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Category: Web technologies & information standards (Page 22 of 58)

Here we include topics related to information exchange standards, markup languages, supporting technologies, and industry applications.

The Day Lynn Turner Stopped My XBRL Speech

Lynn Turner, the outspoken and former SEC chief accountant under Arthur Levitt, is again in the news straight talking about what is wrong in the world of accounting.  His straight talk has earned him a reputation as a beacon for clear financial reporting and no non-sense.  I had the pleasure of meeting Mr. Turner in 2002 while speaking as a conference at the University of Northern Colorado.  My topic, XBRL, was very new to the entire audience except for Lynn.  Then something completely unexpected happened.

In the middle of my talk, Lynn raised his hand like traffic cop and said “Stop”.
The next few words surprised me and stuck with me to this day.  Lynn said, “Neal, I’m a believer and supporter of XBRL.  In fact, I wrote the speech for Arthur Levitt when he mentioned XBRL back in 2000.  But please promise me that whenever you speak in public about XBRL remind people that you must get the accounting right first.”

When the shock of being stopped in mid-sentence by the former SEC chief accountant wore off, I thanked Lynn for his comments and continued with my talk.  Later, as I reflected upon what Mr. Turner had said, the idea of putting accounting first began to resonate.  You see, XBRL is a unique new way to tell the world about the accounting choices your company has made.  Each line item and soon, each numerical value in the footnotes to financial statements will carry additional information about the label, definition and authoritative reference associated with each value.  Never before has the accounting behind the numbers been so exposed.

Getting the accounting right will be a process that will evolve over time.  For example, I do not expect the newly released 2009 Us GAAP taxonomy to be perfect.  Each individual line will require careful review by the management team during the time-compressed close to file cycle.  Review processes will be tested and tweeked as the XBRL becomes a critical part of the correctness and timliness of the corporate SEC filing.

Problems are also likely to surface from outside filing companies.  The taxonomy will be “stress tested’ when over 500 first phase filings begin this June.  I expect to hear reports of missing elements and errors in the taxonomy.  We will also hear about cases where the use of the XBRL taxonomy exposes interesting things about corporate accounting that might not be right.  As Lynn Turner admonished over seven years ago, companies need to get the accounting right first, then correctly tag the results in XBRL.

W3C Announces Update to CSS 2.1 Candidate Recommendation

The World Wide Web Consortium (W3C) Cascading Style Sheets (CSS) Working Group updated the Candidate Recommendation of “Cascading Style Sheets Level 2 Revision 1 (CSS 2.1) Specification.” CSS 2.1 is a style sheet language that allows authors and users to attach style (e.g., fonts and spacing) to structured documents (e.g., HTML documents and XML applications). CSS 2.1 corrects a few errors in CSS2 (the most important being a new definition of the height/width of absolutely positioned elements, more influence for HTML’s “style” attribute and a new calculation of the ‘clip’ property), and adds a few highly requested features which have already been widely implemented. But most of all CSS 2.1 represents a “snapshot” of CSS usage: it consists of all CSS features that are implemented interoperably. This draft incorporates errata resulting from implementation experience since the previous publication. http://www.w3.org/Style/

W3C HTML Working Group Publishes Working Draft of HTML 5

The World Wide Web Consortium (W3C) HTML Working Group has published a Working Draft of “HTML 5.” HTML 5 adds to the language of the Web features to help Web application authors, new elements based on research into prevailing authoring practices, and clear conformance criteria for user agents in an effort to improve interoperability. This particular draft specifies how authors can embed SVG in non-XML text/html content, and how browsers and other UAs should handle such embedded SVG content. See also the news about moving some parts of HTML 5 to individual drafts. The ” full list of changes” since the previous draft are listed in the updated companion document “HTML 5 differences from HTML 4.” http://www.w3.org/html/wg/

W3C Publishes New Working Drafts for OWL 2 – Last Call

The W3C OWL Working Group has published new Working Drafts for OWL 2, a language for building Semantic Web ontologies. An ontology is a set of terms that a particular community finds useful for organizing data (e.g., for data about a book, useful terms include “title” and “author”). OWL 2 (a compatible extension of “OWL 1″ ) consists of 13 documents (7 technical, 4 instructional, and 2 group Notes). For descriptions and links to all the documents, see the ” OWL 2 Documentation Roadmap.” This is a “Last Call” for the technical materials and is an opportunity for the community to confirm that these documents satisfy requirements for an ontology language. This is a second Last Call for six of the documents, but because the changes since the first Last Call are limited in scope, the review period lasts only 21 days. For an introduction to OWL 2, see the four instructional documents: an “overview,” “primer,” “list of new features,” and “quick reference.” http://www.w3.org/2007/OWL, http://www.w3.org/TR/2009/WD-owl2-new-features-20090421/

SEC Issues Summarized XBRL Guidance

The SEC has posted newly summarized XBRL compliance information on their website (http://www.sec.gov/info/smallbus/secg/interactivedata-secg.htm ). The guidance is directed towards small businesses but contains a concise description of the program for all companies. Information covers: the three year phase-in period, certification requirements, third-party involvement, Modified liability, consequences of non-compliance, web posting, grace periods, due dates, applicable financial statements, required formats, optional early compliance, and other helpful resources.

The information is not meant to replace the rules as published in the EDGAR Filing Manual (Chapter 6, Interactive Data), located here: http://www.sec.gov/rules/final/2009/33-9002.pdf.

The bottom line is that each company will be responsible for the content in their SEC XBRL filings and should become very familiar with all reporting requirements. http://www.sec.gov/info/smallbus/secg/interactivedata-secg.htm is an excellent place for companies large and small to begin to explore the SEC’s XBRL mandate.

Quark Teams with IBM Enterprise Content Management to Bring XML and DITA to the Masses

Quark announced that it has teamed with IBM Enterprise Content Management (ECM) to enable the broad adoption of XML across the enterprise by integrating Quark XML Author with IBM FileNet Content Manager. Quark makes it possible for any IBM FileNet Content Manager user working in Microsoft Word to author intelligent content that can be reused and delivered to multiple channels or formats. The ability to author, manage, and reuse structured content enables critical business needs, such as managing intellectual property, complying with regulatory mandates, and automating business processes. A simple and streamlined process for XML authoring also helps organizations to enable enterprise-wide adoption of XML and DITA. Quark XML Author for Microsoft Word is an XML authoring tool that allows users to create XML content in a familiar word processing environment. Quark XML Author enhances Microsoft Word’s native XML support by allowing users to create narrative XML documents directly, without seeing tags, being constrained to boxes, or being aware of the technical complexities associated with XML. http://www.quark.com/

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