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Introduction to XBRL Consortium Newcomers Session

Introduction to XBRL Consortium Newcomers Session. Presenter: Grant Boyd - Chair XBRL-Marcomm. General Manager - Corporate Services - Institute of Chartered Accountants of New Zealand. Introductions. Name, company, etc. Why are you here? What do you expect to get out of XBRL International?

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Introduction to XBRL Consortium Newcomers Session

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  1. Introduction to XBRL ConsortiumNewcomers Session Presenter: Grant Boyd - Chair XBRL-Marcomm. General Manager - Corporate Services - Institute of Chartered Accountants of New Zealand

  2. Introductions • Name, company, etc. • Why are you here? • What do you expect to get out of XBRL International? • Who would you want to network with? • How do you want to contribute?

  3. Today’s Agenda • The XBRL Vision/Mission/Goals • Guiding Principles • International & Jurisdictional Structure • How we are organized • Work group participation • XBRL Process • What to expect • Membership responsibilities • How you get involved

  4. The XBRL Vision • A worldwide consortium of participants in the business and financial information supply chain. • Oversee the creation, development, submission and maintenance of the XBRL specificationand related taxonomies for business & financial reporting data. • Over the next 5 to 10 years, all worldwide electronic business reporting and exchange of business reporting information between machines, applications, and people will be available using XBRL as the language of choice.

  5. The XBRL Mission • To enhance the availability and cost effectiveness of creating the business reports of today and tomorrow

  6. Goals The primary goal of XBRL is to reduce the cost of information, accelerate its flow, increase its usefulness and globalize its form and content.

  7. Short Term Goals • Education (Training) More rapid creation and dissemination of materials and knowledge about how to use XBRL • Specification (Technology) Ongoing Clarification - keep 2.1 stable for 12 months • Taxonomies Encouragement of continued open development of taxonomies.

  8. Guiding Principles • Market driven model – WIN – WIN - WIN • Start simple, be inclusive • Broad supply chain participation • Members support XBRL • Members do not compete on the “framework” • Build structure & systems to support open community & parallel taxonomy development • Liaison with other XML efforts • Neutral 3rd Party facilitator • Long term success – XBRL International

  9. Why International? • Enhanced participation • Web is a global platform/local content • Facilitates broader participation • Includes all supply chain participants • Leverage cross jurisdictional resources • Creation of a Market Demand Pull/Adoption

  10. XBRL International Governance & Operational Structure

  11. Working Groups International Working Groups Specification Domain Basel II Marketing & Comm. CRAS. GL…

  12. Working Groups • Established at both International and Local level ( except SPEC) to further XBRL developments • Details on the website of the groups and their objectives

  13. At Large Members • Individuals who provide valuable contributions to XBRL • Ability to elect eight to the Steering Committee

  14. Jurisdictions • Each Country has a seat on the Steering Committee. • Each Country responsible for XBRL adoption

  15. Jurisdictional Expectations • Actions— • Vigorous executive support • Commit resources • Implement within your organizations • Publish your financial statements • Enable your applications and/or tools • Recruit others to join XBRL • Ensure interoperability with other Internet initiatives • Urge adoption of XBRL by other companies • Be the leader

  16. What you can do • Attend • Participate • Take responsibility • Communicate • E-groups (XBRL-INT, XBRL-jur, XBRL-public, etc.) • Instructions for posting [TOOLS], [GEN], itd. • Keep postings to PUBLIC issues • www.xbrl.org • Look for opportunities

  17. Tools and Help • Website has a number of tools and lots of information • www.xbrl.org • Download the Jurisdictional Jumpstart kit • Join the e-groups

  18. QUESTIONS?

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