Chapter 6Current State of XBRLDiscoverable Taxonomy SetExtension TaxonomiesValidation of XBRL vs xmlIFRS TaxonomyiXBRLCorporate ActionsAudit Data StandardsOh my….. There’s a lot of stuff here

Current State of XBRL

Who Must FileAll companies are now required

to file using XBRLAll companies are filing Level 1 to

Level 4 footnotesLimited Liability protection has

been waivedForeign Private Issuers are

required to file using IFRS taxonomy

SEC Filing PackagesDiscoverable Taxonomy Set (DTS)

DTS – What must be filed with SECContains:

◦ Instance Document◦ Extension Taxonomy◦ Linkbases

Calculation Definition Labels Presentation

◦ All Imported SchemasFilename Format

◦ Identifier-yyyymmdd.xml for instance◦ Identifier-yyyymmdd.xsd for schema◦ Identifier_yyyymmdd_cal.xml or _def or _lab or _pre

Extension TaxonomyLinks the linkbases to the DTSLinks the linkbases to the elements/documentsIncludes the elements used in instance document

Structure of SEC Extension TaxonomySchema Root Element,

namespace declarations (same as chapter 3)

annotation/appinfo◦link:linkbaseRef

Links all the linkbases to the schema document

◦link:roleType Links each statement and disclosure to

the linkbases

link:linkbaseRef (International Speedway Corp 10Q) <link:linkbaseRef xlink:type="simple" xlink:href="isca-

20110531_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links, all"/>

<link:linkbaseRef xlink:type="simple" xlink:href="isca-20110531_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links, all"/>

<link:linkbaseRef xlink:type="simple" xlink:href="isca-20110531_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links, all"/>

<link:linkbaseRef xlink:type="simple" xlink:href="isca-20110531_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links, all"/>

link:roleType (International Speedway Corp 10Q)

<link:roleType roleURI="http://internationalspeedwaycorporation.com/role/BalanceSheetsParenthetical" id="BalanceSheetsParenthetical">

<link:definition>0111 - Statement - Consolidated Balance Sheets (Unaudited) (Parenthetical)</link:definition>

<link:usedOn>link:presentationLink</link:usedOn>

<link:usedOn>link:calculationLink</link:usedOn>

<link:usedOn>link:definitionLink</link:usedOn>

</link:roleType>

Import schemas1. <xsd:import namespace="http://fasb.org/us-gaap/2012-01-31"

schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd"/>2. <xsd:import namespace="http://fasb.org/us-roles/2012-01-31"

schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-roles-2012-01-31.xsd"/>3. <xsd:import namespace="http://fasb.org/us-types/2012-01-31"

schemaLocation="http://xbrl.fasb.org/us-gaap/2012/elts/us-types-2012-01-31.xsd"/>4. <xsd:import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-

2003-12-31.xsd"/>5. <xsd:import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-

2003-12-31.xsd"/>6. <xsd:import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact"

schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd"/>7. <xsd:import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-

2009-12-16.xsd"/>8. <xsd:import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-

16.xsd"/>9. <xsd:import namespace="http://www.xbrl.org/dtr/type/non-numeric"

schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>10. <xsd:import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-

2009-12-16.xsd"/>11. <xsd:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>12. <xsd:import namespace="http://xbrl.sec.gov/country/2012-01-31"

schemaLocation="http://xbrl.sec.gov/country/2012/country-2012-01-31.xsd"/>13. <xsd:import namespace="http://xbrl.sec.gov/currency/2012-01-31"

schemaLocation="http://xbrl.sec.gov/currency/2012/currency-2012-01-31.xsd"/>14. <xsd:import namespace="http://xbrl.sec.gov/dei/2012-01-31" schemaLocation="http://xbrl.sec.gov/dei/2012/dei-2012-01-

31.xsd"/>15. <xsd:import namespace="http://xbrl.sec.gov/exch/2012-01-31" schemaLocation=

http://xbrl.sec.gov/exch/2012/exch-2012-01-31.xsd/>16. <xsd:import namespace="http://xbrl.sec.gov/invest/2012-01-31" schemaLocation="http://xbrl.sec.gov/invest/2012/invest-

2012-01-31.xsd"/>17. <xsd:import namespace="http://xbrl.sec.gov/naics/2011-01-31" schemaLocation="http://xbrl.sec.gov/naics/2011/naics-

2011-01-31.xsd"/>18. <xsd:import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation=

http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd/>19. <xsd:import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-

01-31.xsd"/>

Extension Element (International Speedway 10Q)

<element id="isca_PrepaidExpensesAndOtherCurrentAssets” name="PrepaidExpensesAndOtherCurrentAssets" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:periodType="instant" xbrli:balance="debit"/>

Note: No longer used in current 10-QExamine International Speedway

A Quick Example3M’s 10K

XBRL Validation

XBRL Validation Levels Phase I

◦ xml validation (NOT XBRL) Schema validation – does the xml match the schema structure? International Speedway (will it validate?)

Phase II◦ Validates XBRL semantics in DTS◦ Validates syntax and semantics in linkbases

So if calculation linkbase indicates what is totaled for Current Assets does it agree with the Total Current Assets element?

