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Session V: Panel on Evolution and Future Trend for XBRL Development Session Chair: Mary MacBain, President and Director of KSCPAs 8:00– 9:30 Overland Park,

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Presentation on theme: "Session V: Panel on Evolution and Future Trend for XBRL Development Session Chair: Mary MacBain, President and Director of KSCPAs 8:00– 9:30 Overland Park,"— Presentation transcript:

1 Session V: Panel on Evolution and Future Trend for XBRL Development Session Chair: Mary MacBain, President and Director of KSCPAs 8:00– 9:30 Overland Park, KS April 2013

2 Panel Members Efrim Boritz, University of Waterloo Eric E. Cohen, PricewaterhouseCoopers LLP Herm Fischer, Mark V Systems Limited Matthew F Slavin, SEC Miklos Vasarhelyi, Rutgers University Is this list alphabetized by first or last name?

3 Bring the sounds of Lawrence home with you! Train 3 (westbound) 11:52 PM Train 4 (eastbound) 5:47 AM

4 Enterprise Acceptance The evolving use of XBRL within companies Compliance Internal analysis and benchmarking Resistance within companies Historical and future cost of compliance Who is responsible for XBRL within a company? Implementations: Outsourcing Bolt on tools Integrated solutions How will the implementation of XBRL evolve?

5 Whats Happening in Enterprises? Compliance with XBRL mandate Efficiency in compliance with XBRL mandate Efficiency in compliance with SEC requirements Benchmarking and additional benefits Efficiency in compliance with reporting requirements as a whole Agility and integration using standardization

6 Resistance Change Management buy-in Simple compliance burden Political islands Under the influence

7 Evolution and Future Trends Where did we come from? Where are we now? What are the possible paths forward? What are the trends indicating a possible path?

8 The Story of Our New Language Personalities, cultures, and politics combine to create a common, global language for business FRC/AccountingFinancialReporting/X BRL/DownloadableDocuments/XBRL_ 09_web_final.pdf

9 Where did we come from? X FR ML, FR TA, FR IS Spec 1.0, 2.0, 2.0a, 2.1, errata Dimensions, Inline

10 Original Plans Looked Deeper From Highlights of Initial XFRML Steering Committee, 10/14/99 [XFRML] should have its roots in the "Audit Supply Chain." XFRML as technical standard for seamless process of exchange across all audit processes. Our opportunity is to address things internationally at the level below the financial reporting level since there is more commonality at that level. This is still the place of XBRLs Global Ledger Taxonomy Framework – the detailed information found in ERP systems.

11 Independent and Interoperable Vision Application layer Tests New from old Data

12 13 Years Ago: XBRL 1.0

13 Regulators and Administrators External Auditors External Auditors Internal Auditors Internal Auditors Management Accountants Management Accountants External Business Reporting Business Operations Internal Business Reporting Investment, Lending, Regulation Processes Participants Trading Partners Trading Partners Investors Financial Publishers and Data Aggregators Financial Publishers and Data Aggregators Software Vendors and Service Providers Companies Economic Policymaking Central Banks Central Banks Business Reporting Supply Chain Financial Reporting Tax Sustainability Risk and Controls Banking and other statutory Other compliance reporting

14 Where are we now? Focus on projects, not on futures/big vision Moving forward by technologists, not domain/Spec collaboration Staff > volunteers

15 Public Working Drafts XBRL Steaming EXtensions Module 1.0 Inline XBRL 1.1 Table Linkbase 1.0 Comparability Business Requirements XBRL Abstract Model 2.0 Versioning for Dimensions Dimension Filters 1.1 Public Working Drafts XBRL Steaming EXtensions Module 1.0 Inline XBRL 1.1 Table Linkbase 1.0 Comparability Business Requirements XBRL Abstract Model 2.0 Versioning for Dimensions Dimension Filters 1.1 Candidate Recommendations Formula Extension Modules – Instances Formula Tuples 1.0 Variables-Scope Relationships 1.02 Candidate Recommendations Formula Extension Modules – Instances Formula Tuples 1.0 Variables-Scope Relationships 1.02 Proposed Recommendations Versioning Specification – Base, Concept Use, Concept Details, and Dimensions Units Registry – Structure, Process Generic Preferred Label 1.0 Units Registry - Process Proposed Recommendations Versioning Specification – Base, Concept Use, Concept Details, and Dimensions Units Registry – Structure, Process Generic Preferred Label 1.0 Units Registry - Process Recommendations XBRL 2.1 Specification Dimensions 1.0 Formula 1.0 Specification Generic Links Inline XBRL (Rendering) Specification Registry (for Formula) Transformation Registry v2 (for Inline HTML) XBRL Global Ledger Taxonomy Framework Proposed Edited Recommendations Variables 1.0 Match Filters 1.0

16 Filling in the Gaps Rules Process flow Risks and controls

17

18 Taxonomies Financial reporting US GAAP, IFRS, Canadian, Japanese, German, UK Statutory filings US FDIC/FFIEC, Eurofiling Basel II, Solvency II Tax filings HMRC and … Pan-governmental reporting SBR: Netherlands, Australia Internal integration and reporting XBRLs Global Ledger Framework Sustainability and Corporate Responsibility GRI G3 and G3.1, CDP Integrated/Joined Up Business Reporting

19 Global Agreement

20 Important Connections

21 SBR in Australia Reducing the reporting burden for business 21

22 What About the Competition? ANSI X.12 UN/CEFACT ECE ebXML UBL OAGIS OWL/RDF/Ontologies UML, model driven design

23 What are the possible paths forward? Scope What IS XBRL anyway? Path Technical specification Areas of semantic meaning Collaboration Interoperability Participants

24 What are the trends indicating a possible path? Development based on immediate user requirements, not BRSC scope Independence of syntax/formal modelling effort What is XBRL if not the XBRL Specification? XBRL is what we say it is Inmates running the asylum


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