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CHAIRMAN’S REPORT

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L International, Inc

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https://www.xbrl.org

Join U

s!

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4Acceleration

• Significant developments– ESMA announcement – Convergence to Inline XBRL format– Expansion of Financial Regulators use of XBRL

• Continued efforts in China to harness XBRL for enterprise reporting

• Developments in the Fintech and Regtech areas are key opportunities for XBRL

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5Key priorities for XBRL International

• Simplifying and modernising the Standard• Develop guidance for every aspect of XBRL• Software certification• Trademark protection• Jurisdictional Longevity• Sustaining Partners• Business model

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6Governance - Board Composition

• Many current Board members have to step down in 2018, which we need to address– Replacing Kenneth Yap and Andreas Weller– Replacing other members scheduled to step down during

2018– Extending the term of members due to step down in 2018

(as permitted by the Bylaws)– Appointing new Chairman

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7Finance

• Moderate loss of $48k• Positive impact of Sustaining Partners• Better working capital management• More positive outlook for current year

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8Concluding

• Significant positive trend in our markets• Tremendous opportunities for XBRL• Financial situation stabilising• Still need for business model changes to generate

revenues

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9Thank you!

(And Questions!)

CEO REPORT

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11A remarkable year

FINANCIAL

BUSINESS/TAX

SECURITIES/EXCHANGES

SBR/ BUSINESS / GOVERNMENT

ENTERPRISE

ESG / NON-FINANCIAL

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12A remarkable year

• More, and more ambitious and successful efforts to digitise and harmonise reporting

• More software doing more things for more reporting entities

• Much greater use (and increasingly visible use) by regulators and market participants

• Some milestone announcements

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13Financial

• Expanding and “business as usual” application of XBRL to financial regulation.

• Network effect is having a significant impact.• Financial Services firms increasingly (but

certainly not entirely) aware of utility of the standard.

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14Business/Tax

• Growing use of the standard, including where IFRS adoption is occuring.

• Plenty of additional opportunities including:– Discovery– Consumption– Comparison

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15Securities Regulators

• Initial wave died down in 2011• Digitisation is now key: new wave is

happening over next 2-3 years.• Resolving some complexities is now an

opportunity and an obligation.

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16SBR & Private Sector

• Increasing numbers and intensity of SBR and SBR-like initiatives.

• New private sector and supply chain initiatives, in large part thanks to either existence of well-proven taxonomy or existence of software.

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17Enterprise

• Ongoing efforts in China to develop the building blocks, and the case studies for enterprise standardisation

• Two key things:– Business control of taxonomies– Big data capabilities can expand the utility of

structured data

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18ESG

• ESG, Non Financial Reporting and Non GAAP measures are growing in importance.

• Unlocking this information requires standardisation of terms, digital disclosure mechanisms and discovery mechanisms.

• Significant opportunities for enhancements in these fields.

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19Key message on modernisation

• We can improve what we do• We can expand what we do• We can make the standard more accessible and

more usable• We can expand the way that the standard is

used• Syntax isn’t important. Meaning is.

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20

DON’T PANIC

DON’T RUSH

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212017: Technical & Guidance

• Separate reports coming up.• Most significant year for change in the

standards since 2005.• Lays the groundwork for modernisation.• Preserves our heritage.

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22Inline XBRL and Audit

Cash and equivalents $ 288,783Cash and equivalents $ 288,783Unaudited machine

consumable layer

Audited human readable layer

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• Very positive progress• Engaging with the community to agree roadmap is key next step

Technical

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24Guidance

• Resource constraints a key issue

• Working towards approved accreditation programs

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25Engagement & Operations

• Significant effort around engagement with regulators and policy makers is proving effective.

• We have more to do in terms of communications and education.

• Resource constraints mean we need to rebalance some areas.

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26Financial

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27Governance

• Nominations Committee has worked hard this year!• Resolving the “stagger” a key priority• Board needs to develop succession plan in the short term

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28Of note

• Initial XBRL Certified Software to be announced later today

• Trademark portfolio has grown significantly over last 12 months– Branding opportunities for members– IP protection for the consortium

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29Call 1: To Regulators

• XBRL International is a Public Interest organisation.

• Collaboration lowers administrative burden and improves data quality

• Leverage XBRL International – and its Jurisdictions – to help bring about these improvements

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30Call 2: To Vendors

• XBRL International is a public interest body and a neutral venue for collaboration.

• We encourage you all to ”Think about the Blue Sea, more than the Red Sea”

• We are going into a period of change, which opens up new opportunities for you: collaboration is key.

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31Call 3: To Jurisdictions

• Help Us to Help You• Tell us about key developments• Tell us about key constraints• Tell us more about your health and your plans

FINANCE REPORT

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34FY2017

• Saw dues, overall, more or less maintained – lower jurisdictional dues, higher direct/sustaining partner dues.

• Lower conference outcome in Singapore – mostly because of sponsorship.

• Higher spend on trademarks.• Tight control on expenses.• Incurred an operating deficit of $48K.

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35Notable Variances

Changes 2017 2016 %KEY REVENUE ITEMSConference Net Income $45K $118K -62%Jurisdiction Dues $630K $642K -2%Direct + Sustaining Partner $118K $109K +8%

KEY EXPENSESStaff Costs $621K $639K -3%Meetings & Travel $48K $52K -8%Legal & Accounting $103K $75K +37%

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37Thank you!

• Over last 12 months we completely revamped the way that invoicing and accounts receivable works.

• You have responded very well and this means that our cash position has been healthier than in prior years.

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38Bear in mind:

• Unearned Dues are a liability. At the end of each month 1/12th of unearned dues are debited against prepaid revenues and a credit applied to the revenue account. Timing differences therefore impact the Assets/Liabilities mix throughout the year.

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39Going forward

• Additional Direct/Sustaining Partnership dues are necessary

• Certification arrangements provide useful additional income but are dependent on Guidance development (and themselves require “feed and maintenance.

• New forms of revenue, that don’t compete with membership but that support our purpose are our focus.

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42

LEGAL NOTICES

The information contained in this presentation represents the opinions of the speaker and may not represent the views of XBRL International, the Board of XBRL International or the consensus opinions of the XBRL Standards Board or Best Practices Board. Nothing in this presentation should be taken to be investment advice and all data representations are merely indicative. The reader should note that only XBRL Specifications that have reached Recommendation status are considered final and suitable for use in software and mission critical systems and must then be used in line with the XBRL International License Agreement.

XBRL®, Inline XBRL™, Table Linkbase™ and the XBRL mark are Registered Trademarks or Trademarks of XBRL International Inc in the European Union, United States, China, Japan, India and internationally and may not be used without the permission of XBRL International, Inc including through its Trademark policies and agreements

Copyright © 2001-2016 XBRL International Inc. All rights reserved. No part of this presentation file may be reproduced in any form or by any means without written permission from XBRL International Inc.

MEMBER ASSEMBLY - CIPCxbrl.cipc.co.za/XBRL_Paris_Conference_2017/Member... · 2017-12-12 ·...

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