2. XBRL Around the World XBRL Around the World A look beyond U.S. shores to put the SEC’s interactive data initiative in a global context By Karen Kernan © 2008 American Institute of Certified Public Accountants.

3. EUROPE

4. BELGIUM Since January 2008, XBRL has been mandatory for all filings of annual accounts to the National Bank of Belgium. The Directorate-general of Statistics and Economic Information is studying how companies could save time completing survey reports about their structure, using data already submitted in their annual accounts. The Federal Public Service Finance is currently working on building a taxonomy to be utilized for corporate tax returns. BELGIUM Since January 2008, XBRL has been mandatory for all filings of annual accounts to the National Bank of Belgium. The Directorate-general of Statistics and Economic Information is studying how companies could save time completing survey reports about their structure, using data already submitted in their annual accounts. The Federal Public Service Finance is currently working on building a taxonomy to be utilized for corporate tax returns.

5. FRANCE The Bank of France has already adopted XBRL for regulating the banking sector. The French GAAP taxonomy is currently under construction, and the decision by AMF (the securities regulatory body) on the use of XBRL for reporting by public companies is expected by the end of 2008. FRANCE The Bank of France has already adopted XBRL for regulating the banking sector. The French GAAP taxonomy is currently under construction, and the decision by AMF (the securities regulatory body) on the use of XBRL for reporting by public companies is expected by the end of 2008.

6. GERMANY German small- and mid-cap companies already report in XBRL, though many filers are not aware of this fact, since they continue to use the same online forms. DATEV, the officially sanctioned clearinghouse, generates the XBRL data from filed reports. Private companies are also required to report. The German Public Register Authority (Bundesanzeiger) enabled XBRL filing last year and has received XBRL data from approximately 1 million entities. GERMANY German small- and mid-cap companies already report in XBRL, though many filers are not aware of this fact, since they continue to use the same online forms. DATEV, the officially sanctioned clearinghouse, generates the XBRL data from filed reports. Private companies are also required to report. The German Public Register Authority (Bundesanzeiger) enabled XBRL filing last year and has received XBRL data from approximately 1 million entities.

7. IRELAND Ireland was one of the first XBRL jurisdictions in the EU, and many of its members have been influential in the international organization, as well as in working groups for CEBS, COREP and FINREP. The Irish government is contributing to a few projects that will result in the electronic exchange of financial information. IRELAND Ireland was one of the first XBRL jurisdictions in the EU, and many of its members have been influential in the international organization, as well as in working groups for CEBS, COREP and FINREP. The Irish government is contributing to a few projects that will result in the electronic exchange of financial information.

8. ITALY Still in pilot project stages, Italy is moving rapidly with legislative support. About 900 annual and consolidated accounts began filing last year with chambers of commerce in Italy. ITALY Still in pilot project stages, Italy is moving rapidly with legislative support. About 900 annual and consolidated accounts began filing last year with chambers of commerce in Italy.

9. LUXEMBOURG The Central Bank is defining the taxonomy, which is expected to be mandatory for non-monetary investment funds by January 2009. The Central Office for Balance Sheets is also finalizing a taxonomy for private company reports that is expected to go live in 2009. LUXEMBOURG The Central Bank is defining the taxonomy, which is expected to be mandatory for non-monetary investment funds by January 2009. The Central Office for Balance Sheets is also finalizing a taxonomy for private company reports that is expected to go live in 2009.

10. NETHERLANDS The Dutch government is using XBRL as one aspect of an ambitious program to reduce by 25% the cost of financial, tax, statutory and statistical reporting compliance. NETHERLANDS The Dutch government is using XBRL as one aspect of an ambitious program to reduce by 25% the cost of financial, tax, statutory and statistical reporting compliance.

11. NORWAY Norway is using XBRL’s parent language, XML, for an all- inclusive government repository. A single portal accommodates everything and anything that needs to be reported to the government by businesses, such as tax information, business reports, patents, new company registrations, and more. NORWAY Norway is using XBRL’s parent language, XML, for an all- inclusive government repository. A single portal accommodates everything and anything that needs to be reported to the government by businesses, such as tax information, business reports, patents, new company registrations, and more.

