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. Agenda. What is XBRL, and Why does XBRL matterWhat is happening Internationally?Investment marketsGovernmental activityFundamentals for identifying an XBRL projectImplementing an XBRL project/environmentRegulatorInternal reportingNGO / Funding Agency. What is XBRL. XBRL is to the printed annual report, what the internet is to the printed Yellow Pages..
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1. XBRL: Implementing XBRL in the internationalenvironmentDaniel RobertsNational Director of Assurance InnovationChair, XBRL-US Steering CommitteeMay 9, 2006
2. Agenda
What is XBRL, and Why does XBRL matter
What is happening Internationally?
Investment markets
Governmental activity
Fundamentals for identifying an XBRL project
Implementing an XBRL project/environment
Regulator
Internal reporting
NGO / Funding Agency
Regulators: FDIC, CESR, CEBS, SEC
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Project disciplines:
= what do you want to accomplish
= who are the major stakeholders
= Who is / are the champions at very senior levels
= Professional disciplined project management is critical
= XBRL is not a quick / easy fix
Start with a couple of data streams – reports that are provided or required.
Look for common information that is used or provided to multiple users.
Look at processes that repeated.
Regulators: FDIC, CESR, CEBS, SEC
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Project disciplines:
= what do you want to accomplish
= who are the major stakeholders
= Who is / are the champions at very senior levels
= Professional disciplined project management is critical
= XBRL is not a quick / easy fix
Start with a couple of data streams – reports that are provided or required.
Look for common information that is used or provided to multiple users.
Look at processes that repeated.
3. What is XBRL XBRL is to the printed annual report, what the internet is to the printed Yellow Pages.
4. What is XBRL?
An industry standard for the publishing, exchange and analysis of financial reports and data.
Information is entered only once using an Internet-based tool for preparing and publishing all financial documents with automatic conversion to various formats
Information may be reliably extracted and analyzed across companies with no manual intervention
Supports current accounting standards
5. What is XBRL?
6. What is XBRL?
7. The Gartner Hype Cycle: 2004
8. The Gartner Hype Cycle: 2005
9. XBRL Taxonomy Growth http://www.xbrl.org/FRTaxonomies/http://www.xbrl.org/FRTaxonomies/
10. XBRL Tools Growth(Representative Listing) http://www.xbrl.org/tools
http://www.xbrl.org/productsandservices
There are more software tools in specific territories such as Japan, Germany, China, etc.
http://www.ffiec.gov/find/softwarefocusgroup.htm
FDIC vendors
DBI Financial Systems, Inc.FinArchFRS Global Financial Reporting & AnalyticsIDOM, Inc.Information Technology, Inc.Fidelity Regulatory SolutionsJack Henry & Associates Inc.
http://www.xbrl.org/tools
http://www.xbrl.org/productsandservices
There are more software tools in specific territories such as Japan, Germany, China, etc.
http://www.ffiec.gov/find/softwarefocusgroup.htm
FDIC vendors
DBI Financial Systems, Inc.FinArchFRS Global Financial Reporting & AnalyticsIDOM, Inc.Information Technology, Inc.Fidelity Regulatory SolutionsJack Henry & Associates Inc.
11. Agenda
What is XBRL, and Why does XBRL matter
What is happening Internationally?
Investment markets
Governmental activity
Fundamentals for identifying an XBRL project
Implementing an XBRL project/environment
Regulator
Internal reporting
NGO / Funding Agency
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Project disciplines:
= what do you want to accomplish
= who are the major stakeholders
= Who is / are the champions at very senior levels
= Professional disciplined project management is critical
= XBRL is not a quick / easy fix
Start with a couple of data streams – reports that are provided or required.
Look for common information that is used or provided to multiple users.
Look at processes that repeated.
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Project disciplines:
= what do you want to accomplish
= who are the major stakeholders
= Who is / are the champions at very senior levels
= Professional disciplined project management is critical
= XBRL is not a quick / easy fix
Start with a couple of data streams – reports that are provided or required.
Look for common information that is used or provided to multiple users.
Look at processes that repeated.
16. Tax Authorities
17. Financial Banking Regulators
18. Exchanges & Equity Regulators
19. Agenda
What is XBRL, and Why does XBRL matter
What is happening Internationally?
Investment markets
Governmental activity
Fundamentals for identifying an XBRL project
Implementing an XBRL project/environment
Regulator
Internal reporting
NGO / Funding Agency
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
20. Project Disciplines
21. Agenda
What is XBRL, and Why does XBRL matter
What is happening Internationally?
Investment markets
Governmental activity
Fundamentals for identifying an XBRL project
Implementing an XBRL project/environment
Regulator
Internal reporting
NGO / Funding Agency
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
22. Project Disciplines
23. Project Disciplines
24. Project Disciplines
25. Agenda
What is XBRL, and Why does XBRL matter
What is happening Internationally?
Investment markets
Governmental activity
Fundamentals for identifying an XBRL project
Implementing an XBRL project/environment
Regulator
Internal reporting
NGO / Funding Agency
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
26. The world is getting smaller
27. FDIC / FFIEC / OCC
28. XBRL
at FDIC
29. FDIC / FFIEC / OCC
30. FDIC / FFIEC / OCC
31. FDIC / FFIEC / OCC
32. Other Public Sector (US)
33. Other Public Sector (US)
34. CEBS & COREP
35. CEBS & COREP
36. CEBS & COREP
37. Dutch National Taxonomy Project The Ministry of Justice and the Ministry of Finance in a joint effort intend to reduce the administrative burden of businesses by using XBRL to make the composing of reports and exchange of financial data easier.
Focuses on three important reporting chains:
Reporting of taxes; for instance profits tax, wage taxes, value added taxes (VAT) and Income taxes
Reporting of annual accounts
Reporting of economic statistics
Projected Savings to Dutch Business: 350 million euro
38. Agenda
Let’s Imagine:
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
Regulators: FDIC, CESR, COREP
Internal Reporting:
NGO / Funding Agencies: World Bank, USAID, Etc.
39. Agenda
40. Agenda
41. XBRL is here, who knows where it will go XBRL is to the printed annual report, what the internet is to the printed Yellow Pages.