Practice examining iXBRL financial statements to identify use of extension taxonomies.

REQUIRED

a. Access the iXBRL reports from the SEC for two companies in the same industry (your instructor may specifically assign companies and industries or leave the choice to you—the key is that companies must be in the same industry). Use the SEC’s iXBRL viewer (or another iXBRL viewer of your choice) to explore  iXBRL. Consolidated Statement of Income for each company, and submit a document that completes the following table

b. Attach screenshots of all iXBRL elements that use an extension taxonomy.

c. How do you explain any differences you find between the two companies? For example, given that they are in the same industry why do you think one company created a special extension taxonomy for one or more elements but the other company did not and instead used the standard U.S. GAPP taxonomy?

Transcribed Image Text:

Number of iXBRL elements in the Consolidated Statement of Income based on a standard taxonomy (US GAPP, IFRS, etc.) Number of iXBRL elements in the Consolidated Statement of Income based on an extension taxonomy Name of Company 1 Name of Company 2