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Introduction to XBRL Consortium Newcomers Session

Grant Boyd, Vice Chair XBRL-Marcomm, provides an introduction to XBRL International, its vision, mission, goals, and organizational structure. Learn how to get involved and contribute to the consortium.

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Introduction to XBRL Consortium Newcomers Session

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  1. Introduction to XBRL ConsortiumNewcomers 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 specificationand 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 3rd 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 Chain Communities Preparer, Private Sector Accounting 2nd VC Intermediaries Software & Services Investors/Creditors Analyst Regulators Exchanges Tax Agencies Academic Preparer, Public Sector Public Sector Preparers Supply Chains • 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. Grants Working Groups International Working Groups Specification Domain Basel II Marketing & Comm. Education Research General Ledger …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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