How does XBRL Work?
The following graphical representation illustrates the basics of how XBRL works:
Explanations of the various components are as follows:
- Instance Document. The instance document is the XBRL document that contains the tagged data. This is the document that is used by XBRL-enabled software for rendering, analysis or other purposes. The instance document is dependent on the underlying taxonomy, which establishes the structure and applies context to the business data.
- Taxonomy. The taxonomy is a set of XBRL documents that define the structure, context and relationships among the data. The taxonomy is often referred to as the dictionary of tags used to create the instance document. A taxonomy consists of at least a schema document and any related linkbase documents.
- Schema. The schema establishes the actual tag elements and defines what contextual “meta data” will be included in the tag. For example, in the schema document, tags are designed to allow users to specify the following information:
- Data type (i.e. monetary, date, etc.)
- Balance (debit, credit)
- Period type (an instant in time or a duration of time)
- Currency (US dollars, Yen, Euro, etc.)
- Linkbase. The linkbases establish the relationships between data elements. There are five general linkbases.
- Presentation – for example, cash is presented as an element under current assets, which is presented as an element of assets on the statement of financial position.
- Calculation – for example, assets = liabilities + equity.
- Definition – a narrative explanation that helps the user or preparer differentiate an element from other elements in the financial statement.
- Label – for instance, "cash and cash equivalents".
- Reference – a citation from authoritative literature or other supporting information.
Software tools, such as the SEC's Interactive Data Viewer, use linkbases to turn stagnant paper-based documents into interactive data.
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