| 1 | | | xbrl meets the needs of business april 19, 2002 bryant college xbrl educational resource...

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XBRL Meets the Needs of Business

April 19, 2002 Bryant College XBRL Educational Resource Center

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Liv A. WatsonDirector – Edgar Online, Inc

XBRL Liaison ChairE-Mail: Lwatson@Edgar-Online.com

Phone: 203.852.5703

The Next Technology RevolutionXML XBRL

55th Annual Conference 55th Annual Conference of Accountantsof Accountants

University of Tulsa, OKUniversity of Tulsa, OK

April 25, 2001April 25, 2001

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EDGAR Online, Inc.EDGAR Online, Inc. isis

1. the leading business-to-business and Web-based provider of business, financial and competitive information derived from U.S. Securities and Exchange Commission data and a developer of Internet-based financial and business system solutions.

EDGAREDGAR ®®

NLINE NLINEOO SMSM

www.edgar-online.com

www.freeedgar.com

www.ipo-express.com

www.insidertrader.com

www.fd.express.com

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Today’s Objectives

Overview of XML & XBRL Show you how this technology makes doing

E-Business: Faster Cheaper Better

Conclusion

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Find the best solution to connect the nine points

together with no more than four straight lines

without lifting your writing instrument.

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Whatassumptions

are you making?

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If you do not assume that you cannot extend your

lines beyond the imaginary square formed by the

box the puzzle becomes easier to solve.

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Henry Dudeney was born 144 years ago – 10th April 1857

Dudeney is best known for his publications of mathematical problems and pastimes,

some of which provoked serious mathematical research

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“Everything “that can be invented “has been invented.”

Charles H. DuellCommissioner of U.S. Office of Patents,

urging President William McKinley to abolish his office, 1899

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Don’t assume that the lines must pass

through the center of the dots.

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Don’t assume that the line

must be thin.

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Just to prove I can do it with two lines.

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Don’t assume that the paper must be flat.

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If you rip the paper into nine segments,

you can stack them

and poke your point through all at once.

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Don’t assume that you cannot

crease the paper.

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Don’t assume that

the lines cannot extend beyond

the edge of the paper.

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Don’t assume that you cannot

rip the paper.

| 18 | | | From Evansville Courier and Press

Is There A Problem?

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Let’s move up the Value Chain

Transactions Data Information Knowledge Decisions

Transactions Data Information Knowledge Decisions

Transactions Data Information Knowledge Decisions

Transactions Data Information Knowledge Decisions

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Searching for the word “Mercury” on the Web can provide search results such as--

Hg

Content—without Context

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Simple problem:4921 results in a typical search

(e.g. “IBM Fixed Assets”)

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Evolution to Web Services

TechnologyInn

ova

tio

n

FTP, E-Mail,Gopher

Web Pages

Web Services

TCP/IP HTML XML

Connectivity

Presentation

Automation

Browse the Web

Program the Web

Text Files

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XML

XML stands for: eXtensible Markup

Language

Universally accepted method of exchanging information

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eXtensible Markup Language

……is a meta markup language the World Wide Web Consortium (W3C) considers a universal standard for describing both structured data and the behavior of applications that process the language.

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What Is XML?

“XML is aplatform-independent,self-describing,expandable,standard data exchange format

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XML is Platform Independent Windows Unix Macintosh Mainframe Linux

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XML is Self-Describing

Example: <DATE>July 26, 1998</DATE>

Describes the information, not the presentation

Format neutral

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XML is Expandable

Whereas HTML has a fixed set of tags <H1>, <B>, <PRE>

XML lets you create your own tags <sugary-substance> <Shakespearean-character> <cash-equivalent>

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How does it work? XML gives meaning to information through

the use of tags

<Customer> <Name>Liv A. Watson</Name> <Company>Edgar Online Inc.<Company> <Title>Director</Title> <Age>22</Age></Customer>

Caution.. …Just because something is <tagged>.. Does not mean it is accurate?

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What is ‘XML’? What XML is NotNot

NotNot a religion. NotNot the solution to all world problems. NotNot a solution for all electronic commerce

problems. NotNot a solution to all legal-technology

problems. XML is a ToolTool

XML is a Really Cool (Powerful) Tool!Really Cool (Powerful) Tool! Like all tools, XML can be used wisely and XML can be used wisely and

unwisely.unwisely.

