What is XBRL? · XBRL SPAIN GOAL MAIN INICIATIVES LATINOAMERICA APPROACH Banco de Espana 14 •IBM...
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1 1 What is XBRL? October 17, 2007 http://www.xbrl.org Tony Fragnito, CPA CEO, XBRL International [email protected] 2 What is XBRL? eXtensible Business Reporting Language International platform for business reporting An information standard that enhances the quality and Supply chain understanding of a standardized way to communicate business information Provides information with identity and context that can be understood by a range of software applications allowing seamless interface with databases, business reporting systems and spreadsheets Can be used to enhance compliance processes An International Business Information Format Standard
Transcript of What is XBRL? · XBRL SPAIN GOAL MAIN INICIATIVES LATINOAMERICA APPROACH Banco de Espana 14 •IBM...
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What is XBRL?October 17, 2007http://www.xbrl.org
Tony Fragnito, CPACEO, XBRL International
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What is XBRL?eXtensible Business Reporting LanguageInternational platform for business reportingAn information standard that enhances the quality and efficiency of business information for internal and externalconsumersSupply chain understanding of a standardized way to communicate business information Provides information with identity and context that can be understood by a range of software applications allowing seamless interface with databases, business reporting systems and spreadsheetsCan be used to enhance compliance processes
An International Business Information Format Standard
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XBRL Jurisdictions
UKCA
SPUS
AU
NZ
IR
JPKR
BE
VZ
CO
BR
AR
PT
RU
SG
HK
NOSE
PL
FI
IT
CN
IN
LB
CZ
UA
LUIASB
AE
NL
TR
GR
MTCH
FR
SI
HU
AT
Established JurisdictionsProvisional Jurisdictionsin Construction &in Project
DE
DK
ZA
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XBRL International, Inc.independent 501(C)6 non-profit consortium
Develops and maintains the XBRL StandardRecognizes and encourages XBRL best practices (taxonomies and construction)Advocates the benefits of XBRLProvides a framework for further development (roadmap, WGs, collaboration)Facilitates knowledge sharing with members & supports XBRL Jurisdictions
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Validation
Standardization
XBRL – More Than Just Definitions
CalculationCash = Currency +
DepositsFormulas
Cash ≥ 0Contexts
US $FY2004
Budgeted
LabelcashCashEquivalentsAndShortTermInvestments
ReferencesGAAP I.2.(a)Instructions
Ad Hoc disclosures
PresentationCash & Cash Equivalents
XBRLItemXMLItem
XBRLItem
PresentationComptant et Comptant
Equivalents
PresentationGeld & Geld nahe Mittel
PresentationKas en Geldmiddelen
Presentation现金与现金等价物
Presentation現金及び現金等価物
PresentationДеньги и их эквиваленты
PresentationГроші та їх еквіваленти
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Business ReportingProcesses
Access
Validate
Analyze
Publish
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ABRA IFRS Taxonomy Viewer
Official ABRA IFRS Taxonomy Viewer - open source online ABRA viewerLanguages:
PortugueseGerman ItalianJapaneseSpanishDutchbeing prepared: Polish, Hebrew, Hungarian, Arabic etc.
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IFRS-GP Taxonomy
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How do you define convergence?IFRS GAAPLocal Territory GAAPLocal Territory Statutory GAAPLocal Territory StatisticalLocal Territory Tax FederalLocal Territory Tax State & LocalLocal Territory PerformanceOthers?
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Government AgenciesAustralian GovernmentAustralian Tax OfficeCommittee of European Banking Supervisors (CEBS)/COREP Chinese Securities Regulation Commission (CSRC) {sponsoring Shenzen and Shanghai exchanges}Dutch Government Spanish Stock Exchange Commission – 3000 companiesStatistics Dept of IrelandOther
Bank of JapanBundesbankEurostatFinancial Service Agency of JapanThe Irish Revenue
XBRL Regulatory Adoption – some of those publicly announced
Commercial Financial Services and OthersCanadian Securities RegulatorsKOSDAQ – Korea Bank of SpainNational Bank of BelgiumNational Tax Agency of Japan New Zealand ExchangeU.S. Securities & Exchange CommissionShanghai Stock Exchange sShenzhen Exchange Singapore ACRATokyo Stock Exchange UK Companies House UK Inland Revenue/HMRCUS Federal Financial Institutions Examination Council (includes FDIC)
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The Dutch Taxonomy Project http://www.xbrl-ntp.nl/english
“The Dutch government intends to reduce the administrative burden of businesses with 25 percent.”
