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Introduction to XBRL Consortium Newcomers Session Presenter: Grant Boyd - Vice Chair XBRL-Marcomm. General Manager - Corporate Services - Institute of.

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Presentation on theme: "Introduction to XBRL Consortium Newcomers Session Presenter: Grant Boyd - Vice Chair XBRL-Marcomm. General Manager - Corporate Services - Institute of."— Presentation transcript:

1 Introduction to XBRL Consortium Newcomers Session Presenter: Grant Boyd - Vice Chair XBRL-Marcomm. General Manager - Corporate Services - Institute of Chartered Accountants of New Zealand

2 Introductions  Name, company, etc.  Why are you here  What do you expect to get out of XBRL International  Who would you want to network with  How do you want to contribute

3 Today’s Agenda  The XBRL Vision/Mission/Goals  Guiding Principles  International & Jurisdictional Structure  How we are organized  Work group participation  XBRL Process  What to expect  Membership responsibilities  How you get involved

4 The XBRL Vision  A worldwide consortium of participants in the business and financial information supply chain.  Oversee the creation, development, submission and maintenance of the XBRL specification and related taxonomies for business & financial reporting data.  Over the next 5 to 10 years, all worldwide electronic business reporting and exchange of business reporting information between machines, applications, and people will be available using XBRL as the language of choice.

5 The XBRL Mission  To enhance the availability and cost effectiveness of creating the business reports of today and tomorrow

6 Goals The primary goal of XBRL is to reduce the cost of information, accelerate its flow, increase its usefulness and globalize its form and content.

7 Short Term Goals  Education (Training) More rapid creation and dissemination of materials and knowledge about how to use XBRL  Specification (Technology) Ongoing Clarification - keep 2.1 stable for 12 months  Taxonomies Encouragement of continued open development of taxonomies.

8 Guiding Principles  Market driven model – WIN – WIN - WIN  Start simple, be inclusive  Broad supply chain participation  Members support XBRL  Members do not compete on the “framework”  Build structure & systems to support open community & parallel taxonomy development  Liaison with other XML efforts  Neutral 3 rd Party facilitator  Long term success – XBRL International

9 Why International?  Enhanced participation  Web is a global platform/local content  Facilitates broader participation  Includes all supply chain participants  Leverage cross jurisdictional resources  Creation of a Market Demand Pull/Adoption

10 XBRL International Governance & Operational Structure

11 Supply Chains Preparer, Private Sector Academic Software & Services Accounting Intermediaries Investors/Creditors Analyst Exchanges Public Sector Preparers Supply Chain Communities 2 nd VC Regulators Preparer, Public Sector Tax Agencies  Supply Chain Community (SCC) represents a functional area in, or supporting, the business reporting process.  It facilitate international activities, collaboration and sharing expertise across borders. Supply Chain Community members Members of an established Jurisdiction Individuals who participate in the working party of a Provisional Jurisdiction

12 Supply Chains  Benefits  Talk to national and international members about specific supply chain issues  Details are on the website - in the ‘About the Organisation’ section

13 XBRL International Governance & Operational Structure

14 Working Groups Domain Basel II Marketing & Comm. Education Grants Research General Ledger Specification International Working Groups …Domain subgroups…

15 Working Groups  Established at both International and Local level ( except SPEC) to further XBRL developments  Details on the website of the groups and their objectives

16 XBRL International Governance & Operational Structure

17 At Large Members  Individuals who provide valuable contributions to XBRL  Ability to elect four to the Steering Committee

18 Jurisdictions  Each Country has a seat on the Steering Committee. Rotate so that one or two change every year  Each Country responsible for XBRL adoption

19 Jurisdictional Expectations  Actions—  Vigorous executive support  Commit resources  Implement within your organizations  Publish your financial statements  Enable your applications and/or tools  Recruit others to join XBRL  Ensure interoperability with other Internet initiatives  Urge adoption of XBRL by other companies  Be the leader

20 What you can do  Attend  Participate  Take responsibility  Communicate  E-groups (XBRL-INT, XBRL-jur, XBRL-public, etc.)  Instructions for posting [TOOLS], [GEN], itd.  Keep postings to PUBLIC issues  www.xbrl.org  Look for opportunities

21 Tools and Help  Website has a number of tools and lots of information  www.xbrl.org  Download the Jurisdictional Jumpstart kit  Join the e-groups

22  QUESTIONS?


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