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Why is XML so Important? Portable Vendor neutral Readable data format More flexible and easier to use than EDI All major software products are becoming

“XML” enabled Defacto standards for data exchange Enabling new levels of interoperability

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XML Widely expected to reduce cost of publishing to the

Net by as much as 50%.

And by next year …

Gartner Group prediction

70% of all B2B transactions executed on the Web will be done using XML.

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Who defines the tags?

Tags are defined by industry consortiums Each industry’s standard tags are commonly

referred to as a taxonomy

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Astronomy

Aerospace

Music Industry

Publishing or Mythology

Chemical Industry

Auto Industry

<RECORD-LABEL>

<PROGRAM>

<PLANET>

<GOD>

<SYMBOL>

<CAR-MODEL>

“Content in Context” (Industry-specific)

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Who’s Building Taxonomies?

Accounting Advertising Architecture

Automotive Banking Communication

Economics Education E-Commerce

EDI ERP Financial

Healthcare HR Insurance

Legal Music News

Publishing Real Estate Retail

Science Software Supply Chain

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Defines TagsDefines Tags

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Additionally… Confirmed New Members (as of 15

November 2000): Deutche Bundesbank U.S. Department of Defense (DFAS) Dresdner Kleinwort Benson Nikkei (Nihon Keizai Shimbun) New River Practitioners Publishing Company National Center of Charitable Statistics Seattle Pacific University, Center for Professional

Development Global Filings Business Wire Hong Kong Society of Accountants Innovision

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XBRL International is gaining strength XBRL activities occurring in— United States Canada Australia China & Hong Kong Japan Malaysia New Zealand Singapore Taiwan Germany India Ireland Netherlands Nordic Federation (Denmark, Norway, Sweden) Spain Switzerland United Kingdom

And on a global level through the— International Accounting Standards Council International Press Telecommunications Council International Standards Organization

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How we are organized – US JurisdictionalWorking Group Chair

Communications Christy Reichhelm (Microsoft)

Domain Sergio de la Fe (KPMG)

Education Neal Hannon (IMA)Jenia Gorfunkel (S&P)

Liaison Zach Coffn (KPMG)Liv Watson (Edgar Online Inc)

Specification David Vun Kannon (KPMG)Luther Hampton (e-Numerate)

Strategy Louis Matherne (AICPA)Mike Willis (PwC)

Tools Eric E. Cohen (PwC)

Web site Geni Whitehouse (Navision)

Process Mike Willis (PWC)

Object Gary Gannon

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XBRL Impact

"The explosive growth of the Internet is not only changing the

way companies conduct their business,

it also promises to forever alter the way they communicate

business performance.”

- CFO Magazine, February 2000

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XBRL Documents XBRL for Financial Statements XBRL for General Ledger XBRL for Journal Entry Reporting XBRL for Credit Reporting XBRL for Performance Press Releases XBRL for Risk Reporting XBRL for Regulatory Filings XBRL for Tax Filings XBRL for Assurance Schedules XBRL for Authoritative Literature XBRL for “Business” Reporting

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As Presented on the Web

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Who’s Embracing XML now? Software developers

Using XML as the core technology for new products

Database developers Building XML support into their products.

Industry groupsDeciding how information should be shared.

Organizations Investigating how to tie their inter and intra company processes together.

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XBRL Support

“I would like to see you develop valuation models that result in consistent, comparable and fair values of assets and liabilities. I would like to see you hone specific, but plain English definitions for the types of information you believe should be included in public disclosure. I would like to see you take your XBRL project a step further, providing account classifications for companies in common industries. In short, I challenge you to turn all of this data into meaningful information for investors.”

