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Baruch’s Center for Corporate Integrity has sponsored several sessions on XBRL

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Baruch’s Center for Corporate Integrity has sponsored several sessions on XBRL

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  1. Welcome to the Investor Services and College & University Business Libraries (CUBL) Sections of SLA Business & Finance Joint ProgramSpeakers:Rita Ormsby and Louise Klusek, The William & Anita Newman Library,Baruch College, CUNYand Courtney Cowgill, Chief Financial Officer and Corporate Treasurer of Oceanic Exploration CompanySponsored by Ebsco Information Services and InfoCurrentJune 5, 2007 Denver Colorado

  2. What is XBRL?XBRL이란? XBRL, c'est quoi?Wat is XBRL? ¿QUÉ ES XBRL? Vad är XBRL? is a question being asked around the world

  3. Baruch’s Center for Corporate Integrity has sponsored several sessions on XBRL

  4. Slides from recent XBRL conference at the University of Kansas are available

  5. XBRL and Financial Reporting SLA Investment Services Section College & University Business Libraries (CUBL) Section June 5, 2007

  6. Today’s Overview • What is XBRL? • The SEC and XBRL • XBRL in Use • The Future

  7. What is XBRL? eXtensible Business Reporting Language Metadata for financial statements Based on approved taxonomies

  8. Using XBRL Data • View and manipulate • Ask “what if” questions • Construct graphs • Compare companies against peers • View information in any language • Change currency • View under different accounting conventions

  9. XBRL International • Consortium of over 2000 accounting firms, corporations, government entities, academic institutions • Facilitated by American Institute of Public Accountants • Promotes the development and use of XBRL

  10. SEC’s Standard Setting $ 54 Million to improve EDGAR Complete taxonomies for all industries by September 2007 Build improved analytical tools Mandate filing with XBRL

  11. The SEC Program Today Voluntary XBRL Filing Program originally 17, now 30 companies Executive compensation data tagged beginning 2Q, 2007

  12. 3M CompanyAnadarko Petroleum Automatic Data ProcessingAltria Group, Inc.Bowne & Co. Inc.Brazilian Petroleum Corp. Bristol-Myers Squibb Comcast CorporationCommonwealth Edison Crystal International Travel Group, Inc.The Dow Chemical CompanyEDGAR Online Inc.Exelon CorporationExelon Generation Co Fastenal Co.Ford Motor CompanyFord Motor Credit CompanyGeneral Electric CompanyGol Intelligent Airlines, Inc.Infosys Technologies Microsoft CorporationOld Mutual Capital, Inc.PECO Energy CompanyPepsiCo, Inc.Pfizer, Inc.R.R. Donnelley & Sons South Financial Group, Inc.United Technologies Xerox CorporationXM Satellite Radio Holdings SEC Voluntary Filing Program

  13. SEC Financial Report Viewer

  14. The FFIEC Program FFIEC requires quarterly Call Reports filed in XBRL (October 2005) Over 8,200 banks report to Central Data Depository at www.FFIEC.gov/FIND/ Validation and accuracy improved

  15. Investment Company Institute XBRL taxonomy for Risk/Return Summary (N-1A) (released January 2007) Proposal to join the SEC’s voluntary filing program (submitted March 2007)

  16. XBRL Around the World Taxonomy Development US GAAP IFRS (International Financial Reporting Standards) COREP (Common Reporting) National “GAAP” Complete in Japan, Germany, Korea & Sweden; Under development in Canada, China, Ireland, New Zealand, Spain, Thailand & UK

  17. Canadian Securities Administrators • Voluntary filing program to start May 2007 • Uses Canadian GAAP taxonomy • XBRL Canada Blog at http://www.zorba.ca/xbrlblog.html

  18. XBRL Pilot Programs • Japan FSA & Tokyo Stock Exchange • Full financial statements for all listed companies in 2008 • National Bank of Belgium • Commerical & industrial companies to file beginning April 2007 • Shanghai Stock Exchange

  19. Other XBRL Users EDGAR Online I-Metrix “XBRL for Earnings Releases” Sustainability Reports – GRI – G3 Tax Returns – UK-HMRC and Dutch Tax Authority CEBS Basel II Reporting

  20. The Future Change in marketplace for SEC based fundamental data More accurate, broader, more effective and less expensive research coverage Gartner, September 28, 2006

  21. Steps for Librarians Keep abreast of SEC moves Test free SEC tools Talk to your data vendors

  22. Thank You Louise Klusek, Assistant Professor, Newman Library, Baruch College, City University of New York Louise_klusek@baruch.cuny.edu

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