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Taxonomies as part of redesign of SEC's EDGAR

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  • Kathleen.a.ellis@att.net
    This messasge came from the Ontolog list. The link takes you to an article about the modernization of SEC s EDGAR (Electronic Data Gathering Analysis and
    Message 1 of 7 , Oct 22, 2006
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      This messasge came from the Ontolog list. The link takes you to an article about the modernization of SEC's EDGAR (Electronic Data Gathering Analysis and Retrieval) system. The second contract (for $5.5 million) will be used to write the necessary taxonomies. The taxonomies will be tailored to individual industries.

       

      >Helpful mention of the role high quality taxonomies play in domain efficacy:

      >http://www.infotoday.com/newsbreaks/nb061016-2.shtml

      >Ed Dodds

      >Conmergence

      >facilitating convergencies

    • bill_hutchison_bath
      Interesting to see this development. But mainstream taxonomists beware, these are XBRL taxonomies. Just about the only feature they share with the taxonomies
      Message 2 of 7 , Oct 23, 2006
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        Interesting to see this development. But "mainstream" taxonomists
        beware, these are XBRL taxonomies. Just about the only feature they
        share with the taxonomies we work with are the name!

        Bill

        --- In TaxoCoP@yahoogroups.com, Kathleen.a.ellis@... wrote:
        >
        > This messasge came from the Ontolog list. The link takes you to an
        article about the modernization of SEC's EDGAR (Electronic Data
        Gathering Analysis and Retrieval) system. The second contract (for
        $5.5 million) will be used to write the necessary taxonomies. The
        taxonomies will be tailored to individual industries.
        >
        > >Helpful mention of the role high quality taxonomies play in domain
        efficacy:
        > >http://www.infotoday.com/newsbreaks/nb061016-2.shtml
        > >Ed Dodds
        > >Conmergence
        > >facilitating convergencies
        >
      • Seth Earley
        I took a look at the site. Can you say more about that and about the organization? Seth _____ From: TaxoCoP@yahoogroups.com [mailto:TaxoCoP@yahoogroups.com]
        Message 3 of 7 , Oct 23, 2006
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          I took a look at the site.  Can you say more about that and about the organization? 

           

          Seth
                  

          From: TaxoCoP@yahoogroups.com [mailto: TaxoCoP@yahoogroups.com ] On Behalf Of bill_hutchison_bath
          Sent: Monday, October 23, 2006 6:22 AM
          To: TaxoCoP@yahoogroups.com
          Subject: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR

           

          Interesting to see this development. But "mainstream" taxonomists
          beware, these are XBRL taxonomies. Just about the only feature they
          share with the taxonomies we work with are the name!

          Bill

          --- In TaxoCoP@yahoogroups .com, Kathleen.a.ellis@ ... wrote:

          >
          > This messasge came from the Ontolog list. The link takes you to an
          article about the modernization of SEC's EDGAR (Electronic Data
          Gathering Analysis and Retrieval) system. The second contract (for
          $5.5 million) will be used to write the necessary taxonomies. The
          taxonomies will be tailored to individual industries.
          >
          > >Helpful mention of the role high quality taxonomies play in domain
          efficacy:
          > >http://www.infotoda y.com/newsbreaks /nb061016- 2.shtml
          > >Ed Dodds
          > >Conmergence
          > >facilitating convergencies
          >

        • bill_hutchison_bath
          Sure, I can comment in general terms. An XBRL taxonomy is a kind of template, in XML, representing a financial document. For example, you would use an XBRL
          Message 4 of 7 , Oct 25, 2006
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            Sure, I can comment in general terms.

            An XBRL taxonomy is a kind of template, in XML, representing a
            financial document. For example, you would use an XBRL taxonomy to
            represent a balance sheet, or a profit and loss account. An element in
            the balance sheet might be "Current assets". "Current assets" would be
            linked to two other elements "Cash at bank and in hand" and "Debtors"
            by a special "summation" relationship.

            The vision of the SEC and some other financial regulators around the
            world, is that the (principally) financial information that firms
            submit to regulators be presented in XBRL taxonomies. If all firms
            have to use the same taxonomy (template), then they will all have to
            submit the same information in the same form. This will lead to
            increased transparency and reduced cost of processing.

            Needless to say, the regulatory filings and publicly released
            financial statements of firms vary from one industry to another. For
            example, an oil company may state its reserves and a bank its lending
            exposure to a given sector.

            Therefore, industry specific XBRL taxonomies are required, to act as
            the templates that firms will use to submit regulatory filings.

            XBRL was invented and specified by the major accounting firms,
            especially PwC and KPMG. Our community borrowed the taxonomy term from
            the Linnaeans and subtly modified it. In borrowing it once again, the
            financial engineers have made some rather more dramatic changes.

