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Track 10 - XBRL Assurance in Japan (21st April, 2010) Akira Matsuo, KPMG (AZSA)

20 th XBRL International Conference “XBRL: Linking Businesses, Public Regulators & Citizens” April 20-22, 2010 Rome, Italy. Track 10 - XBRL Assurance in Japan (21st April, 2010) Akira Matsuo, KPMG (AZSA) Jun Owada, Altran Control Solutions Makoto Koizumi, Fujitsu Research Institute.

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Track 10 - XBRL Assurance in Japan (21st April, 2010) Akira Matsuo, KPMG (AZSA)

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  1. 20th XBRL International Conference“XBRL: Linking Businesses, Public Regulators & Citizens”April 20-22, 2010Rome, Italy Track 10 - XBRL Assurance in Japan (21st April, 2010) Akira Matsuo, KPMG (AZSA) Jun Owada, Altran Control Solutions Makoto Koizumi, Fujitsu Research Institute

  2. XBRL was introduced in March 2008 PFS in Annual, Semi-Annual and Quarterly Securities Reports and Securities Registration Report are scope of XBRL adoption Approx. 33,000 XBRL documents are publicly available (as of 28 February, 2010) XBRL filing in JapanStatus of XBRL filing to Japan FSA EDINET

  3. XBRL filing in JapanIFRS adoption roadmap Japan FSA issued the Roadmap to IFRS adoption 2015 or 2016 • IFRS Taxonomy 2009 Japanese label • Available since April 2010 • Scope of XBRL adoption • IFRS Financial Statements and Notes • Since April 2010

  4. XBRL filing in JapanError examples

  5. XBRL filing in JapanImpact analysis May decrease/lost credibility of XBRL document Looks OK, but this would be a blockage of comparability Understanding of concept meaning would be difficult

  6. How to prevent errorsWhat computer can do • Tools for CAAT (Computer Assisted Audit Techniques) provides: For rules for syntax • Validation based on XBRL Specification 2.1 • Validation based on rules set by regulator For rules for semantic • Human readable and understandable reports

  7. How to prevent errorsExample tools Semantic error Syntax error

  8. How to prevent errorsWhat auditors need to know • Rules set by regulators • E.g. EDINET Corporate Extension taxonomy Guideline, Instance Creation Guideline • Structure of taxonomy and meaning of accounting line items in the taxonomy • Meaning of syntax errors and suggested solutions • Usage of tools

  9. XBRL Assurance activities in JapanIntroduction of XBRL Assurance WS • Had XBRL Assurance WS for 2 types of audience (10 Univ. students and 5 auditors in XBRL Japan) 1 XBRL Essential For Univ. students 2 EDINET Guidelines 3 Understand AUP How to use tools For auditors in XBRL Japan 4 Hands on

  10. XBRL Assurance activities in JapanIntroduction of XBRL Assurance WS • Used XBRL extension taxonomy and instance which contains 10 popular errors in Japan • Results: • Univ. students found out 2-4 errors • Mainly, they found out Syntax errors • Auditors found out 4-6 errors • They found out both syntax and semantic errors

  11. Conclusion • PFS- assurance work for conversion results • Substantive test • Using software warning tool • Manual one by one checking with paper based PFS • Notes-assurance work for conversion results • Not implemented yet • IFRS taxonomy for March 31, ‘10 fiscal year end early adaption • Regulator should establish a rule for assurance for conversion results

  12. ChallengingTo achieve comparability • Taxonomy extension • IFRS taxonomy due process for classification and grouping • Semantic assurance work for selection and extension of taxonomy • Ex. Current reporting- aggregation issues

  13. Question?

  14. Thank you • Contact: • Akira Matsuo: • Jun Owada: • Makoto Koizumi:

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