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PwC *connectedthinking Extensible Business Reporting Language (XBRL) Update Walter Hamscher Executive Committee, XBRL International.

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Presentation on theme: "PwC *connectedthinking Extensible Business Reporting Language (XBRL) Update Walter Hamscher Executive Committee, XBRL International."— Presentation transcript:

1 PwC *connectedthinking Extensible Business Reporting Language (XBRL) Update Walter Hamscher Executive Committee, XBRL International Consultant to PricewaterhouseCoopers

2 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

3 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

4 PwC The business reporting supply-chain Externa l Financi al Reporti ng 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

5 PwC

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8 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

9 PwC XBRL-enabled reporting software Shipping SAP mySAP financials MBS Navision 3.70 Oracle 11i FSG Creative Solutions Cognos Financials Hyperion Financials Announced Business Objects PeopleSoft EFM Custom CaseWare Financials Hitachi GEMPlanet

10 PwC XBRL-enabled software tools BlastRadius XMetal DecisionSoft XBRL suite EDGAR Online iMetrics Fujitsu XWand Ipedo XBRL Adapter Rivet Software Dragon Tag Semansys Composer Software AG XBRL tools UBmatrix Automator

11 PwC No competing XML standard for business reporting in sight AICPA ICAA ICAEW NIVRA IDW KICPA JICPA ICPAS CICA FAR IASB FASB ICANZ KASB ICAI CSRC SAICA

12 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

13 PwC Exchanges NASDAQ BOVESPA ASX JSE Shenzen EuroNext KOSDAQ Tokyo SGX Lux Pilot Live Eval TSX OBX LSE CSE Deutsche Börse Deutsche Börse Shanghai Taipei KSE SWX NZSE

14 PwC CA UK IE AU NO JP NZ NL DE CN Tax Authorities Study Committed

15 PwC US UK JP ES SE CN ZA AU DK Financial Regulators Pilot Committed BE NL KR TW SG DE

16 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

17 PwC XFRML Ancient (Biased) History Knowledge-based applications for financial domains don’t work until well-structured knowledge about business is easy to obtain Crosby Dot Com Boom XML EdgarScanStructured Retrieval… WWW AI Boom and Bust; Golden Age of Knowledge Representation, etc.

18 PwC The business reporting supply-chain Externa l Financi al Reporti ng 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

19 PwC

20 XBRL Specification History Increasing resources applied Increasingly thorough Higher standards XBRL 1.0 XBRL 2.0 XBRL 2.0a XFRML Tulip XBRL /996/0012/01 12/031/03 11/02 Boston Mtg. 12/00 Tampa Mtg. XML Schema 5/01 External Deadline on 2.1 XML Linking FRTA 1.0 FRIS 1.0 LRR /04

21 PwC XBRL 2.1 Documents XBRL 2.1 Specification Recommendation XBRL 2.1 Conformance Suite PWD XBRL 2.1 Schemas FRTA 1.0 Candidate Recommendation XBRL 2.1 Spec Primer Internal Working Draft Must Have Nice to Have Must Have Nice to Have Nice to Have XBRL 2.1 Instance Standards 1.0 PWD Nice to Have Link Role Registry (LRR) 1.0 PWD

22 PwC Link Role Registry (LRR) 1.0 CR XBRL 2.1 Documents XBRL 2.1 Schemas XBRL 2.1 Spec Primer Internal Working Draft Must Have Nice to Have Must Have Nice to Have Nice to Have Nice to Have XBRL 2.1 Corrected Errata XBRL 2.1 Corrected Errata XBRL 2.1 Conformance Suite CR FRTA 1.0 Candidate Recommendation XBRL 2.1 Instance Standards 1.0 PWD

23 PwC Extensibility Goals of XBRL as compared to other XML standards Invoice Parties –Identifier –Address Line Item –Item –Identifier –Description –Quantities –Amounts –Discounts Taxes Delivery Terms Depreciation Schedule Line Item –Asset name –Asset category* –Value brought forward** –Value limitation* –Period –Acquisition Date –Method* –Amount –Limitation* –Value carried forward** –Etc., etc., etc. *Meaning varies according to accounting principles appropriate to purpose of information ** Name of otherwise identical concept varies by jurisdiction, not to mention native language

24 PwC Data (INSTANCE) XBRL is the way that it is because business reporting concepts are extensible. Taxonomy Concept Instance Context XBRL Fundamentals Meta Data (TAXONOMIES) Label and language Reference Definition Presentation Hierarchy Calculation Hierarchy Data types, normal balance Fact Concept Unit

25 PwC ER Representation of XBRL Data (instance) Meta Data (taxonomy)

26 PwC XML Linking (XLink) XLink is a W3C standard way to use XML to represent all kinds of relationships between XML elements no matter where they are. XML Document 1XML Document 2 Linkbase b isLike c b explain s a

27 PwC XBRL uses XLink to represent the relationships between concept elements Definition: more general Current Assets label Inventory label reference Presentation: below

28 PwC XLink allows customization and explicit, modular changes to reusable material Definition: more general label reference Presentation: before 存货 当前的财产

29 PwC ValueReporting TM -- illustrating multidimensional taxonomies Fictitious investment house Proprietary analysis system Researching one or more companies A) preparing an internal briefing document on a company B) preparing a sales forecast for a particular segment of that company

30 PwC Sample applications an investment house’s internal briefing document Generates customised instance document format for investment house – in this case a briefing document for high level information about a company

31 PwC Sample applications investment house’s internal briefing document Data in instance document automatically generated from company sources. Clearly indicates what is reported.

32 PwC Sample applications investment house’s internal briefing document Data in instance document automatically generated from analyst sources.