            Bill


            In other words, an XBRL taxonomy is a kind of templ--- In
            TaxoCoP@yahoogroups.com, "Seth Earley" <seth@...> wrote:
            >
            > I took a look at the site. Can you say more about that and about the
            > organization?
            >
            >
            >
            > Seth
            >
            > _____
            >
            >
            > From: TaxoCoP@yahoogroups.com [mailto:TaxoCoP@yahoogroups.com] On
            Behalf Of
            > bill_hutchison_bath
            > Sent: Monday, October 23, 2006 6:22 AM
            > To: TaxoCoP@yahoogroups.com
            > Subject: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR
            >
            >
            >
            > Interesting to see this development. But "mainstream" taxonomists
            > beware, these are XBRL taxonomies. Just about the only feature they
            > share with the taxonomies we work with are the name!
            >
            > Bill
            >
            > --- In TaxoCoP@yahoogroups <mailto:TaxoCoP%40yahoogroups.com> .com,
            > Kathleen.a.ellis@ wrote:
            > >
            > > This messasge came from the Ontolog list. The link takes you to an
            > article about the modernization of SEC's EDGAR (Electronic Data
            > Gathering Analysis and Retrieval) system. The second contract (for
            > $5.5 million) will be used to write the necessary taxonomies. The
            > taxonomies will be tailored to individual industries.
            > >
            > > >Helpful mention of the role high quality taxonomies play in domain
            > efficacy:
            > > >http://www.infotoda
            > <http://www.infotoday.com/newsbreaks/nb061016-2.shtml>
            > y.com/newsbreaks/nb061016-2.shtml
            > > >Ed Dodds
            > > >Conmergence
            > > >facilitating convergencies
            > >
            >
          • Kathleen.a.ellis@att.net
            Seth, I don t know anything about the organization or the format but found a simple explanation of XBRL on wikipedia. http://en.wikipedia.org/wiki/XBRL . The
            Message 5 of 7 , Oct 25, 2006
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              Seth,

               

              I don't know anything about the organization or the format but found a simple explanation of XBRL on wikipedia. http://en.wikipedia.org/wiki/XBRL . The article mentions a standardization of metadata and taxonomies "to define and exchange business and financial performance information."  There is also a white paper at http://www.xbrl.org/us/us/FFIEC%20White%20Paper%2002Feb2006.pdf .

               

              Do you think that this sounds very different from what mainstream taxonomists do?

               

              Kathy

              -------------- Original message from "Seth Earley" <seth@...>: --------------

              I took a look at the site.  Can you say more about that and about the organization? 

              Seth
                      

              From: TaxoCoP@yahoogroups .com [mailto: TaxoCoP@yahoogroups .com ] On Behalf Of bill_hutchison_ bath
              Sent: Monday, October 23, 2006 6:22 AM
              To: TaxoCoP@yahoogroups .com
              Subject: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR

              Interesting to see this development. But "mainstream" taxonomists
              beware, these are XBRL taxonomies. Just about the only feature they
              share with the taxonomies we work with are the name!

              Bill

              --- In TaxoCoP@yahoogroups .com, Kathleen.a.ellis@ ... wrote:
              >
              > This messasge came from the Ontolog list. The link takes you to an
              article about the modernization of SEC's EDGAR (Electronic Data
              Gathering Analysis and Retrieval) system. The second contract (for
              $5.5 million) will be used to write the necessary taxonomies. The
              taxonomies will be tailored to individual industries.
              >
              > >Helpful mention of the role high quality taxonomies play in domain
              efficacy:
              > >http://www.infotoda y.com/newsbreaks /nb061016- 2.shtml
              & gt; >Ed Dodds
              > >Conmergence
              > >facilitating convergencies
              >

            • Kevin Hannon
              This standard has been developing. There is an individual within PriceWaterhouse who has been acting as an advocate for this for the past three years. It is
              Message 6 of 7 , Oct 26, 2006
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                This standard has been developing. There is an individual within PriceWaterhouse who has been acting as an advocate for this for the past three years.
                 
                It is specific to the banking and finance industry.
                 
                As far as any difference to what mainstream taxonomists do, this gentleman at PriceWaterhouse might be a good person to pose that question to. If you would like his contact information, I can provide that off line.
                 
                Kevin Hannon
                Principal and Founder
                InfoCurators, LLC
                201-913-8108
                khannon@...
                www.infocurators.com
                 
                ----- Original Message -----
                Sent: Wednesday, October 25, 2006 9:20 AM
                Subject: RE: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR

                Seth,

                 

                I don't know anything about the organization or the format but found a simple explanation of XBRL on wikipedia. http://en.wikipedia .org/wiki/ XBRL . The article mentions a standardization of metadata and taxonomies "to define and exchange business and financial performance information. "  There is also a white paper at http://www.xbrl. org/us/us/ FFIEC%20White% 20Paper%2002Feb2 006.pdf .

