailed Notes tags

• Begin modifying extension taxonomy

• Initially tag 7-10 Notes in detail

6/16 –File Date5/1 – 6/15

9/1 – 12/1or

2/1 – 4/30

• Finalize changes to extension taxonomy

• Incorporate changes from any new taxonomies (i.e. 2011)

• Tag any remaining Notes

• Test file all Notes to SEC

• Finalize detail Notes tagging for current filing

• Update templates for last minute changes

• Test and live-file XBRL to SEC

Year 2 Tagging Action Plan


Notes Tagging: Year 2

Detail Tagging• One tag for each note (just like Year 1)• One tag for each accounting policy• “Block” tag for each table• One tag for each amount (monetary, percent, number)

TagTag

TagTagTagTag

TagTag TagTag

TagTag

TagTagTagTag

TagTag

TagTag


EFM Rules:• 6.6.16 An instance must contain facts containing each complete Note

and each required Schedule of the corresponding official HTML/ASCII document, as a single block of text

Guiding Principles:• Block tag each Note and Schedule with textBlock tag

• Level (i)• Level (ii)• Level (iii)• Level (iv)

TagTag

Year 2 Detail Tagging Overview

Bowne Capital Markets and Compliance | 15

EFM Rules:• 6.6.19 For each significant accounting policy within the accounting policies Note of the

corresponding official HTML/ASCII document, an instance must contain a Level (ii) fact containing the policy as a block of text.

Guiding Principles:• Often, there will be more than one reasonable way to map significant accounting

policies• Each significant accounting policy needs a separate textBlock tag• Each paragraph in the significant accounting policies footnote does not necessarily

need to be separately mapped• If accounting policies are defined in other footnotes they fall under the optional Level

(iv) requirements and would be mapped with a string element

TagTag


• Level (i)

• Level (ii)• Level (iii)• Level (iv)


EFM Rules:• 6.6.20 An instance must contain each table within each Note in the

corresponding official HTML/ASCII document as a separate Level (iii) fact block of text

Guiding Principles:• Each table needs to be mapped separately with textBlock tag.• The SEC noted there is a deficiency in the textBlock tags for Level

(iii) currently available in the US GAAP taxonomy• There may be more than one reasonable way to map a table and

each should be analyzed case-by-case

TagTag

• Level (i)• Level (ii)

• Level (iii)• Level (iv)

-or-TagTag



Final Rule/EFM Rules:• 6.6.22 An instance must contain each monetary value, percentage, and number required

to be disclosed in each footnote in the corresponding official HTML/ASCII document, as a Level (iv) fact

• S-T Rule 405(d)(4): Each amount (i.e. monetary value, percentage, and number MUST BE TAGGED, and each narrative disclosure may be tagged

Guiding Principles:• Often, there will be more than one reasonable way to map dimensional tables• Judgment is required on determining if certain numerical values need to be mapped

• Level I• Level II• Level III

• Level IVTagTag

TagTag

TagTag

TagTag

TagTag TagTag

TagTag



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Documents

XBRL Overview Keith Maler Director, Interactive Services, XBRL Specialist Bowne Strategic Marketing [email protected]