Analysis of Financial Data
May 15, 2012
This presentation has been prepared to help constituents understand the
current status of projects of the FASB. The views expressed in this
presentation are those of the presenter. Official positions of the FASB and
the IASB are reached only after extensive due process and deliberations.
Analysis of Financial Data
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Current State – XBRL
 Number of companies filed
– Almost 10,000
 Number of filings
– Over 33,000
 Fact values reported
– 18 million facts
 All (except for filers using IFRS) will be detail tagging
with June 2012 filing
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XBRL Data Consumption
 Various tools for analysis
 Use of data – internal (filer)
− Peer group comparisons
− Acquisition targets
− Company trends
 Use of data – external
− Buy/sell decisions
− Data collection
− Research
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Consistency Suite
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Consistency Suite
 Consistency Suite (C Suite) is an XBRL database of
SEC-submitted filings, maintained by XBRL US
 Updated shortly after each filing is submitted to the SEC
 Free tool for use for anyone with a FAF, FASB or GASB
email account
 Site Address:
- http://xbrl.us/research/pages/Csuite.aspx
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Tools for Analysis
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XBRL Data
Example 1 - XBRL US Tool
2010 filings - Debt by SIC Code
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XBRL Data
Example 1 – XBRL US Tool
2011 filings - Debt by SIC Code
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XBRL Data
Example 1 - XBRL US Tool
Data for financial sector further disaggregated
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XBRL Data
Example 2 - XBRL US Tool
 2010 filings - Revenue for retail trade sector
 Wal-Mart has $408,085,000,000 of the $1,894,815,271,079 total for retail trade (22%)
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XBRL Data
Example 2 - XBRL US Tool
 2011 filings - Revenue for retail sector, total revenue for sector increased 6% over
prior year
 Wal-Mart has $421,849,000,000 of the $2,023,911,506,915 total for retail trade
(21%), increased 3% over prior year
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XBRL to XL
Example 3
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XBRL to XL
Example 3
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XBRL to XL
Example 3
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Calcbench
Example 4
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Issue: Expected Return on Pension
Assets
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US GAAP Codification
 715-20-50-1(k)(3)
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Link to the UGT
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Getting to the US GAAP Taxonomy (UGT)
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Getting to the UGT
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Getting to the UGT
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Searching the UGT
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Navigating the UGT
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Key: Element Name
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Log in
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Run Query
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Results Exported to Excel
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Results - Table
2008
2009
2010
2011
2012
Average
7.74%
7.49%
7.34%
7.08%
7.23%
Median
8.00%
8.00%
7.75%
7.50%
7.50%
Mode
8.00%
8.00%
8.00%
8.00%
7.50%
Max
12.30%
12.30%
15.00%
14.25%
9.20%
Min
2.50%
1.40%
0.40%
0.24%
3.00%
379
1126
1309
1288
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Count
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Fair Value Option
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Fair Value Option
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If You Click on the Element in the Cod:
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Highlight the Element Name & Copy
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Search for element in the UGT
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Returns Element
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C Suite Search Results
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Standard Setting Considerations
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Transforming Financial Reporting
 We are in a paradigm shift from print/PDF to
electronic data, but …
- The “narrative” is still grounded in presentation
- Many still use print statements
- Many requirements are set in SEC Rules
 Our aim is to shift the narrative more towards
electronic data to better anticipate change
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XBRL changes the geography question
 Three key dimensions
- Presentation
- Relationships, disaggregation, recognition
- Metadata/attributes
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Revenue Recognition (Topic 605)
Proposed Accounting Standards Update (Revised)
69. Upon initial recognition of the receivable, any
difference between the measurement of the receivable
in accordance with Topic 310 and the corresponding
amount of revenue recognized shall be presented in
profit or loss as a separate line item adjacent to the
revenue line item. If the contract does not have a
significant financing component in accordance with
paragraph 58, an entity shall present any impairment
of the receivable (or change in the measurement of an
impairment) in profit or loss as a separate line item
adjacent to the revenue line item.
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OCI - Potential Classification Models








Degree of Persistence
Core / Non-core
Management Control (Stewardship)
Remeasurements
Degree of Measurement Uncertainty
Time Horizon until Realization
Operating v. Investing & Financing
Other?
Instead of classifying, could we
just provide the attributes?
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Disclosure Framework
 Organization, Formatting, and Style
The Board indicated that a Discussion Paper would
present a number of ways that a reporting entity could
organize information within the notes to the financial
statements. Organization of information would not only
apply to the ordering of individual notes but also to the
information within each note.
The Discussion Paper also would provide ideas
pertaining to the formatting and style of information in
the notes with the intent of establishing clear
communication of the information that an entity
provides.
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Organization and Formatting
 The project will include ways reporting entities
can improve the organization and formatting of
their disclosures
 Organization would not only apply to the order
of the notes but to the order of the information
within the notes
 Discussion paper will include guidance
pertaining to:
• Referencing/cross-referencing
• Use of headings and tables
• Entity specific disclosures
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Taking advantage of XBRL
 Encourage tabular disclosures over
narrative
 Deemphasize presentation centric view
 Identify key attributes that should be
disclosed and consider how we can shape
the outcome using XBRL
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Final thoughts
 A song on iTunes is to an ‘album’ what cash is
to assets.
 If people no longer buy albums and only buy the
songs, what does that mean for assets?
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www.everythingismiscellaneous.com
 “David Weinberger attacks the
complexity of the real world, not
by making it simple, but by
making it clear. Once he explains
how things can be in more than
one place at a time-and make
sense-you’ll never look at a
humble bookshelf or store shelf
the same way again.”
-- Esther Dyson, author of
Release 2.0
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Questions
?
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