XBRL Tagging of Financial Statement Data Using XMLSpy:The Small Company Case

2012 ◽  
Vol 27 (3) ◽  
pp. 761-781 ◽  
Author(s):  
Rick Elam ◽  
Mitchell R. Wenger ◽  
Kelly L. Williams
Keyword(s):  
Securities And Exchange Commission ◽  
Financial Statement ◽  
International Accounting Standards ◽  
Small Company ◽  
Business Professionals ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Software Products ◽  
And Training ◽  
Taxonomy Development

ABSTRACT Publicly traded companies in the U.S. are required by the Securities and Exchange Commission (SEC) to file their financial statement data using XBRL tags. Other countries using international accounting standards have adopted similar XBRL filing requirements. This case provides a brief introduction to XBRL for business or accounting majors, and uses freely available software products (Altova XMLSpy) and training tools that help learners quickly progress through a basic introduction to XML (the foundation for XBRL), the XBRL taxonomy schema, and actual tagging of financial statement numbers. The basic skills learned in this case give accountants and other business professionals a working knowledge of how XBRL and other XML-based business documents are and can be used in practice. The case also raises awareness of the XBRL taxonomy development bodies, filing repositories, and development tools available in this domain for those interested in pursuing this technology in more detail.

SEC XBRL Filing Requirements: An Instructional Case on Tagging Financial Statement Disclosures

2010 ◽  
Vol 25 (3) ◽  
pp. 489-511 ◽  
Author(s):  
Ernest Capozzoli ◽  
Stephanie Farewell
Keyword(s):  
Oil And Gas ◽  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Financial Statement ◽  
Publicly Traded ◽  
Item Level ◽  
Interactive Data ◽  
The U.S

ABSTRACT: On January 20, 2009, the U.S. Securities and Exchange Commission (SEC) released Rule 33-9002 for the phase-in of interactive data (SEC 2009a). An important component of this rule is the phase-in of detailed tagging of financial statement note disclosures. Tagging is the process of associating a taxonomy element with a financial statement concept for a particular context. While some of the filers have participated in the SEC Voluntary Filing Project and prepared instance documents tagged at the line item level most have not prepared detail-tagged notes to accompany the financial statements (SEC 2005; Choi et al. 2008). This case discusses the structure of disclosures, as they exist in the 2009 U.S. GAAP Taxonomy, followed by a discussion of dimensional extensions and concludes with an example of block and detailed disclosure tagging using Rivet Software’s Dragon Tag (Rivet 2009). The example uses the capitalized costs disclosure for Anadarko Petroleum, a publicly traded company. Following the example, the case requires students to block and detail tag the capitalized costs disclosure for Dig Deep, a hypothetical oil and gas company. By completing the case, students develop an understanding of the current U.S. GAAP taxonomy, skills relating to mapping and tagging processes, and make use of a commonly used XBRL taxonomy and instance document creation program.

scholarly journals Independent Audits of Conflict Minerals Reports

2013 ◽  
Vol 7 (2) ◽  
pp. A24-A32 ◽  
Author(s):  
David N. Herda ◽  
Herbert W. Snyder
Keyword(s):  
Central Africa ◽  
Securities And Exchange Commission ◽  
Publicly Traded ◽  
Human Rights Abuses ◽  
Publicly Traded Companies ◽  
Conflict Minerals ◽  
Audit Firms ◽  
Final Rule ◽  
Audit Reports ◽  
Corporate Social

SUMMARY There has been an increasing international focus on “conflict minerals,” which are sourced from mines in Central Africa and believed to benefit armed groups that engage in serious human rights abuses. In August 2012, the U.S. Securities and Exchange Commission (SEC 2012) issued a final rule (Release No. 34-67716) related to implementing new disclosures required by the Dodd-Frank Act that are aimed at dissuading publicly-traded companies from engaging in trade that supports conflict minerals. Beginning in 2014, many publicly traded companies will be required to issue Conflict Minerals Reports, and have the reports independently assured. For the first time, there is an SEC audit requirement for corporate social responsibility information. Significant uncertainty surrounds the nature of the requisite audit procedures and the form and content of the audit reports themselves. For example, issuers have the option of engaging auditors for either an attestation engagement or a performance audit. We summarize the SEC's final rule, with particular focus on the audit requirement, and discuss some challenges that audit firms face.

scholarly journals The Process Of Creating XBRL Instance Documents: A Research Framework

2010 ◽  
Vol 14 (2) ◽  
Author(s):  
Diane Janvrin ◽  
Maureen Francis Mascha
Keyword(s):  
Financial Reporting ◽  
Financial Information ◽  
Financial Statement ◽  
Future Research ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Web Technologies ◽  
Business Reporting ◽  
The Past ◽  
Use Of The Internet