- Arthur Levitt, Chairman, U.S. Securities & Exchange CommissionOctober 24, 2000, at the Fall Council of the AICPA (Las Vegas, Nevada)

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XML for Financial Reporting Enables a dramatic improvement in the

processing of financial reports XBRL documents can be—

Prepared efficiently Exchanged reliably Published more easily Analyzed quickly Retrieved by investors simply

to enable smarter investments

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XBRL is: NOT a new accounting standards but

enhances the distribution and usability of existing financial statement information

Enabler and an extension for relational database functionality for all financial statement information

Benefits

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Problems XBRL Addresses Ineffective communication to

investors Inefficient aggregation and analysis Inefficient creation of financial

statements

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Why XBRL ?

Enable business reporting that leverages the Internet & XML

Effective access and analysis of business reports

Improve corporate communications with stakeholders

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Process Benefits:Lowering Financial Reporting Cost

Who benefits

RegulatoryFilings

Web Site

Tax Return

Trade Filings

Printed Financials

Accounting System

Third Party Information

ExplanatoryText

Today’s external reporting processes Rework and delay Ad hoc and non repeatable No path forward

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Process Benefits:Lowering Financial Reporting Cost

Who benefits

RegulatoryFilings

Web Site

Tax Return

Trade Filings

Printed Financials

Accounting System

Third Party Information

ExplanatoryText

XBRLDocuments

Common interchange format and storage is good information management practice Reduces redundancies & discrepancies Repeatable processes using tools A platform for continuous reporting

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XBRL: Interoperability & Multiple Uses

Other Sources of Information

US GAAPFinancialStatementIn English

US GAAPFinancialStatementIn Dutch

US GAAPFinancialStatementto the Web

US GAAPFinancialStatement

to Print

US GAAPFinancialStatement

to Cell Phone

XBRL

Other Sources of Information

G/L Package

XBRL

ERP

CustomDevelopedSystems

Other Sources of Information

XBRL

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XBRL: Interoperability & Multiple Uses

Other Sources of Information

US GAAPFinancialStatement

EDGARFiling

TaxFiling

BankFiling

PressRelease

XBRL

Other Sources of Information

G/L Package

XBRL

ERP

CustomDevelopedSystems

Other Sources of Information

XBRL

XBRL

Investors&

Creditors

NewsAgencies

AndOthers

Government

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Once Every Event is tagged in XBRL…

Other Sources of Information

IASFinancialStatementin German

US GAAPFinancialStatementIn English

FrenchTax

Filing

CanadianBanking

Filing

EDGAR 10kline item viaCell Phone

XBRL XBRL

Investors&

Creditors

NewsAgencies

AndOthers

Government

Other Sources of Information

G/L Package

XBRL

ERP

CustomDevelopedSystems

Other Sources of Information

XBRL

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XBRL Working Model: Planned Specifications

ExternalFinancialReporting

BusinessOperations

InternalFinancialReporting

Investmentand Lending

AnalysisProcessesProcesses

ParticipantsParticipants

AuditorsTradingPartners

Investors

FinancialPublishersand Data

Aggregators

Regulators

XBRL for G/L Journal Entry

ReportingXBRL for

EDGAR Filings

XBRL for Financial Statements

XBRL for Tax Filings

XBRL for Business Event Reporting

Software Vendors

ManagementAccountants

Companies

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XBRL: not a Transaction Protocol

XBRL is merely a format to serialize complex, structured financial data: e.g., statements, G/Ls.

Therefore, it cannot replace OFX, ebXML, ANSI X.12 Trans Set 821, OMG G/L Spec, ...

Future message sets in those protocols could include XBRL tagged data if they need to send financial statements in the message body.

XBRL provides a framework and an AICPA approved vocabulary that can be extended to many other reporting frameworks.

What it is

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XBRL: not an accounting standard

Means of communicating Current GAAP Current practice

Flexible standard Future standards Future general practice

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XBRL Impact"Coming down the road are standards

like XML and XBRL that take data handling a major step forward from

HTML, the current web standard. With these new standards, plus those for

accounting, it will be possible to scan a universe of corporate data across

the web and extract, say, the chairman's report for all companies with a certain market cap, EBITDA,

and gearing. …

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XBRL: A Fragment of a Raw Data

<group><group type="CurrentAssets.CashandCashEquivalents"><item period="1999">$1,611 </item><item period="1998">$1,648 </item></group>

Company Financial Statement

Line Item Label Year Value

Coca Cola Co.

