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XBRL at Morningstar

XBRL at Morningstar. Yi Wang CTO, Data Services Ivy Li Director, Equity Data Collection. About Morningstar. Founded in 1984 Provider of investment research information Office in 22 countries 2500 employees globally Core competence: Research, Design and Technology

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XBRL at Morningstar

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  1. XBRL at Morningstar Yi Wang CTO, Data Services Ivy Li Director, Equity Data Collection

  2. About Morningstar • Founded in 1984 • Provider of investment research information • Office in 22 countries • 2500 employees globally • Core competence: Research, Design and Technology • Morningstar in Asia • Back offices in China, India and Thailand • Joint venture in Japan, Korea • Hong Kong, Taiwan and Singapore

  3. Overview – Our Experience • XML based data infrastructure • Adoption of XML in Morningstar.com since early 1998 • Company-wide adoption since 2002 • XML driven report generation engine • XML data packages • Early participant in ICI working group • Processing XBRL for both fund and equity • Providing software using XBRL data • 10K Wizard • Other products • Benefits we experienced in XBRL/XML • Accuracy • Ability to provide flexible presentations to data • Flexibility in supporting proprietary data extensions • Operational efficiency

  4. Overview – Future Plans • Expand coverage • Corporate actions • Global markets: China, Korea, Japan and many more • Products & Services • Alerting services • Full incorporation of XBRL data in B2B data deliveries • Incorporate methodologies, business rules, templates of data presentation, labeling and multiple language supports into various taxonomies • The role we can play for XBRL

  5. What we do with XBRL

  6. What we do with XBRL • Parsing • US GAAP • US Mutual Fund Risk & Return • China: Shanghai Stock Exchange and Shenzhen Stock Exchange • Japan: FSA, Tokyo Stock Exchange • Korea: Kosdaq • Analyzing • Business rules to normalize parsed data • Data analysts check data quality and consistency • Client solutions • Directly presenting the data at real-time with full text searching capability • Power Morningstar products

  7. Product XBRL Adoption: 10K Wizard • Our initiative started when SEC began proposing initial specifications • We database all tagged items, making them available for searching and alerting • We incorporate all the XBRL into our search engine, making them fully searchable along with other text and meta data • Technical development – in products: • Incorporating content into our platform; • Display and download of raw XBRL from filings LINK; • Development of our own viewer, allowing viewing and downloading of XBRL in a more traditional financial statement format LINK; • Technical development – under development: • XBRL alerting • Peer analysis tools as we get a larger critical mass of data from SEC • Full incorporation of XBRL data in our B2B API • Inclusion of other XBRL content; i.e., other countries and agencies

  8. Challenges • Data quality issues by filer • Incorrect values • XBRL formatting errors • Differences between data in traditional text filing and XBRL filing • Manual consolidation • Keeping up with taxonomy revisions • Changes to collection and storage system • Maintain consistent history • Different taxonomies around the world • Balancing scalability and flexibility

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