Data Communiqué -DocuBuilder

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Extensible Business Reporting Language (XBRL)

What is XBRL?
Extensible Business Reporting Language (XBRL) is a data format designed to facilitate the reporting of financial data. It allows users to prepare, exchange, analyze and publish financial documents in a common format, regardless of the systems used in processing that data. XBRL is a member of the Extensible Markup Language (XML) family, which is a global standard for the electronic exchange of data over the internet.

How does XBRL work?
Historically, financial data was distributed in various traditional, predefined formats. While effective, such methodology did not allow for the dynamic requirements needed in order to handle all of the details contained in financial data. To remedy this, XML was created with the ability to “tag,” or mark, specific data elements with attributes to describe their behavior. XBRL is a specialized dialect of XML, designed to define sets of attributes that allow for the flexibility required to properly disseminate data.

How will the mutual funds industry benefit from XBRL?

•	Automation: Financial institutions can redirect their resources and workforce to the analysis and validation of data, instead of spending time on lengthy manual processes and data reentry.
•	Accuracy: Data is entered and tagged only once; therefore, the information retains its integrity during the process of retrieval, sharing, analyzing and publishing. The process is efficient, accurate and operates on a compressed schedule.
•	Consistency: XBRL is standards-based so that it can be used by any organization.
•	Auditability: Standardization allows for less subjectivity in data, thereby reducing the time required to audit data.

What does the SEC require?
At this time, the SEC does not require financial statements to be filed in XBRL; however, they have a Voluntary Filing Program and encourage companies to participate by filing their annual reports. In January, the ICI released the draft taxonomies covering the Risk/Return summaries of mutual fund prospectuses for a 45-day public review and comment.

On February 6, the SEC released a proposed rule amendment to expand its voluntary pilot program to mutual funds. Participant mutual fund companies will be able to file samples of the tagged Risk/Return summary of the prospectus, and have access to flexible filing deadlines. For more information on this program, please visit http://www.sec.gov/spotlight/xbrl.htm.

On June 20, the SEC ruled to extend their voluntary reporting program to allow mutual funds to voluntarily submit supplemental tagged information contained in the risk/return summary section of their prospectuses. Mutual funds choosing to participate in this filing program must still continue to file their information in HTML or ASCII format, per current requirements. The effective date of this change is August 20.

How does Data Communiqué utilize XBRL?
DocuBuilder is an XML-based system and fully-compatible with SEC requirements for the Voluntary Filing Program. When developing DocuBuilder, we recognized the need to keep source tagging with the data provided; therefore, we designed DocuBuilder as a flexible application, maintaining the integrity of source data throughout the process. When the Investment Company Institute’s (ICI) XBRL Working Group finalizes the taxonomy (mapping of the data tags) for risk and return summaries, DocuBuilder will be ready to yield an XBRL compliant file in addition to all of its other outputs.

For more information, please contact Chief Technology Officer Rick Plotka at 201.508.6020.