12. POLAND Taxonomies for the banking industry and stock exchanges are ready to go live, and Poland’s XBRL organization is working to educate business and governmental stakeholders in the financial supply chain—a necessary step before mandates. POLAND Taxonomies for the banking industry and stock exchanges are ready to go live, and Poland’s XBRL organization is working to educate business and governmental stakeholders in the financial supply chain—a necessary step before mandates.

13. SPAIN The Spanish banking industry adopted XBRL for various reporting requirements, followed by the capital markets. Now the focus is governmentwide, including XBRL reporting by municipalities and private companies. SPAIN The Spanish banking industry adopted XBRL for various reporting requirements, followed by the capital markets. Now the focus is governmentwide, including XBRL reporting by municipalities and private companies.

14. SWEDEN The Swedish Companies Registration Office (Bolagsverket) accepts voluntary XBRL reports from private companies, and the taxonomy is in place for the Swedish National Audit Office’s (SNAO) governmental administrative reporting. SWEDEN The Swedish Companies Registration Office (Bolagsverket) accepts voluntary XBRL reports from private companies, and the taxonomy is in place for the Swedish National Audit Office’s (SNAO) governmental administrative reporting.

15. UNITED KINGDOM Thousands of companies already report in XBRL, which will be mandatory in 2011. The tax authority (HMRC) has a voluntary XBRL filing service, which also will be mandatory in 2011. UNITED KINGDOM Thousands of companies already report in XBRL, which will be mandatory in 2011. The tax authority (HMRC) has a voluntary XBRL filing service, which also will be mandatory in 2011.

16. ASIA

17. CHINA In 2004, China became the first country in the world to formally adopt XBRL reporting for its equity markets. In the near future, China XBRL expects to see extended use of XBRL for mutual fund reporting, IPO approvals and nonofficial, internal financial reporting for smaller companies. CHINA In 2004, China became the first country in the world to formally adopt XBRL reporting for its equity markets. In the near future, China XBRL expects to see extended use of XBRL for mutual fund reporting, IPO approvals and nonofficial, internal financial reporting for smaller companies.

18. INDIA Both the Bombay Stock Exchange and the National Stock Exchange currently accept voluntary XBRL documents and are moving toward mandates with the support of the Securities and Exchange Board of India. The Reserve Bank of India has included XBRL in its strategy plan for 2010, and in May 2008 it awarded a contract to a local vendor to start its implementation of a full- fledged XBRL filing solution. INDIA Both the Bombay Stock Exchange and the National Stock Exchange currently accept voluntary XBRL documents and are moving toward mandates with the support of the Securities and Exchange Board of India. The Reserve Bank of India has included XBRL in its strategy plan for 2010, and in May 2008 it awarded a contract to a local vendor to start its implementation of a full- fledged XBRL filing solution.

19. JAPAN Japan recently mandated XBRL-format reporting for approximately 5,000 public companies and 3,000 investment funds for financial statements in securities reports filed annually and quarterly. XBRL, which addresses language barriers, is expected to help attract foreign investors. Since 2006, the Bank of Japan has used a voluntary XBRL reporting program for financial service institutions, gradually expanding the range of reports, and implementing the latest technology such as Formula link and Dimensions. JAPAN Japan recently mandated XBRL-format reporting for approximately 5,000 public companies and 3,000 investment funds for financial statements in securities reports filed annually and quarterly. XBRL, which addresses language barriers, is expected to help attract foreign investors. Since 2006, the Bank of Japan has used a voluntary XBRL reporting program for financial service institutions, gradually expanding the range of reports, and implementing the latest technology such as Formula link and Dimensions.

20. SINGAPORE The Accounting & Corporate Regulatory Authority of Singapore requires some 50,000 companies to file their financial statements in XBRL, though companies such as banks, and insurance and finance companies regulated by the Monetary Authority of Singapore are presently excluded from this requirement. SINGAPORE The Accounting & Corporate Regulatory Authority of Singapore requires some 50,000 companies to file their financial statements in XBRL, though companies such as banks, and insurance and finance companies regulated by the Monetary Authority of Singapore are presently excluded from this requirement.

