1. XBRL Medlemsmøde i DIRF – 17.05.2011 Financial data goes interactive v/Martin Juul Møller og Henrik Grønnegaard

2. © 2011 Deloitte 2 Hvad er regnskabsreguleringens krav? Hvorfor XBRL? Hvad er XBRL? Hvordan bruges XBRL i praksis? Hvilke overvejelser bør en virksomhed gøre sig? Hvad er perspektiverne for årsrapporten på sigt? Hvordan kommer man videre? Agenda

3. © 2011 Deloitte 3 Hvad er regnskabsreguleringens krav

4. © 2011 Deloitte 4 Law enacted 7 April 2011 ‒ Only annual reports Expected that reporting to SKAT and Danmarks Statistik in time can be done in XBRL as well ‒ Two solutions offered by DCCA: Regnskab Basis and Regnskab Special Regnskab Basis: A simple Annual Report can be prepared manually in a template developed by DCCA Regnskab Special: Annual Report in XBRL and PDF is prepared and submitted by company/auditor Danish taxonomies for Class B and C including consolidated accounts are ready Taxonomy for Class D is under development Requirements in Denmark Mandatory submission of Annual Reports in XBRL Accounting ClassMandatory for:Comments, etc. Class BFinancial periods ending 31.01.2012 or later Transitory rule: Enbloc mapping of note information Class CFinancial periods ending 31.12.2012 or later (at the earliest) Class DFinancial periods ending 31.08.2013 or later (at the earliest) Taxonomy expected finished at the end of 2011 based on IFRS

5. © 2011 Deloitte 5 What shall be submitted? PDF-document with the Annual Report as approved at the general assembly XBRL Instance Document containing all the information in the Annual Report tagged to the Danish XBRL taxonomy from the DCCA ‒ No audit requirements How can it be submitted? Using the ”Regnskab Basis”-solution from DCCA (Only class B) Manual upload using NEM ID / digital signature System-to-system solution Requirements in Denmark Mandatory submission of Annual Reports in XBRL

6. © 2011 Deloitte 6 Hvorfor XBRL?

7. © 2010 Deloitte Touche Tohmatsu Google’s 10-K filing Income statement

8. © 2010 Deloitte Touche Tohmatsu What’s wrong with paper-based or PDF filing? The meaning of data can be confusing: Is it in thousands or millions? (For Google even in billions?) Euros or Dollars? What kind of Dollars? Definitions can look the same but might have different meanings “Profit” or “Pro-forma profit” Although a human-being can read and understand it, a computer can not As soon as data is on paper or in PDF, it cannot be reused easily Who’s asking for the data? What is the data definition?

9. © 2010 Deloitte Touche Tohmatsu Using computer languages to exchange data What can XML offer? Structured exchange of data, based on well-described data definitions Used to structure, store, share and present data across software platforms XML is flexible… Example of XML How to model a business fact? 23650563 Revenue $ 23,650,563 too flexible for reporting

10. © 2010 Deloitte Touche Tohmatsu 23650563 XBRL offers more guidance than XML eXtensible Business Reporting Language “Dialect” of XML; with restrictions and extra functionality 23650563 (in thousand, except per share amounts) Google Inc. We prepare our Consolidated Financial Statements in accordance with accounting principles generally accepted in the U.S. 23650563 23650563000 Google 23650563000 Google 23650563000 Form 10-K XBRL Instance Document 1288776 23650563000 1288776 23650563000 Collection of facts

11. © 2011 Deloitte 11 Hvad er XBRL?

12. What is XBRL? XBRL is a language for the electronic communication of business and financial data which is revolutionising business reporting around the world. It provides major benefits in the preparation, analysis and communication of business information. It offers cost savings, greater efficiency and improved accuracy and reliability to all those involved in supplying or using financial data. XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet. http://www.xbrl.org/

13. Essential XBRL In short, XBRL is about: A taxonomy defining concepts and structure An instance document containing facts Taxonomy XBRL Instance Inventory Profit 5.340 1/1/2008 €

14. XBRL uniquely tags financial and non-financial facts 14 EntityDeloitte FactWork IP Value33,347 UnitEuro Date31/5/09 Work in progressWerk in uitvoeringProdução em curso 작업이 진행工作进度

15. Example XBRL document Google instance

16. External requirements XBRL helps to standardize data, without the need to standardize systems 16 Data ALIGNMENT Reporting definitions Corporate Reporting Taxonomy