Requires specialized software ($’s)

Phase III◦ Validates XBRL based on reporting rules◦ SEC XBRL filing requirements

Over 200 rules Requires specialized software ($’s)

XBRL IFRS

IFRS Instance DocumentSame structure as XBRLUses different taxonomy

1. Root element / namespace declarations

2. SchemaRef3. Context4. Unit5. Items

IFRS Taxonomy2013 Taxonomy Issued March 27,

2013Compared to US GAAP, ~ 4000

elements vs. 16,000Documentation is not included in

IFRS (as it is NOT rule based).◦Instead disclosures and example

references are included

Illustrations of IFRS XBRLiXBRL (next week)XBRL IFRS

<?xml version="1.0" encoding="utf-8"?><!-- XBRL instance shell - Skip White December 2010 --><!-- File name: XBRLInstanceShell2010.xml --><xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns: _____1_________ > <link:schemaRef xlink:type="simple" xlink:href= _____2_________ /> <xbrli:context id= _____3_________ >

<xbrli:entity> <xbrli:identifier scheme= _____4_________ > _____5_________ </xbrli:identifier>

</xbrli:entity><xbrli:period>

<xbrli:instant> _____6_________ </xbrli:instant></xbrli:period>

</xbrli:context><xbrli:unit id= _____7_________ >

<xbrli:measure> _____8_________ </xbrli:measure></xbrli:unit><!-- Insert the XBRL items (facts) below --> </xbrli:xbrl>

IFRS TaxonomyLets Review

Corporate Actions XBRL Taxonomy

What is a corporate Action?Something that affects the equity

or debt issued by a public company

Made by the Board of DirectorsExamples:

◦Cash or Stock Dividends◦Stock Splits◦Mergers and/or Acquisitions

Corporate Action requirementThe issuer (the company) issues anISO 20222 message

◦“Hey an action may have an effect on… as a result of …”

Sent to Financial Services Registrar◦Who keeps track of who owns the

shares/bonds of the issuerRe-entered, Re-arranged,

translated, etc. to be sent to owners and regulatory bodies (e.g. SEC)

Corporate Actions TaxonomyLike UBLIntended to streamline corporate

action filings

Corporate Action TaxonomyFour Criteria for each Action/Event:

1. Type of Event2. Market in which event occurs (currently

only U.S.)3. Type (equity, debt, other)4. Mandatory or Voluntary5. Status (Confirmed, Unconfirmed,

Preliminary) Yes I know that’s 5!

All reported in a 4 (5) dimensional table◦Called a HyperCube

Corporate Action is XBRL<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink"xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:ca="http://xbrl.us/corporateActions/2012-03-31">

<link:schemaRef xlink:type="simple" xlink:href="http://taxonomies.xbrl.us/corpactions/2012/ca/US/Equity/CashDiv/Mand/ca-US-Equity-CashDiv-Mand-ent-2012-03-31.xsd"/>

Table AxesEach Axes

◦Event, Market, Issue, & Security Holder, Status Type

Axes is defined as an Explicit Member of a Segment in a Context Structure.

Table Context Structure<xbrli:context id="ContextCashDividendUSEquityMandatory"> <xbrli:entity>

<xbrli:identifier scheme="http://www.citibank.com/xbrl">Citibank</xbrli:identifier>

<xbrli:segment> <xbrldi:explicitMember

dimension="ca:EventTypeAxis">ca:CashDividendMember</xbrldi:explicitMember>

<xbrldi:explicitMember dimension="ca:MarketTypeAxis">ca:UnitedStatesMember</xbrldi:explicitMember> <xbrldi:explicitMember dimension="ca:IssueTypeAxis">ca:EquityMember</xbrldi:explicitMember> <xbrldi:explicitMember dimension="ca:MandatoryVoluntaryAxis">ca:MandatoryMember</xbrldi:explicitMember>

<xbrldi:explicitMember dimension="ca:StatusAxis">ca:PreliminaryMember</xbrldi:explicitMember> </xbrli:segment> </xbrli:entity> <xbrli:period>

<xbrli:startDate>2014-12-01</xbrli:startDate><xbrli:endDate>2014-12-01</xbrli:endDate>

</xbrli:period></xbrli:context>

Corporate Action Facts

<ca:UniqueUniversalEventIdentifier contextRef="ContextCashDividendUSEquityMandatory">Citibank123456</ca:UniqueUniversalEventIdentifier>

<ca:DocumentTitle contextRef="ContextCashDividendUSEquityMandatory">Dividend Announcement</ca:DocumentTitle>

<ca:AnnouncementDate contextRef="ContextCashDividendUSEquityMandatory">2014-12-01</ca:AnnouncementDate>

<ca:EventType contextRef="ContextCashDividendUSEquityMandatory">Cash Dividend</ca:EventType>

<ca:OrdinaryShare contextRef="ContextCashDividendUSEquityMandatory" unitRef="shares" decimals="INF">1</ca:OrdinaryShare>

AICPA Audit Data StandardsLots of Stuff but we aren’t

covering it today!

Other Stuff

Uses of XBRL (FDIC)Call Reports

◦Quarterly reports from banking institutions

◦125 data items◦Call Report Taxonomy developed by◦Federal Financial Institutions

Examination Council◦Responsibility of Validation rests with

Banks This is contrasted with XBRL where

validation takes place by SEC

AICPASOP 13-2

◦Performing Agreed-Upon Procedures Engagements That Address the Completeness, Mapping, Consistency or Structure of XBRL-Formatted Information”

Principles and Criteria for XBRL Formatted Information

Remaining ClassesApril 23rd

◦iXBRL◦Status of XBRL◦Review for Exam