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XBRL International Standards Update Ignacio Hernandez-Ros Technology Development, XBRL International Inc.

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Presentation on theme: "XBRL International Standards Update Ignacio Hernandez-Ros Technology Development, XBRL International Inc."— Presentation transcript:

1 XBRL International Standards Update Ignacio Hernandez-Ros Technology Development, XBRL International Inc.

2 Agenda:30 About XBRL International How XBRL works XSB Structure and Goals XBRL Workstreams CEBS Taxonomies next steps

3 About XBRL International International consortium, non for profit Our internal organization is similar to the W3C or the OASIS Currently we are more than 450 members We have a business focus over the technological aspects The consortium is neutral and independent We look for the support of groups of users who can benefit from XBRL Governmental organisms Stock exchanges National banks Other regulators The big accounting firms Top technology companies working in XML arena Companies who develop Software for Business (ERP, Data marts, …)

4 XBRL organization

5 How XBRL works XBRL is a standard to label data that appears in business reports The information is generated once and used many times The information is comparable among companies Information is based on existing standards such as GAAP for accounting. XBRL does not imply changes in existing charts of accounts. XBRL can be used to publish, exchange and analyse business data XBRL (Extensible Business Reporting Language) is based on XML (Extensible Markup Language)

6 How XBRL works Taxonomies (architecture of the information) Dictionary of concepts Relationships between the concepts (metadata) Calculation relationships Presentation relationships Definition relationships Labels in multiple languages References to actual legislation or other definitive works XBRL Instance Documents (Reports) Reference the Taxonomies Contextual information Who is submitting the report Time dimension (instant and period) Dimensional metadata Units for the values The values (or facts) Footnotes

7 The XSB Purpose and Scope of the XBRL International Standards Board (XSB) The Purpose of the XBRL Standards Board is to actively manage the production and finalisation of stable, high quality, interoperable specifications and other supporting technical materials in support of XBRL-based business reporting. The scope of the XBRL Standards Board is limited to the production of technical materials agreed by the International Steering Committee, to a timetable proposed by the XSB and approved by the ISC. The XSB must operate in conformance with a set of processes approved and published by the ISC that ensure appropriate levels of quality, review, testing and analysis by XBRL member and non-member stakeholders. The XSB will form working groups charged with specific tasks and oversight and approve the work of certain standing working groups. It will be for the Standards Board itself to manage the development of these groups so they are not specifically covered by this document.

8 XSB Structure and Goals

9 XBRL Workstreams Processes: Creation of a Working Group

10 XBRL Workstreams Processes: Development of a specification

11 XBRL Workstreams Technical (formal Working Group – WG) Formula Functions Dimensions Base Specification & Maintenance Includes Generic Linkbase XBRL GL Rendering Ongoing maintenance and periodic work (Review Team) Taxonomy recognition, including FRTA Link Role Registry Technical staff-led commitments (projects or papers) Versioning Approach to interoperability

12 CEBS Taxonomies next steps Suggested next steps Consolidate the taxonomy repository and documentation in one official location Help the industry creating XBRL software Share the know how with other XBRL members

13 Thank you for your attention.

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