Balance Sheet

CurrentAssets.CashandCashEquivalents

CurrentAssets.CashandCashEquivalents

1999 1611

Coca Cola Co.

Balance Sheet

CurrentAssets.CashandCashEquivalents

CurrentAssets.CashandCashEquivalents

1998 1648

Raw Data in Spreadsheet…

Same Raw Data in XML (XBRL) Format

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What software ‘sees’ is the differentiator and drives benefits

(here is an example)

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Importance of Reporting

”John Chambers Cisco CEO

Year End Earnings Release Call August 10, 1999

“…[W]hat excites the CEO is the ability to know what the business is doing at any given point in time, react quickly

to market shifts and competitive threats and remain in tight control

while empowering employees to make informed decisions more quickly.

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“

”

The Virtual Close … has, in my opinion, just as much impact

on a company’s future success or lack thereof as the well-

published e-commerce area.

John Chambers Cisco CEO

Year End Earnings Release Call August 10, 1999

Best Practice

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XBRL Impact “ … If Europe moves quickly to take

up these standards, it could give them an attractive lead in the race to accessible and comparative key data

that would stimulate investor interest. It would undoubtedly spawn

a plethora of research tools that would be useful to both private and

professional investors.” - Investors Chronicle, August 9, 2000

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XBRL and the Emergence of ‘e-Standards’

E-Standards are fundamental HTML is the standard that enabled the web’s

first ‘Big Step’ XML is the web’s next ‘Big Step’

Over 200 XML-Based Specifications and Protocols exist, including—

RosettaNet – computer company supply chain and trading webs

OBI - Open Buying on the Internet - retail e-commerce FpML - Financial Products (Derivatives, Swaps, FX) ACORD XML - Insurance industry information exchange

standards derived from EDI. UN/CEFAC = EBXML

XBRL is uniquely focused on financial reporting

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ASB IASC FASB IFAC SEC Territory Institutes

Standard .orgs (reporting vs ‘e’)

Accounting / Auditing Reporting

W3C OASIS;UN/CEFACT

(ebxml) xml.org RosettaNet ACORD

‘e-Business’

CPAs participate / lead in these What about these?

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The range of what is under development today………...

HR

CRM

AC

OR

D

AN

X

RosettaN

et

FpM

L

CH

EM

X

“Horizontals”(Infrastructure)

there are others…..

“Verticals” (Industry Supply Chains)there are others…….

Etc.XBRL is uniquely focused on

business reporting

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BUSINESS

XBRL Adds Reporting to E-Commerce

Investors

Aggregators

Regulators Creditors LendersTax Website

ERP G/L Packages CRM

•Orders•A/P•Delivery

Customers•Orders•A/R•Delivery

Suppliers

2-way2-wayTransaction Creation

Oneway

Oneway

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XBRL Adds Reporting to E-Commerce

BUSINESS

Investors

Aggregators

Regulators Creditors LendersTax Website

Transaction Creation

ERP G/L Packages CRM

•Orders•A/P•Delivery

Customers•Orders•A/R•Delivery

2-way2-way

Suppliers

Oneway

Oneway

XBRL

BUSINESS REPORTING

(e-)CommerceOTHER XML INITIATIVES

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What is ebXML

Electronic business XML - ebXML Joint effort of the United Nation/CEFACT and

OASIS “Create a Single Global XML Framework

Solution” 18 month project

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ebXML A global electronic market place where

enterprises of any size, anywhere can: Find each other electronically Conduct business through the exchange of

XML based messages Using standard message structures According to standard business process

sequences With clear business semantics According to standard or mutually agreed

trading partner agreements Using off the shelf purchased business

applications

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Main ebXML concepts Business Messages – Expressed in XML Business Processes – Defined in UML, Expressed in

XML Business Service Interface – Handles one role in a

business process – Expressed in XML Trading Partner Agreement – Specifies protocols

properties required for two specific business service interfaces to talk to each other – Expressed in XML

Transport and Routing Layer – Moves the actual XML data between business service interfaces

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Reduces Cost / Enhances Revenue

Improves Financial Reporting

Improves Audit Quality

Improves Client Satisfaction

BenefitsBenefits

05Audit.scm

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Key XBRL Components

XBRL / XML Specification (XBRL.org) Global architecture/technology

XBRL hierarchical vocabulary (jurisdiction/industry) Dictionary of terms by jurisdiction/industry sector

Style Sheets (preparer)

XBRL enabled tools (market)

XBRL - What

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Market driven model 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 & market development

Key to our Success

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On the Independent Audit

“[T]he audit remains rooted in historical reviews while transactions are

increasingly processed in a real-time manner. …

We believe real-time auditing is not only possible, but it is necessary for the independent audit to survive in the

information age.”

