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Developments at the IASB and XBRL International Kurt Ramin Chairman – XBRL International Steering Committee Commercial Director, IASCF Former Partner,

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Presentation on theme: "Developments at the IASB and XBRL International Kurt Ramin Chairman – XBRL International Steering Committee Commercial Director, IASCF Former Partner,"— Presentation transcript:

1 Developments at the IASB and XBRL International Kurt Ramin Chairman – XBRL International Steering Committee Commercial Director, IASCF Former Partner, PricewaterhouseCoopers Friday, 15 April 2005, Heidelberg

2 kramin@iasb.org Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

3 kramin@iasb.org Board (14) Steering Committees & Other Advisors Staff IFRIC (12) SAC (52) Trustees (19) IASC Foundation: Organisation Trustees (19)

4 kramin@iasb.org Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

5 kramin@iasb.org Source: INSIGHT, IASB January 2005

6 kramin@iasb.org Source: INSIGHT, IASB January 2005

7 kramin@iasb.org Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

8 kramin@iasb.org

9 Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

10 kramin@iasb.org

11 Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

12 kramin@iasb.org XBRL <price>100</price> 2 2 RFID – Radio frequency Identification

13 kramin@iasb.org Savings Quality Efficiency Barcode has done for product distribution …

14 kramin@iasb.org … what XBRL is doing for business reporting

15 kramin@iasb.org

16 The business reporting supply-chain External Financial Reporting Business Operations Internal Financial Reporting Investment, Lending, and Regulation Processes Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators Software Vendors Management Accountants Companies XBRL GLIFRS XBRL taxonomies Companies Entities: Public Companies NPAEs Public Sector

17 kramin@iasb.org XBRL Taxonomy Created by XBRL Consortium Consumed Rendered XBRL Creation XBRL Document Created by Preparer Company Financial Statement TAGGING AT 101 Assurance

18 kramin@iasb.org Accounting Objects –XBRL GL

19 kramin@iasb.org Statements of Financial Position Change Time Statements of Financial Position Operational Equity Financial Equity Other Equity Operational Equity Statement of Financial Performance For specific Business Model Quantity X Value Beginning Period Quantity X Value Ending Period Market Value Financial Equity Other Equity Operating Financial Other Change in Equities Change in Shareholder Value Reconciliation of valuation to cash flows with supporting disclosures ! Multi-level reporting per Period fair value cash flow accrual Data definitions accounting objects Enhanced business reporting

20 kramin@iasb.org With XBRL? Mechanics More Time for Analysis => Better Analysis => Less Risk Value-added Analysis and Decision-making?10% Average Time for Updating Financial Information—11 days 90% time spent on Mechanics Average Time for Updating Financial Information—1 days Without XBRL … With XBRL … For example … helping banks

21 kramin@iasb.org Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

22 kramin@iasb.org after term expires International Steering Committee Chair: Kurt Ramin International Steering Committee Chair: Kurt Ramin Board of Advisors (5 to 19 members) Not Yet Established 1 st Vice Chair Paul Penler 1 st Vice Chair Paul Penler 2 nd Vice Chair Walter Hamscher 2 nd Vice Chair Walter Hamscher Executive Committee* (7 members) elects appoints Immediate Past ISC Chair Vacant Immediate Past ISC Chair Vacant member of ISC chair elects ISC Seat Key No Seat on ISC **Standing XBRL International Governance Provisional Jurisdictions Korea Belgium Denmark Sweden ISC Representatives At Large Representatives Michael Ohata* Vincent Bert Mike Willis Walter Hamscher John Turner Makoto Koizumi Hugh Wallis President ** Louis Matherne President ** Louis Matherne Olivier Servais Established Jurisdiction Representatives CA Bill Swirsky CA Bill Swirsky AU Paul Phenix AU Paul Phenix IASB Kurt Ramin IASB Kurt Ramin NZ Graeme Sinclair NZ Graeme Sinclair UK Chris Rodgers UK Chris Rodgers DE Norbert Flickinger DE Norbert Flickinger US Paul Penler* US Paul Penler* JP Eiichi Watanabe * JP Eiichi Watanabe * NL Jan Pasmooij NL Jan Pasmooij IR Conor O’Kelly IR Conor O’Kelly SP Federico Florez * SP Federico Florez * * At Large EC Representation from ISC