17. XBRL adds value to many areas in business reporting Streamline internal and external disclosure management Report to multiple regulators and stock exchanges Prepare board reports and management reporting packs Increase transparency and comparability Accelerate M&A consolidation process Easy transfer information between organisations Consistent classification of reporting data Improve internal control Eliminate human intervention and re-keying of data Consistency in terminology and data definitions Numerical accuracy as XBRL can also calculate and verify Integrate internal and external systems through XBRL GL Share data on a transaction level Improve data quality through system-to-system feeds 17

18. © 2011 Deloitte 18 XBRL is key enabler for semantic standardization in finance

19. A wide range of disclosures are supported by XBRL 19 XBRL mandatesXBRL voluntary Stock exchanges: China, India, Italy Basel II reporting: Spain, Belgium, Poland, France, Spain Statutory: Australia, Belgium, Singapore Tax: UK, Japan Central banks: USA, Japan, India EU Reform of Financial Markets Regulation Stock exchanges: South Africa, South Korea Statutory: Germany, Denmark, Ireland, Sweden, Canada Basel II: most EU countries Micro credit & insurance Standard Business ReportingTrends Initiatives around the globe Australia Netherlands New Zealand Poland Topics Tax, Statistics, Statutory Credit risk Sustainability Reporting (Global Reporting Initiative) XBRL Global Ledger (transaction level)

20. © 2011 Deloitte 20 Hvordan bruges XBRL i praksis?

21. © 2010 Deloitte Touche Tohmatsu XBRL instance approaches Tagging Ad-hoc creation of an instance document with source data (e.g. Word document) by marking the values with XBRL codes and adding contextual information manually (date, currency, etc.)  generate XBRL instance fast; not reusable Positional mapping Setting up a repeatable process by marking positions in a document with XBRL codes (e.g. cell D51 in Excel equals IFRS_profits for current year)  relatively easy to set up and reuse; difficult to maintain Keyword mapping Setting up a repeatable process by linking own accounts or database records to XBRL codes (e.g. Chart_of_accounts_profits equals IFRS_profits)  more effort to set up; but results in controlled environment

22. Instance creation – tagging Tag number with XBRL concept and provide contextual information manually. EntityDeloitte FactIFRS_WorkInProgress Value33,347 UnitEuro Date31/5/09

23. Instance creation – positional mapping Cell C14 Positional mapping Map cell to XBRL concept and provide contextual information. Mapping can be reused to create instance documents. EntityDeloitte FactIFRS_WorkInProgress Value33,347 UnitEuro Date31/5/09

24. Instance creation – keyword mapping EntityDeloitte FactIFRS_WorkInProgress Value33,347 UnitEuro Date31/5/09 Output data A100 2009/05/31 33347 Mapping table A100=IFRS_WorkInProgress Map account code and contextual information to XBRL concepts. Mapping can be reused to create instance documents.

25. © 2010 Deloitte Touche Tohmatsu Standard Business Reporting – A company perspective Administration Mapping Chart of accounts Sub ledger Danish Taxonomy Credit risk reporting Annual report Tax return

26. © 2011 Deloitte 26 Hvilke overvejelser bør danske virksomheder gøre sig?

27. © 2011 Deloitte 27 Different approaches to preparation of XBRL instance documents: 1.Outsource the preparation of XBRL Instance Documents to third parties based on the ”paper version” of the Annual Report? 2.Prepare the XBRL Instance Documents yourself based on the ”paper version” of the Annual Report? 3.Integrate XBRL in the preparation of the Annual Report? Different approaches to meeting the requirements in the XBRL taxonomy: 1.Participation in the development of the Danish XBRL taxonomy for Class D? 2.Adjust the ”paper version” of the Annual Report to the requirements in the XBRL taxonomy? 3.Making company specific extensions to the XBRL taxonomy? Other considerations 1.First movers – Pro and cons? 2.Attract attention to the company’s financial reporting? How to approach the XBRL requirements in the short run

28. DCCA Mandate - First step to Data Centric Disclosure Management? 28 Comply with 1rst deadline of DCCA Mandate! Take control over detailed tagging requirements Redesign the ‘last mile’ to a data centric disclosure management process Connect internal and external reporting processes & systems Increasing # of required reports and parties involved Take control over tagging Improve disclosure management process Align in company reporting process through XBRL Increasing efficiency, mitigating risks, speeding up reporting process Roadmap to data centric disclosure management ‘Quick fix’

