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Session V: Panel on “Evolution and Future Trend for XBRL Development”

Session V: Panel on “Evolution and Future Trend for XBRL Development”. Session Chair: Mary MacBain , President and Director of KSCPAs 8:00 – 9:30 Overland Park, KS April 2013 . Panel Members. Efrim Boritz , University of Waterloo Eric E. Cohen , PricewaterhouseCoopers LLP

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Session V: Panel on “Evolution and Future Trend for XBRL Development”

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  1. Session V: Panel on “Evolution and Future Trend for XBRL Development” Session Chair: Mary MacBain, President and Director of KSCPAs 8:00– 9:30 Overland Park, KS April 2013

  2. Panel Members • EfrimBoritz, University of Waterloo • Eric E. Cohen, PricewaterhouseCoopers LLP • Herm Fischer, Mark V Systems Limited • Matthew F Slavin, SEC • MiklosVasarhelyi, Rutgers University Is this list alphabetized by first or last name?

  3. Train 3 (westbound) 11:52 PM Train 4 (eastbound) 5:47 AM Bring the sounds of Lawrence home with you! http://www.dblhouse.us/richard/traincam6.htm http://traincam.camstreams.com/homepage.asp

  4. Enterprise Acceptance • The evolving use of XBRL within companies • Compliance • Internal analysis and benchmarking • Resistance within companies • Historical and future cost of compliance • Who is “responsible” for XBRL within a company? • Implementations: • Outsourcing • Bolt on tools • Integrated solutions • How will the implementation of XBRL evolve?

  5. What’s Happening in Enterprises? • Compliance with XBRL mandate • Efficiency in compliance with XBRL mandate • Efficiency in compliance with SEC requirements • Benchmarking and additional benefits • Efficiency in compliance with reporting requirements as a whole • Agility and integration using standardization

  6. Resistance • Change • Management buy-in • Simple compliance burden • Political islands • Under the influence

  7. Evolution and Future Trends • Where did we come from? • Where are we now? • What are the possible paths forward? • What are the trends indicating a possible path?

  8. The Story of Our New Language Personalities, cultures, and politics combine to create a common, global language for business http://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/XBRL/DownloadableDocuments/XBRL_09_web_final.pdf

  9. Where did we come from? • XFRML, FRTA, FRIS • Spec 1.0, 2.0, 2.0a, 2.1, errata • Dimensions, Inline

  10. Original Plans Looked Deeper • From “Highlights” of Initial XFRML Steering Committee, 10/14/99 • “[XFRML] should have its roots in the "Audit Supply Chain." XFRML as technical standard for seamless process of exchange across all audit processes. • Our opportunity is to address things internationally at the level below the financial reporting level since there is more commonality at that level.” • This is still the place of XBRL’s Global Ledger Taxonomy Framework – the detailed information found in ERP systems.

  11. Independent and Interoperable Vision • Application layer • Tests • New from old • Data

  12. 13 Years Ago: XBRL 1.0

  13. Business Operations Internal Business Reporting External Business Reporting Investment, Lending, Regulation Economic Policymaking Business Reporting Supply Chain Processes Companies Financial Publishers and Data Aggregators Investors Central Banks Participants Trading Partners Management Accountants Internal Auditors External Auditors Regulators and Administrators Software Vendors and Service Providers

  14. Where are we now? • Focus on projects, not on futures/big vision • Moving forward by technologists, not domain/Spec collaboration • Staff > volunteers

  15. Recommendations XBRL 2.1 Specification Dimensions 1.0 Formula 1.0 Specification Generic Links Inline XBRL (Rendering) Specification Registry (for Formula) Transformation Registry v2 (for Inline HTML) XBRL Global Ledger Taxonomy Framework Proposed Edited Recommendations Variables 1.0 Match Filters 1.0 Proposed Recommendations Versioning Specification – Base, Concept Use, Concept Details, and Dimensions Units Registry – Structure, Process Generic Preferred Label 1.0 Units Registry - Process Candidate Recommendations Formula Extension Modules – Instances Formula Tuples 1.0 Variables-Scope Relationships 1.02 Public Working Drafts XBRL Steaming EXtensions Module 1.0 Inline XBRL 1.1 Table Linkbase 1.0 Comparability Business Requirements XBRL Abstract Model 2.0 Versioning for Dimensions Dimension Filters 1.1

  16. Filling in the Gaps • Rules • Process flow • Risks and controls

  17. Taxonomies • Financial reporting • US GAAP, IFRS, Canadian, Japanese, German, UK • Statutory filings • US FDIC/FFIEC, Eurofiling Basel II, Solvency II • Tax filings • HMRC and … • Pan-governmental reporting • SBR: Netherlands, Australia • Internal integration and reporting • XBRL’s Global Ledger Framework • Sustainability and Corporate Responsibility • GRI G3 and G3.1, CDP • Integrated/”Joined Up” Business Reporting

  18. Global Agreement

  19. Important Connections

  20. SBR in AustraliaReducing the reporting burden for business

  21. What About the “Competition”? • ANSI X.12 • UN/CEFACT ECE • ebXML • UBL • OAGIS • OWL/RDF/Ontologies • UML, model driven design

  22. What are the possible paths forward? • Scope • What IS XBRL anyway? • Path • Technical specification • Areas of semantic meaning • Collaboration • Interoperability • Participants

  23. What are the trends indicating a possible path? • Development based on immediate user requirements, not BRSC scope • Independence of syntax/formal modelling effort • What is XBRL if not the XBRL Specification? • “XBRL is what we say it is” • Inmates running the asylum

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