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Participating in the SEC’s XBRL filing program – implementation framework

Participating in the SEC’s XBRL filing program – implementation framework

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Participating in the SEC’s XBRL filing program – implementation framework

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  1. Participating in the SEC’s XBRL filing program – implementation framework Presented at Northern California OAUG January 17, 2008 Presented by: Jay Chandran, CPA Solutions Partners, Inc Los Gatos, California, USA E-Mail: Jay.Chandran@solutionspi.com Cell phone: + 1 (510)-710-7835

  2. Today’s presentation • Introduction • About SimpleX and Solutions Partners • Overview of XBRL and the SEC Filing Program • SimpleX solution for XBRL filings • Demo • Q & A

  3. About SimpleX • XBRL domain expertise - Member XBRL-US consortium - Recognized expert • ERP and data warehousing expertise - Oracle, SAP, Hyperion, Cognos etc. • 20+ years of complex financial systems experience

  4. Overview of XBRL and SEC’s VFP • XBRL = eXtensible Business Reporting Language (www.xbrl.org) • Self-contained xml wrapper for each data element in the financial statement • Utilizes a standardized classification taxonomy • Enables ease of analysis and benchmarking, minimizes duplication of data entry • Intended meaning of various data elements retained for downstream users • Currently XBRL is a voluntary filing program • Currently XBRL is a voluntary filing program (VFP) - 40+ Companies including Microsoft and Adobe • XBRL will become mandatory in the future - The questions is “when” not “if” - Latest information points to end of 2008 www.xbrl.org

  5. The XBRL timeline • Spring 2005- The SEC starts accepting XBRL formatted financials • The purpose of the VFP is to investigate the use of XBRL: • Test the XBRL technology and software availability for data tagging • Review software/ services availability for data tagging • Understand maturity of taxonomies and depth of data tagged • Understand level of effort to tag data in XBRL format • Test usefulness of tagged data for Commission and investor analysis/review • Fall 2006- The SEC announces a $54 million contract to modernize EDGAR to accept XBRL filings - The contract also includes a $5.5 million to complete the US-GAAP taxonomy • End of 2008 – XBRL becomes mandatory?

  6. SimpleX solution for XBRL • Solution is combination of Software as a Service (SaaS) & Managed Services - Hosted software solution to convert financial reports into XBRL compliant tagged files - Managed services to support XBRL mapping, XBRL standard changes and SEC directives • Developed Tagezee™ to help tag financials statements easily • Adobe Systems case study

  7. Implementation approach • Analyze historical financials - SimpleX determines XBRL gaps and issues • Develop scope, plan and timeline - Start with Q&K facing financials - Follow with MD&A - Notes are final stage • Communicate high-level project plan with IR, auditors and others within the organization

  8. Implementation approach contd.. • Use prior period (historical) data for initial implementation - Identify applicable taxonomy elements and need for extensions - Review Presentation report for element details (tags) - Display in instance document same as in the original document - Review and sign-off process developed with financial reporting team • “Go Live” with next period’s Q or K • Fully COLLABORATIVE process

  9. SimpleX Tagezee™ attributes • Software designed with service providers and end-user companies in mind • Developed in an environment accountants are most familiar with • Source files treated as “Prepared by Client” and kept 100% unmodified • XBRL internals kept hidden, but not invisible - Users can drill down as required

  10. Adobe Case Study • Adobe Systems named one of the top Model Companies for the quality of their XBRL filings - Last 9 quarters XBRL filings made along with the official filing, last 4 quarters have MD&A - 10 of 10 filings had no errors

  11. Demo using Tagezee™