The past decade has witnessed a technological revolution fueled by the widespread use of the Internet, web technologies, and their applications.  Within financial reporting, proponents of extensible Business Reporting Language (XBRL) argue that XBRL will revolutionize financial reporting since it allows corporate financial information to be aggregated, transmitted, and analyzed quicker and more accurately (Hoffman and Strand 2001; Hannon 2002; Bovee et al. 2005; Willis 2005; Cox 2006). The SEC recently mandated that publicly traded companies furnish financial information in XBRL format (Rummel 2008; SEC 2009a). Thus, the purpose of this project is to provide researchers with a framework for examining the process financial statement preparers use to create XBRL instance documents. Further, the paper (1) demonstrates how the framework may be used, (2) raises unanswered questions, and (3) suggests avenues for future research.    

scholarly journals Privately-Held Companies: Legislation, Regulation, and Limited Dissemination of Financial Information

2019 ◽  
Vol 47 (4) ◽  
pp. 28
Author(s):  
Zoeanna Mayhook
Keyword(s):  
Financial Statements ◽  
Securities And Exchange Commission ◽  
Financial Information ◽  
Publicly Traded ◽  
Private Companies ◽  
Public And Private ◽  
Publicly Traded Companies ◽  
The Public ◽  
Disclosure Requirements ◽  
Privately Held

Publicly-traded companies have reporting and disclosure requirements set by the U.S. Securities and Exchange Commission (SEC), which includes the public disclosure of financial statements and an annual 10-K report. In contrast, privately-held companies most often do not meet the SEC filing requirements, and therefore, are not required to disclose financial information. For investors and business researchers, this can provide clear challenges for researching privately-held companies. This paper first highlights a sample of the significant legislation and rules affecting disclosure requirements of public and private companies. Then, it offers other government sources for company and industry financial information. Finally, it suggests further resources to educate business owners, investors, and business researchers.

scholarly journals Construction contract revenue recording comparison

2008 ◽  
Vol 56 (3) ◽  
pp. 241-250
Author(s):  
Hana Bohušová
Keyword(s):  
Czech Republic ◽  
Accounting Standards ◽  
Financial Statements ◽  
Accounting System ◽  
International Accounting Standards ◽  
Publicly Traded ◽  
The Czech Republic ◽  
Publicly Traded Companies ◽  
Construction Contracts

Publicly traded companies prepare their consolidated accounts in conformity with the international accounting standards (IAS/IFRS) in accordance with the Regulation No. 1606/2002. This is obliged for all publicly traded joint-stock companies in the Czech Republic. Other companies prepare financial statements in accordance with national accounting standards. There are Accounting Act No. 563/1991 of Coll. and Regulation No. 500/2002 of Coll., Czech Accounting Standards in the Czech Republic. Both systems are based on different principles so there are many differences. The Czech Accounting System (CAS) is based on the rules while IAS/IFRS are based on principles (Kovanicová, 2005). These differences are mainly caused by the different philosophy. CAS prefers the fiscal policy to the economic substance while IAS/IFRS prefere the economic substance. One of the most significant dif­fe­ren­ces is in the field of revenue recording. There are two standards concerning the revenues recording (IAS 18 − Revenue, IAS 11 – Construction Contracts) in IAS/IFRS. CAS 019 – Expenses and Revenue are dealing with the revenue recording in the Czech Republic. The paper is aimed at the comparison of the methodical approaches for revenue recording used by IAS/IFRS and by CAS. The most important differences are caused by the different approach to the long term contracts (construction contracts, software development contracts) revenues recording.

scholarly journals Textbook To Reality: Using Corporate Earnings Reports As An Effective Teaching Tool For A Business Capstone Course

2016 ◽  
Vol 9 (4) ◽  
pp. 147-152
Author(s):  
Manzoor E. Chowdhury
Keyword(s):  
Effective Teaching ◽  
Securities And Exchange Commission ◽  
Strategic Thinking ◽  
Publicly Traded ◽  
Simulation Games ◽  
Capstone Course ◽  
Publicly Traded Companies ◽  
Teaching Tools ◽  
Corporate Earnings ◽  
Annual Earnings

