XBRL GROUP GRADED ASSIGNMENT (10%)
The CFO is expecting that soon Ramsey will be required to file interactive financial statements with the SEC. The CFO wants your team to practice XBRL tagging to learn more about it, and to test a product called SmartXbrl. You are going to do this using a sample company called, Boson Clothes, Inc.
You have two weeks (Sessions 10 and 11) to complete the following tasks:
Part A: Map the company's balance sheet and income statement that appear in the attached spreadsheet by going to the 2012 US GAAP Financial Reporting Taxonomy to view the taxonomy, selecting the appropriate linkbase, and cutting and pasting the correct tag into the Excel spreadsheet. For this initial set of statements no extensions should be required, but if you feel some are needed, feel free to create them.
Note: For the purposes of this exercise, I would pull headings from the presentation linkbase, items under the headings from the presentation linkbase, and subtotals and totals from the calculation linkbase. In many reports in the real world, you will find multiple linkbase references for any XBRL item. We're keeping it simple.
Everyone should claim some part of the financials to map and document in your group and in the final submissions indicate who did what.
Part B: Transfer the financial statements into the XBRL Word Doc Template provided by SmartXbrl (attached in this conference). When you open the template, be sure to read my comment in red.
Demo the SmartXbrl software by following that attached directions for establishing a demo account. Document your journey with screen shots placed in a Word doc.
For both Parts A and B, upload a copy of your group's final submission to your individual Assignment folder by the end of Session 11.
The presentation linkbase carries instructions about the order in which items (concepts and values in XBRL terms) typically appear in published financial statements. Parent elements are the header element for their children and are predominantly abstract elements. In our homework, Cash & Cash Equivalents, Short term Investments, Merchandise Inventory and Other Current Assets are children of ASSETS, which is a label and therefore an abstract element. Its tag can be pulled from the presentation linkbase of the taxonomy. We typically do not perform mathematical calculations on presentation items.
Remember, the calculation linkbase relates XBRL concepts through the application of basic calculation rules (e.g., A + B = C). It sets up additive calculation relationships for between numeric items expressed as parent-child hierarchies. In our example, it would tell us that the sum of Cash & Cash Equivalents, Short term Investments, Merchandise Inventory and Other Current Assets equals Total Current Assets.