21. SOUTH KOREA As of 2007, all publicly held companies file financial statements using XBRL on the electronic filing system of the Korea Financial Supervisory Commission. The system allows viewers to see and analyze a company’s financial statements in English. A project to adopt XBRL for a call reporting system for banking institutions is underway with an expected go live date at the end of 2009. SOUTH KOREA As of 2007, all publicly held companies file financial statements using XBRL on the electronic filing system of the Korea Financial Supervisory Commission. The system allows viewers to see and analyze a company’s financial statements in English. A project to adopt XBRL for a call reporting system for banking institutions is underway with an expected go live date at the end of 2009.

22. THAILAND Thailand’s stock exchange has established five XBRL working groups for taxonomy development, regulatory frameworks, XBRL tools, and for communicating information about XBRL to the financial supply chain. THAILAND Thailand’s stock exchange has established five XBRL working groups for taxonomy development, regulatory frameworks, XBRL tools, and for communicating information about XBRL to the financial supply chain.

23. AMERICAS

24. CANADA A voluntary XBRL filing program is now in effect. Because of the large number of Canadian companies that register with the U.S. SEC, the U.S. SEC rules are expected to have a significant impact. Canada is moving to IFRS in 2011 and XBRL Canada is developing a tool to map Canadian GAAP to IFRS, which will assist companies in understanding the significant differences. XBRL Canada is working on a taxonomy that conforms to IFRS. CANADA A voluntary XBRL filing program is now in effect. Because of the large number of Canadian companies that register with the U.S. SEC, the U.S. SEC rules are expected to have a significant impact. Canada is moving to IFRS in 2011 and XBRL Canada is developing a tool to map Canadian GAAP to IFRS, which will assist companies in understanding the significant differences. XBRL Canada is working on a taxonomy that conforms to IFRS.

25. CAYMAN ISLANDS In June 2008 the Cayman Islands Monetary Authority (CIMA) released the first comprehensive assessment of the offshore hedge funds industry available—made possible by a new XBRL-based electronic reporting platform—that gives CIMA the ability to aggregate and report in-depth statistics on 5,052 Cayman Islands- regulated funds representing a net asset value of $1.387 trillion. CAYMAN ISLANDS In June 2008 the Cayman Islands Monetary Authority (CIMA) released the first comprehensive assessment of the offshore hedge funds industry available—made possible by a new XBRL-based electronic reporting platform—that gives CIMA the ability to aggregate and report in-depth statistics on 5,052 Cayman Islands- regulated funds representing a net asset value of $1.387 trillion.

26. SOUTH AMERICA The central banks are the main drivers of XBRL development throughout Latin America. Bolivia is taking a governmentwide approach. Chile’s capital markets are actively exploring XBRL. SOUTH AMERICA The central banks are the main drivers of XBRL development throughout Latin America. Bolivia is taking a governmentwide approach. Chile’s capital markets are actively exploring XBRL.

27. UNITED STATES The FDIC currently collects bank financial statements (call reports) in XBRL format for more than 8,300 U.S. banks quarterly. The SEC’s Voluntary Filing Program established in 2005 allows public companies to voluntarily submit XBRL documents as exhibits to periodic reports and investment company act filings. Approximately 80 companies have participated in the program. In May of 2008, the SEC proposed a rule to mandate the use of XBRL for companies’ financial statements. More than 80 comment letters were submitted to the SEC, and a final ruling is expected by the end of 2008. UNITED STATES The FDIC currently collects bank financial statements (call reports) in XBRL format for more than 8,300 U.S. banks quarterly. The SEC’s Voluntary Filing Program established in 2005 allows public companies to voluntarily submit XBRL documents as exhibits to periodic reports and investment company act filings. Approximately 80 companies have participated in the program. In May of 2008, the SEC proposed a rule to mandate the use of XBRL for companies’ financial statements. More than 80 comment letters were submitted to the SEC, and a final ruling is expected by the end of 2008.

28. The End