XBRL at Morningstar

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

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What we do with XBRL
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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