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II. Taxonomies building and implementation
AECA (Accountants)Corp. Social ResponsibilityRSC
Nat’l Statistics InstituteStructural StatisticsINE
Gov. AccountingPublic Sector AccountingIGAE
Bank of SpainBalance of PaymentsBP
Bank of SpainAnti Money LaunderingSEPBLAC
Local Entities Superv.Rendering of AccountsLENLOC
Done / DevelopingSpanish Taxonomies2005-2007
Bank of SpainCentral Balance SheetES-BE-CBx
Bank of SpainFinancial Information Exch.ES-BE-FS
Bank of SpainProperty Appraisal CompaniesSST
ICAC (Government)GAAP 1990PGC90
Stock Exchange Sup.Public Periodic InformationIPP
XBRL SPAIN GOAL MAIN INICIATIVES LATINOAMERICA APPROACH
Banco de Espana
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• IBM• Infosys• Lehman Brothers• Lockheed Martin• Microsoft• Pfizer• Peco Energy• PepsiCo• PNC• Qualcomm Incorporated • Satyam Computer Services Ltd. • United Technologies
Corporation• United States Steel • Xerox Corporation
SEC Voluntary Filing Programhttp://www.sec.gov/spotlight/xbrl.htm
Includes range of notable filers including:3M Company AdobeADPAltriaBristol Myers Squibb CompanyComcastDowDupontEMC Corporation ExelonFord Motor Company Ford Motor Credit CorporationWR Grace General ElectricHitachi
Market Cap > $2 Trillion
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Key Questions
How does information access work?
Who is responsible for validation?
Who is responsible for analysis?
Who is responsible for reporting?
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Summary Thoughts
Supply Chain standardization effortEconomic accrue to all supply chain participantsAdoption is accelerating around the worldConvergence of information modelsProcessing enhancements available to all
Validation, Analysis, ReferencesCheaper, Smarter, Faster
Collaboration is critical (at all levels)
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What is XBRL?October 17, 2007http://www.xbrl.org
Tony Fragnito, CPACEO, XBRL International
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Relevant ResourcesIMA Suggested Reading: http://www.imanet.org/research_technology_reading.aspXBRL
http://www.xbrl.orgXBRL GL http://www.xbrl.org/GLTaxonomy/Tools http://www.xbrl.org/toolsProducts and Services http://www.xbrl.org/productsandservices
XBRL US Site http://www.xbrl/usSEC VFP http://xbrl.org/us/frontend.aspx?clk=LK&val=27SEC VFP Coaching http://www.xbrl.org/us/coaching/Resources http://xbrl.org/us/frontend.aspx?clk=LK&val=35
FEI XBRL http://www.fei.org/advocacy/xbrl.cfmCFO.com XBRL site http://www.cfo.com/guides/guide.cfm/8310234SEC XBRL VFP SEC http://www.sec.gov/spotlight/xbrl.htm
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Suggested ReadingGlobal Ledger Practices Guide for Study http://www.gl.iphix.net/ROI on XBRL: http://www.aicpa.org/pubs/jofa/jun2007/stantial.htmHitachi Blogs:
http://blog.hitachixbrl.com/2006/10/05/welcome/http://blog.hitachixbrl.com/2007/01/16/the-entity-problem/http://blog.hitachixbrl.com/2007/01/30/relationships-matter/http://blog.hitachixbrl.com/2007/02/13/in-pursuit-of-process/http://blog.hitachixbrl.com/2007/01/09/master-data-management-the-xbrl-way/http://blog.hitachixbrl.com/2006/12/08/adaptation-or-evolution-what-is-your-xbrl-strategy/
XBRL Ledger white paper: http://www.imanet.org/pdf/8xbrl.pdfFFIEC White Paper: http://www.xbrl.org/us/us/FFIEC%20White%20Paper%2002Feb2006.pdf
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DemonstrationsEdgar-Online IMetric
http://www.edgar-online.comhttp://www.edgar-online.com/products/imetrix.aspx
Rivet Software Crossfirehttp://www.rivetsoftware.comhttp://www.rivetsoftware.com/content/index.cfm?fuseaction=showContent&contentID=195&navID=166http://www.rivetsoftware.com/resources/files/CrossfireLaunch/CrossfireAnalystReportCreation.htm
Google OneBoxhttp://www.iphix.net/resources/nunavut.htm
