Presentation on theme: "XBRL International Supporting the COREP Project Ignacio Hernandez-Ros Technology Development, XBRL International Inc."— Presentation transcript:
XBRL International Supporting the COREP Project Ignacio Hernandez-Ros Technology Development, XBRL International Inc.
Agenda:30 About XBRL International How XBRL works XBRL Adoption strategy
About XBRL International International consortium, non for profit Our internal organization is similar to the W3C Actually we are more than 300 companies 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 Regulators The big accounting firms Top technology companies working in XML arena Companies who develop Software for Business (ERP, Data marts, …)
XBRL organization France
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)
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
Technology adoption curve Innovators (I)The enthusiasts who like technology for its own sake. Early Adopters (EA) Those who have the vision to adopt an emerging technology to an opportunity that is important to them. The Chasm (C)Time gap in technology adoption, which is between the early adoptors and the pragmatists. Pragmatists (P) Early Majority Early majority pragmatists are the solid citizens who do not like to take the risks of pioneering, but are ready to see the advantages of tested technologies. They are the begining of a mass market. Pragmatists (P) Late Majority Late majority pragmatists, who represent about one-third of available customers, disklike discontinuous innovations and believe in tradition rather than progress. They buy high- technology products reluctantly and do not expect to like them. Traditionalists (T) Traditionalists (laggards) do not engage with high technology products - except to block them. They perform the valuable service of pointing out regularly the discrepancies between the day-to-day reality of the product and the claims made for it. IEACTP Time Source: Moore, G. A. (1991) Crossing the Chasm, HarperBusiness, New York.
XBRL Adoption Strategy 1.XBRL technology is between (C) and (P) The XBRL Business Case exists There are XBRL projects all around the world Stock exchanges, Credit Risk Assessment, Regulators, Tax organizations, etc. 2.Key projects are happening and risk management is necessary at consortium level A failure in one of the key projects could put in danger the work of all the other participants XBRL International decided to put resources on key projects to cover the following aspects Finding potential gaps between XBRL and business requirements Advisory about the usage of XBRL technology Help guarantee the success of the project Because we are neutral we will not make project deliverables
COREP project is key for Europe XBRL is a standard technology that can help in multiple ways: Regulators to reduce costs in receiving and validating business data Companies in the Financial sector to generate data using standards The financial sector is a key part of the information supply chain XBRL International decided to watch this project closely