33 PwC Sample applications investor’s revenues forecast for a company Instance document generated of third step in revenues forecast process – historical revenue data for particular region by distribution channel Investment user then inputs assumptions about the future growth of revenues and could be prompted to consider issues such as upcoming product launches.

34 PwC ValueReporting Leveraging XBRL taxonomies Shared taxonomies, used by both company and investor (producer and consumer) Non-GAAP data (broker recommendations) Single instance, multiple renderings Multidimensional information hierarchies

35 PwC Multidimensional Reporting Taxonomies Geography Common definitions

36 PwC Multidimensional Reporting Taxonomies Geography Common definitions Industry PwC Categories

37 PwC Multidimensional Reporting Taxonomies Geography Common definitions Industry PwC Categories Segment Company specific

38 PwC Sample Fact and Context (dimension member in a segment, not tuple) knz.com knz-prd:OrganicJuices

39 PwC Sample Fact and Context (segmental and geographic dimensions) knz.com knz-prd:OrganicJuices geo:Germany

40 PwC Our mission is to be the soft drinks company of choice and to achieve above average market growth, by focusing on the healthy beverages sector, through growth in our existing businesses and strategic acquisition. We seek to increase the attractiveness and availability of our organic juices to meet our consumers ever demanding needs for a healthy and convenient lifestyle

41 PwC Taxonomies in Play

42 PwC BAF (PwC) HWI (Analyst) IFRS HWI (Analyst) IFRS HWI (Analyst) IFRS

43 PwC KNZ (Company) HWI

44 PwC Microsoft 2Q FY05 Financials GAAP-CI FIN CHN …

45 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

46 PwC Information Value and Cost Value = Reduction of uncertainty times $$$ at risk Cost = Produce + Structure + Distribute + Consume The XBRL return on investment (ROI) is that it puts information in the hands of users at lower costs (both production and consumption)

47 PwC Benefits of XBRL for Preparers Lower cost of producing information More timely, accurate, data for decisions Enhanced analytical capabilities Better control environment Tell your own story (precise & clear) Accelerate adoption of reporting models Enhanced functionality Ease of use

48 PwC Benefits of XBRL for Consumers Lower cost of consuming information Faster access to information More timely, accurate, data for decisions Enhanced analytical capabilities Enhanced functionality More useful access to information Ease of access to definitions enhance comparability Facilitates language translations

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52 Consolidated Profit and Loss Account for the year ended September 30, 2001 Blahblah Blah blahblah Blahblah Blah blah blahblah Profit Blahblah Earnings per share

53 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

54 PwC XBRL in a large enterprise External Financial Reporting Supplier and Customer Financial Reporting Internal Financial Reporting Markets and Regulators Portfolio Financials Counterparty Financials Tax Filings Reg. Reports Joint Venture Financials Management Reports Divisional Financials Business Unit Financials Credit Assessm ent Partnership Financials Debtor Financials Annual and Quarterly Financials

55 PwC XBRL in a large enterprise Managemen t Reports Portfolio Financials External Reporting Supplier and Customer Financial Reporting Internal Reporting Markets and Regulators Credit Assessm ent Counterparty Financials Tax Filings Joint Venture Financials Partnership Financials Call Reports Divisional Financials Debtor Financials Business Unit Financials XBRL Group Annual and Quarterly Financials Group Annual and Quarterly Financials

56 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

57 PwC

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61 Home Worksheet

62 PwC Web Service Data

63 PwC Local/Web Service Data

64 PwC Manage Columns

65 PwC Charts/Graphs

66 PwC Financial Comparison

67 PwC Ratios

68 PwC MetaPraxis’ Empower 2000

69 PwC MetaPraxis’ EmPower 2000 Variance Analysis

70 PwC MetaPraxis’ EmPower 2000 Profit Bridge

71 PwC MetaPraxis’ EmPower 2000 Profit driver analysis

72 PwC Topics Standards-based Reporting with XBRL XBRL enabled software in the market XBRL implementations worldwide XBRL technology revealed Value propositions Enterprises of all types Investors and analysts Regulators and government agencies

73 PwC E-filing cost reduction at the US FFIEC Today 8900 Banks FDICOCCFRBOTSNCUA Future 8900 Banks FDICOCCFRBOTSNCUA FFIEC

74 PwC Data is Shared Deposit Insurance --- Statistics Comptroller -- Data is Shared Deposit Insurance --- Statistics Comptroller -- Typical XBRL Regulator Use Bank Performance Data Meta Data Quarterly Report XBRL Document Reporting Institution Software Import Schedule Enter Data Validate Data Send Data XBRL Taxonomy Software Create Update Debug Schedule or Form XBRL Taxonomy Item Types Labels, Definitions, etc. Instructions XBRL Rule Base XBRL Version Management Validations, Quality tests Value-added Calculations Taxonomy changes Rule changes Software Can be any vendor product, or provided by regulator Software Can be any vendor product, or provided by regulator Result: Adaptability Efficiency Faster cycle times Result: Adaptability Efficiency Faster cycle times Reporting Institution Regulator Software Today four different vendors with interoperable tools Software Today four different vendors with interoperable tools

75 PwC The Integrated Regulatory Return… will combine all of the data we request from firms into one return, helping us monitor them more effectively and reducing costs for firms and us. …we have decided to use the Extensible Business Reporting Language (XBRL) to collect, validate and distribute the data in the Integrated Regulatory Return. From

76 PwC [T]he time is ripe for regulators to (i)examine, together with the banking industry if - and to what extent- they wish to promote the use of XBRL to cooperate across borders and (ii)take advantage of such an opportunity to re- assess not just the broad principles associated with regulation but also the specific definitions of regulatory reporting concepts. From

77 PwC *connectedthinking Extensible Business Reporting Language (XBRL) Update Walter Hamscher Executive Committee, XBRL International Consultant to PricewaterhouseCoopers


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