23 kramin@iasb.org ISC Subcommittees & Product Development Team International Steering Committee Chair: Kurt Ramin International Steering Committee Chair: Kurt Ramin Executive Committee Working Groups Solutions Chair: Michael Ohata Vice Chair: Paul Snijders Solutions Chair: Michael Ohata Vice Chair: Paul Snijders Domain Chair: Josef MacDonald Vice Chair: Marc van Hilvoorde Domain Chair: Josef MacDonald Vice Chair: Marc van Hilvoorde Basel II Chair: Daniel D’Amico Basel II Chair: Daniel D’Amico Assurance Chair: Jan Pasmooij Vice Chair: Bill Swirsky Assurance Chair: Jan Pasmooij Vice Chair: Bill Swirsky Accounting Chair: Yossef Newman Vice Chair: open Accounting Chair: Yossef Newman Vice Chair: open General Ledger Chair: Hugh Wallis Vice Chair: Diane Mueller General Ledger Chair: Hugh Wallis Vice Chair: Diane Mueller Finance Subcommittee Chair – Kurt Ramin Finance Subcommittee Chair – Kurt Ramin Nominating Subcommittee Chair – Bill Swirsky Vice Chair – Conor O’Kelly Nominating Subcommittee Chair – Bill Swirsky Vice Chair – Conor O’Kelly Bylaws Subcommittee Chair - Hugh Wallis Bylaws Subcommittee Chair - Hugh Wallis Jurisdev Subcommittee Chair – Liv Watson Jurisdev Subcommittee Chair – Liv Watson * Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract) * Louis Matherne, President Marisa Chung, Business Development & Operations Manager Tracey Tarinelli, Program Manager Peter Calvert, Web Content Manager (contract) XBRL International Operations Product Development Team Chair – Walter Hamscher Product Development Team Chair – Walter Hamscher XII Staff* Board of Advisors Selection Subcommittee Chair – Mike Willis Vice Chair – Olivier Servais Board of Advisors Selection Subcommittee Chair – Mike Willis Vice Chair – Olivier Servais Specification Chair: Paul Warren Vice Chair: Cliff Binstock Specification Chair: Paul Warren Vice Chair: Cliff Binstock

24 kramin@iasb.org Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

25 kramin@iasb.org There are more than 40 active XBRL implementations in 9 countries Did you know?

26 kramin@iasb.org Did you know?

27 kramin@iasb.org Did You Know? Adoption … NZSE Johannesburg Shenzen KOSDAQ Tokyo Exchanges Deutsche Börse Deutsche Börse Shanghai

28 kramin@iasb.org Adoption … NZSE Johannesburg Shenzen KOSDAQ Tokyo Exchanges Deutsche Börse Deutsche Börse Shanghai Financial Regulators US UK JP NL ES BE CN AU DE DK

29 kramin@iasb.org Adoption … NZSE Johannesburg Shenzen KOSDAQ Tokyo Exchanges Deutsche Börse Deutsche Börse Shanghai Financial Regulators US UK JP NL ES BE CN AU DE DK Tax Authorities UK AU JP NL DE IE

30 kramin@iasb.org Did You Know? XBRL-enabled Software

31 kramin@iasb.org Did You Know? XBRL Specification History  Increasing resources applied  Increasingly thorough; Higher standards  Elapsed time is still sobering! XBRL 1.0 XBRL 2.0 XBRL 2.0a XFRML Tulip XBRL 2.1 10/99 6/00 12/0131/125/0311/02 Boston Mtg. 12/00 Tampa Mtg. XML Schema 5/01 External Deadline on 2.1 XML Linking 2000200120022003

32 kramin@iasb.org Action: Final Rule Effective Date: March 16, 2005 Washington, D.C., Feb. 3, 2005 - The U.S. Securities and Exchange Commission today issued a release adopting amendments to establish a voluntary program related to eXtensible Business Reporting Language (XBRL).

33 kramin@iasb.org Two Critical Pieces  Taxonomies  Language  Significant upfront investment  Airport runway  Software  Tools  Needs critical mass  Fax machine 2002-2005 Growing monthly Progress …

34 kramin@iasb.org What’s going to happen…….  SEC voluntary filing program rolls out  Companies and banks start to talk in XBRL  CPAs will opine on the XBRL document  Better and more analysis happens  Business sectors adopt  EBR + XBRL = value of financial information grows  Creating business opportunities we can’t yet imagine …

35 kramin@iasb.org Agenda  Developments at the IASB  Organisation  Projects  Convergence  Translation/ Education  XBRL  What is XBRL  XBRL International Governance  XBRL Projects  IFRS Taxonomy Development

36 kramin@iasb.org  Increase transparency  Improve comparability  Increase quality  Facilitate maintenance  Increase speed to produce financial statements IFRS concerned with: IASB Mission Statement The Board is committed to developing, in the public interest, a single set of high quality, understandable and enforceable global accounting standards that require transparent and comparable information in general purpose financial statements. In addition, the Board cooperates with national accounting standard setters to achieve convergence in accounting standards around the world. IASC Foundation XBRL Mission Statement The IASC Foundation XBRL Working Group is committed to developing, in the public interest, a standardised set of high quality, understandable and interoperable electronic global taxonomies that facilitate the mediation of transparent and comparable information in general purpose, web based, financial statements. In addition, the IASC Foundation XBRL Working Group cooperates with XBRL International and other electronic standard setters to achieve interoperability in electronic standards around the world.

37 kramin@iasb.org The IFRS Taxonomy “Space”

38 kramin@iasb.org Question: Who owns the IFRS taxonomy?  XII - XBRL International ?  IASB - International Accounting Standards Board?  IASCF - International Accounting Standards Committee Foundation?

39 kramin@iasb.org IFRS Taxonomy – Recent Release

40 kramin@iasb.org Translations of IFRS-GP:

41 kramin@iasb.org Kurt Ramin Commercial Director, IASCF Former Partner, PwC Global Chair – XBRL International (e) kramin@iasb.org

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