29. Take control over tagging Goal: Better control over the transformation process from paper based filing to XBRL filing. Considerations: in-house or outsource a.Detailed-tagging is more complex and adds extra constraints to existing deadlines. b.Even “printer” companies expect companies to produce XBRL filings in-house. c.Software is readily available to support the process of XBRL filing. A phased approach to Data Centric Disclosure Management 29 Improve disclosure management process Goal: Putting data instead of reports at the heart of the disclosure management process Considerations: a.Improving the “last mile” of finance (generating compliance reports including filing) leads to more efficiency, less risks, fewer errors and a speedier process b.An increasing number of countries have their own XBRL reporting obligations or even a Standard Business Reporting program, resulting in increasing XBRL requirements for companies Align in company reporting process through XBRL Goal: align multiple interfaces between multiple source systems and internal & external reporting Considerations: using XBRL throughout the information supply chain in and outside the organization will lead to: a.Improved quality, transparency, alignment, speed, efficiency and flexibility b.Less risks and errors c.Increased standardization and less interfaces d.Less dependence from 3 rd parties ‘Quick fix’ Goal: Be compliant with applicable mandates and first year deadlines Considerations: in-house or outsource a.In-house requires software selection b.Outsourcing requires selection of printer company (outsourcing block-tagging is relatively cheap (< US$ 10,000),

30. © 2011 Deloitte 30 Hvad er perspektiverne for årsrapporten på sigt?

31. © 2011 Deloitte 31 1.Will the users ask for specific informations more than a complete picture? 2.Will the users still demand the overall ”true and fair view” of the current Annual Reports? 3.Will the accounting rules, regulations, etc. have to change? 4.Will there be more or less information in the Annual Reports / XBRL documents? 5.Will the financial information be more industry specific (KPI’s, etc.)? 6.Will user groups prepare specific XBRL taxonomies or extensions to be used when reporting to them (e.g. Banks and other financial institutions)? How will XBRL affect the Annual Reports in the long run?

32. © 2011 Deloitte 32 Hvordan kommer man videre?

33. Moving forward – How can we help 1. Training & Awareness  Organize an XBRL Deep Dive to educate your team on the impact of XBRL in your organization  Share XBRL Best Practices on taxonomy design, process design and implementation  Learn to understand and extend XBRL taxonomies, like DK GAAP, IFRS and FINREP/COREP  Evaluate implementation scenarios, incl. tool selection  Provide latest updates on local and global regulatory reporting requirements, like the SEC regulation and filing requirements as stated in the Edgar Filing Manual 2. Ensuring the quality of XBRL filings Conduct an independent review (agreed-upon procedures) on XBRL related regulatory filings, checking for example:  Selection of appropriate taxonomies  Accuracy and consistency of tagging financial statements and notes  Usage of extensions  Completeness and validity of XBRL instance documents and extension taxonomy (labels, calculation, presentation and corresponding link bases) 3. Implementation services  Vendor selection (software or service)  Extending and mapping of taxonomies to financial statement items  Deployment of XBRL reporting and filing solutions  Development and maintenance of XBRL taxonomies  Align charts of accounts and reporting packs to XBRL filing requirements  Implement XBRL enhanced accounting manuals 4. Disclosure Management Roadmap  Build the broader business case for both the external and internal use of XBRL for business reporting  Conduct Business & Financial Reporting Impact Assessment  Design a phased implementation roadmap for the disclosure management process 33

34. © 2011 Deloitte 34 Erhvervs- og Selskabsstyrelsen: http://www.eogs.dk/sw69484.asphttp://www.eogs.dk/sw69484.asp IFRS: http://www.ifrs.org/XBRL/XBRL.htmhttp://www.ifrs.org/XBRL/XBRL.htm Dansk XBRL organisation: www.xbrl.dkwww.xbrl.dk Europæisk XBRL organisation: www.xbrl.org\euwww.xbrl.org\eu International XBRL organisation: www.xbrl.orgwww.xbrl.org Links etc.

35. Deloitte Touche Tohmatsu Limited Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. © 2011 Deloitte Statsautoriseret Revisionsaktieselskab. Member of Deloitte Touche Tohmatsu Limited Partner, Audit Direct: +45 36 10 32 14 Mobile: +45 25 12 32 14 Email: mmoeller@deloitte.dk Martin Juul Møller Director, Audit – National Office Direct: +45 36 10 36 86 Mobile: +45 23 23 20 25 Email: hgroennegaard@deloitte.dk Henrik Grønnegaard