                 

                Do you think that this sounds very different from what mainstream taxonomists do?

                 

                Kathy

                ------------ -- Original message from "Seth Earley" <seth@earley. com>: ------------ --

                I took a look at the site.  Can you say more about that and about the organization? 

                Seth
                        

                From: TaxoCoP@yahoogroups .com [mailto: TaxoCoP@yahoogroups .com ] On Behalf Of bill_hutchison_ bath
                Sent: Monday, October 23, 2006 6:22 AM
                To: TaxoCoP@yahoogroups .com
                Subject: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR

                Interesting to see this development. But "mainstream" taxonomists
                beware, these are XBRL taxonomies. Just about the only feature they
                share with the taxonomies we work with are the name!

                Bill

                --- In TaxoCoP@yahoogroups .com, Kathleen.a.ellis@ ... wrote:
                >
                > This messasge came from the Ontolog list. The link takes you to an
                article about the modernization of SEC's EDGAR (Electronic Data
                Gathering Analysis and Retrieval) system. The second contract (for
                $5.5 million) will be used to write the necessary taxonomies. The
                taxonomies will be tailored to individual industries.
                >
                > >Helpful mention of the role high quality taxonomies play in domain
                efficacy:
                > >http://www.infotoda y.com/newsbreaks /nb061016- 2.shtml
                gt; >Ed Dodds
                > >Conmergence
                > >facilitating convergencies
                >

              • Janice M Herd
                Yes, please provide the contact information. Jan Herd Business Reference Librarian Science, Technology & Business Division The Library of Congress Washington,
                Message 7 of 7 , Oct 30, 2006
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                  Yes, please provide the contact information.


                  Jan Herd
                  Business Reference Librarian
                  Science, Technology & Business Division
                  The Library of Congress
                  Washington, D.C. 20540
                  Tel. 202 707-1216
                  Fax 202 707-1925

                  >>> khannon@... 10/26/06 11:47:37 AM >>>
                  This standard has been developing. There is an individual within PriceWaterhouse who has been acting as an advocate for this for the past three years.

                  It is specific to the banking and finance industry.

                  As far as any difference to what mainstream taxonomists do, this gentleman at PriceWaterhouse might be a good person to pose that question to. If you would like his contact information, I can provide that off line.

                  Kevin Hannon
                  Principal and Founder
                  InfoCurators, LLC
                  201-913-8108
                  khannon@...
                  www.infocurators.com

                  ----- Original Message -----
                  From: Kathleen.a.ellis@...
                  To: TaxoCoP@yahoogroups.com
                  Sent: Wednesday, October 25, 2006 9:20 AM
                  Subject: RE: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR



                  Seth,



                  I don't know anything about the organization or the format but found a simple explanation of XBRL on wikipedia. http://en.wikipedia.org/wiki/XBRL . The article mentions a standardization of metadata and taxonomies "to define and exchange business and financial performance information." There is also a white paper at http://www.xbrl.org/us/us/FFIEC%20White%20Paper%2002Feb2006.pdf .



                  Do you think that this sounds very different from what mainstream taxonomists do?



                  Kathy

                  -------------- Original message from "Seth Earley" <seth@...>: --------------



                  I took a look at the site. Can you say more about that and about the organization?


                  Seth
                  ----------------------------------------------------------------------------

                  From: TaxoCoP@yahoogroups.com [mailto:TaxoCoP@yahoogroups.com] On Behalf Of bill_hutchison_bath
                  Sent: Monday, October 23, 2006 6:22 AM
                  To: TaxoCoP@yahoogroups.com
                  Subject: [TaxoCoP] Re: Taxonomies as part of redesign of SEC's EDGAR


                  Interesting to see this development. But "mainstream" taxonomists
                  beware, these are XBRL taxonomies. Just about the only feature they
                  share with the taxonomies we work with are the name!

                  Bill

                  --- In TaxoCoP@yahoogroups.com, Kathleen.a.ellis@... wrote:
                  >
                  > This messasge came from the Ontolog list. The link takes you to an
                  article about the modernization of SEC's EDGAR (Electronic Data
                  Gathering Analysis and Retrieval) system. The second contract (for
                  $5.5 million) will be used to write the necessary taxonomies. The
                  taxonomies will be tailored to individual industries.
                  >
                  > >Helpful mention of the role high quality taxonomies play in domain
                  efficacy:
                  > >http://www.infotoday.com/newsbreaks/nb061016-2.shtml
                  gt; >Ed Dodds
                  > >Conmergence
                  > >facilitating convergencies
                  >
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