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XBRL GL, the standardized Global Ledger, and Interest/Adoption in the Global Tax Community

XBRL GL, the standardized Global Ledger, and Interest/Adoption in the Global Tax Community. Eric E. Cohen Founder, XBRL GL Working Group Chair, OASIS Tax XBRL Liaison SC. Agenda. Brief overview: XBRL GL XBRL GL’s role in integrating the business reporting/audit reporting supply chain

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XBRL GL, the standardized Global Ledger, and Interest/Adoption in the Global Tax Community

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  1. XBRL GL, the standardized Global Ledger, and Interest/Adoption in the Global Tax Community Eric E. Cohen Founder, XBRL GL Working Group Chair, OASIS Tax XBRL Liaison SC 13th XBRL International Conference

  2. Agenda • Brief overview: XBRL GL • XBRL GL’s role in integrating the business reporting/audit reporting supply chain • Demonstration • Issues under discussion in our GL-FR efforts • Call to action 13th XBRL International Conference

  3. Old World of Electronic Data Exchange NEW WORLD

  4. BLT ASB AFT TGI FRY ECP HDL SWG DRW MFP WCP QYD DLY SKD DLY XPS WIU KYF XOI ZIS CUI WKD WHR ASB GEX RMO JIA HCO KFC AJT DKE BST VUH FQA Old World – Standardize on Technology 13th XBRL International Conference

  5. Bus Service Service Service Service Service Service New World: Standardize on Standards Web services Service-Oriented Architecture Enterprise Services Bus Facilitated by Standard payload 13th XBRL International Conference

  6. Proprietary Formats: XML Alone Point A Point B ... Point n+1 qbxml qbxml YOU ARE HERE smbxml smbxml Intacct xml Intacct xml SAP SAP Peoplesoft xml Peoplesoft xml Oracle 13th XBRL International Conference

  7. Scope and role of XBRL XBRL GL, the standardized Global Ledger XBRL “Financial Reporting” Business Operations Internal Business Reporting External Business Reporting Investment, Lending, Regulation Economic Policymaking Processes Companies Financial Publishers and Data Aggregators Investors Central Banks Participants Trading Partners Auditors Regulators Management Accountants Software Vendors

  8. From Initial Transaction XBRL GL <gl-cor:taxes> <gl-cor:taxAuthority contextRef="now">ABN</gl-cor:taxAuthority> <gl-cor:taxAmount contextRef="now" decimals="2" unitRef="AUD">20</gl-cor:taxAmount> <gl-cor:taxCode contextRef="now">G</gl-cor:taxCode> </gl-cor:taxes> I N V O I C E Invoice #: 10037 May 2, 2003 ABC Sales Corp. Item Description Qty Extension GST 1078 Blue Widget 200 2,803.78 20 G 1083 Cyan Widget 100 1,402.93 0 F Sub-total: 47,592.33 Freight: Total: 47,592.33 <documentType>invoice</documentType> <documentNumber>10037</document Number> <documentDate>2003-05-02</documentDate> 13th XBRL International Conference

  9. It's not It's not but it is Other “views” of data But it is UBL UBL Statutory Filings ACORD ACORD Statistics Tax Returns EDI EDI Financial Statements Master Files * Operational Details Journal Entries * Trial Balances Setup Files and more 13th XBRL International Conference

  10. AP GL AR IM PR READem and LEAPResources Events Accounts Documents Links People Outsourced Travel and Expense Non-integrated point of sale External payroll provider Subsidiary with separate system 13th XBRL International Conference

  11. Every System as XBRL Across language Across data definitions Across file formats System 1 System 2 System 3 XBRL GL XBRL GL XBRL GL Account# Description Amount PostDate 勘定科目番号 勘定科目説明文 金額 転記日付 Identificador de la Cuenta Descripción Principal de la Cuenta Monto Monetario Fecha de Asignación/Ingreso accountMainID accountMainDescription amount postingDate accountMainID accountMainDescription amount postingDate accountMainID accountMainDescription amount postingDate 13th XBRL International Conference

  12. XBRL GL XBRL GL and Tax Planning/Compliance • XBRL GL features (FAS 109, IAS 12) • Tax specific accounts and entries • Book/tax reconciliations • Tracking permanent/timing differences • Mapping to tax reporting lines • GST/PST/VAT multiple taxes per entry detail line • Payroll, fixed assets, customs and more 13th XBRL International Conference

  13. Drill Up, Drill Down, Drill (All) Around XBRL GL <xbrlInfo> <xbrlInclude>ending_balance <summaryReportingElement>usfr-pt:Cash </xbrlinfo> <xbrlInfo> <xbrlInclude>ending_balance <summaryReportingElement>irs-1120:Cash </xbrlinfo> <xbrlInfo> <xbrlInclude>ending_balance <summaryReportingElement>xyz-fr:Cash </xbrlinfo> US GAAP US Tax Management Reporting 13th XBRL International Conference

  14. Tax Standards Group Recognition • OASIS Tax XML • OECD Taxpayer Services SG • Recommend XBRL as a central standard for exchange of business/financial information for tax purposes • “[We] see the XBRL GL as a strategic open standard and fully support its direction and acknowledge its potential.” 13th XBRL International Conference

  15. OECD Tax eAudit • While SAF-T could be represented using different file formats, it should be created in a data format that meets the needs of the auditor, preferably one that is widely used around the globe. Revenue authorities acknowledge that standard formats facilitate audit automation processes. Annex 4 shows a representation of SAF-T in XML. The use of XML format also provides an opportunity for a path towards adoption of XBRL-GL.[1] • It is entirely a matter for revenue authorities to develop their policies for implementation of SAF-T. However, revenue authorities should be aware of the on-going development of XBRL GL, which could offer a more holistic approach to audit. They should also be aware of international efforts to develop data standards for compliance needs under the formal OASIS Tax XML Committee.[2] • In their implementation strategy for SAF-T, revenue authorities should consider data formats that permit audit automation today while minimizing potential costs to all stakeholders when moving to new global open standards for business and financial data such as XBRL GL. 13th XBRL International Conference

  16. OECD OECD Organization for Economic Cooperation and Development CFA STF IWG SAF TIES WP… WP1 WP2 WP9 Informal Working Group Committee on Fiscal Affairs Working groups Working group 9 Working groups Working groups Tax Information Exchange System Subgroup Standard Transmission File Standard Audit File FTA Forum on Tax Administration (2002) Services Compliance Services Subgroup Compliance Subgroup Deliverables 13th XBRL International Conference

  17. OECD FTA, OASIS, XBRL OECD Organization for Economic Cooperation and Development XBRL Tax XML XBRL GL OASIS Tax eAudit Dom SAF Tech XBRL XBRL GL Extensible Business Reporting Language Organization for the Advancement of Structured Information Standards XBRL Liaison WG Domain WG Technical WG XBRL GL WG formerly IWG Tax XML TC Standard Audit File XBRL GL FTA Forum on Tax Administration (2002) Services Compliance Services Subgroup Compliance Subgroup Deliverables 13th XBRL International Conference

  18. One Standard • Holistic • Improves quality and accessibility of data • Meet audit needs • May revolutionize filing process • May revolutionize how taxpayers and tax administrators interact 13th XBRL International Conference

  19. Feedback • Requirements • Please share • xbrlgl@xbrl.org • http://groups.yahoo.com/group/xbrl-gl-public • Your speaker • Eric E. Cohen • XBRL Global Technical Leader, PwC • Eric.E.Cohen@us.pwc.com • +1-585-271-4070 13th XBRL International Conference

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