Business curriculums in many universities now include a senior Capstone course that integrates topics or materials from all business areas.  This capstone course is designed to teach the skills of strategic thinking and analysis rather than mere facts or concepts.  With that goal in mind, the ideal course is structured in such a way so that students get an opportunity to apply their knowledge from all previous courses taken before the capstone course.  Instructors around the country use a variety of teaching tools in a capstone course that include simulation games, group projects, individual projects or paper, and/or case studies.  One of the effective teaching tools in a capstone course is quarterly or annual earnings reports submitted to the SEC (Securities and Exchange Commission) by all publicly traded companies.  Although earnings reports are used by some instructors as a reference or as part of a case study, it has not been widely used in a way that is demonstrated in this paper.  The earnings reports have a rich array of information that can be used to teach business concepts from every business discipline – accounting, economics, finance, human resource management, international business, or marketing.  Going through a detailed earnings report exposes students to a real world scenario, teaches them how to read between the lines, and enhances their critical and strategic thinking process.  It is also a great way to brush up their knowledge from all previous courses which helps them to retain the knowledge and to do well on the business exit exam.  This paper demonstrates an approach or method where students use business concepts, theories, financial ratios, and formulas using actual company data from an annual Earnings Report of a company submitted to the SEC.  The idea presented here is not mutually exclusive of other tools used in a capstone course but rather contributes to learning if can be used simultaneously.

The Effect of ERP System Implementations on the Management of Earnings and Earnings Release Dates

2008 ◽  
Vol 22 (2) ◽  
pp. 1-21 ◽  
Author(s):  
Joseph F. Brazel ◽  
Li Dang
Keyword(s):  
Earnings Management ◽  
Financial Markets ◽  
Accounting Information ◽  
Financial Statement ◽  
Release Dates ◽  
Erp Systems ◽  
Publicly Traded ◽  
Absolute Value ◽  
Publicly Traded Companies ◽  
Erp System

ABSTRACT: ERP systems have become the system of choice for the majority of publicly traded companies and have radically changed the way accounting information is processed, prepared, audited, and disseminated. In this study, we examine whether ERP system implementations have affected the extent to which firms manage earnings amounts and release dates. We find, for a sample of ERP adopters, that implementations led to increases in the absolute value of discretionary accruals (i.e., greater earnings management). We also find a positive relationship between the extent of ERP module adoption and the extent of earnings management. With respect to earnings release dates, firms with incentives to increase the timeliness of their release dates experienced a decrease in reporting lag after implementing ERP systems. These results should be of interest to financial statement preparers initially adopting or implementing new versions of ERP applications, auditors serving clients with ERP systems, and regulators overseeing the financial markets and consolidation in the ERP industry.

Whistling fast and furious: SEC and CFTC continue to issue awards

2016 ◽  
Vol 17 (3) ◽  
pp. 28-30
Author(s):  
Mark Srere ◽  
Jennifer Mammen
Keyword(s):  
Design Methodology ◽  
Securities And Exchange Commission ◽  
Lessons Learned ◽  
Publicly Traded ◽  
Futures Trading ◽  
Content Type ◽  
Publicly Traded Companies ◽  
Compliance Programs ◽  
Commodity Futures Trading Commission ◽  
Practical Implications

Purpose To analyze the recent Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC) whistleblower awards and to evaluate what issues may be important for in-house counsel in the future. Design/methodology/approach The article discusses the most recent whistleblower settlements and focuses on lessons learned for compliance. Findings The SEC continues to publicize substantial whistleblower awards in an effort to attract additional whistleblowers and gather information that may lead to successful enforcement actions. In addition, the CFTC, whose corresponding Whistleblower Program has been slow to issue awards has announced that it is ramping up its program. Practical implications Companies should ensure that they have vigorous compliance programs in place to prevent and detect potential securities violations and to respond immediately in order to mitigate penalties that may result from inadvertent violations. Originality/value This article identifies recent awards issued under Whistleblower Programs created under the Dodd-Frank Act and should be of interest to publicly traded companies and all entities regulated by the SEC and CFTC that may be targeted by potential whistleblowers.

Boards of directors in Russian publicly traded companies: the gender aspect

2018 ◽  
pp. 142-155 ◽  
Author(s):  
T. A. Garanina ◽  
A. A. Muravyev
Keyword(s):  
Boards Of Directors ◽  
Company Performance ◽  
Corporate Boards ◽  
Publicly Traded ◽  
Publicly Traded Companies ◽  
Representation Of Women ◽  
Female Directors ◽  
Female Director ◽  
Gender Aspect ◽  
Longitudinal Dataset

This article studies the gender composition of corporate boards of Russian companies, including its relation to company performance. The analysis is based on a unique longitudinal dataset of virtually all Russian companies whose shares were traded on the stock market in 1998-2014. It shows a relatively small representation of women, just 12% of all the seats, while about 40% of the companies did not have any female director. At the same time, both the share of companies that appoint female directors and the share of female directors on boards show a clear upward trend. The econometric analysis suggests a positive link between the presence of female directors on boards and company performance, especially when firms appoint several, rather than one, female directors.

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