- Emerson’s 2000 Big Five Annual Report, p. 14

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Steps in Technology Acceptance

VisionariesVisionaries

TaxonomyTaxonomy

Simplification/ToolsSimplification/Tools

AcceptanceAcceptance

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Research Issues Financial Accounting How will XBRL cope with reporting on

intangibles? How are we going to handle

comparability?Across industries?Across countries?

What is the impact of the availability of “real time” data on decision making for a larger group of end users?

What are the characteristics of adopting firms?Voluntary disclosure/dissemination.

Will early adopters have a “halo” effect? What will be the impact of “faster,

cheaper, better” reporting on securities markets?

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The Internet Changes Everything Preparers

Get hold of your business and demonstrate your value.

Auditors Keep audited financial reporting relevant.

Intermediaries Play a role or get bypassed.

Analysts Add value or lose value.

Creditors Web-enable or lose customers.

Investors Sort through the ocean of information to make

good decisions

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The 21st Century Annual Report (ICAEW 1998) Reporting in a period of change

The “old” system The ”new” system

Shareholder focus Stakeholder focus

Paper based Web based

Standardized information Customized information

Company controlled information on performance and

prospects

Information available from a variety of sources

Periodic reporting Continuous reporting

Distribution of information Dialogue

Financial statements Broader range of performance measures

Past performance Greater emphasis on future prospects

Historical cost Substantial value-based information

Audit of accounts Assurance of underlying system

Nationally orientated Globally based

Essentially static system Continuously changing model

Preparer-led regulations Satisfying market-place demands

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XMLDocument

XMLDocument

Core Schema

Core Schema

Company Specific

Vocabulary

Company Specific

Vocabulary

Industry Specific Vocabularies

Industry Specific Vocabularies

Transformation

Tools

Transformation

Tools

The XML PuzzleThe XML Puzzle

| 82 | | |

How XML Works

Improves the way companies -- and applications -- share information Enjoys strong industry and vendor support

How XML Works

| 83 | | |

Who Benefits?

| 84 | | |

Financial Institutions—and their Users SMALL BUSINESS provides FINANCIAL INSTITUTION with their information in XBRL and receives loan approval in less than a day instead of two days—or two weeks.

With XBRL?Mechanics More Time for Analysis => Better Analysis => Less Risk

Value-added Analysis and Decision-making? <10%

Average Time for Loan Processing—1.75 days

90% + time spent on Mechanics

Mechanics Analysis Mechanics Analysis Mechanics Analysis Mechanics Analysis

Or

Process more loans in the same amount of time

| 85 | | |

Enabling Technologies

Applications

Business Issues

PCs

FinancialApplications

Internal Control

IS Consulting

Client & Consumer

Producer & Creator

Assurer & Advisor

Technology enables change

Business Opportunities

| 86 | | |

Enabling Technologies

Applications

Business Issues

XBRLXML

New Reporting Systems

Data Centric

????

Client & Consumer

Producer & Creator

Assurer & Advisor

Technology enables change

Business Opportunities

| 87 | | |

XBRL Working Model: Supply Chain & Beneficiaries

ExternalFinancialReporting

BusinessOperations

InternalFinancialReporting

Investmentand Lending

AnalysisProcessesProcesses

ParticipantsParticipants

AuditorsTradingPartners

Investors

FinancialPublishersand Data

Aggregators

Regulators

TodayXBRL for Financial

Statements

Software Vendors

ManagementAccountants

Companies

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Benefits to Today's Users

1. Reduce cost of analyzing and reporting financial information

2. Increase speed and efficiency of business decisions

3. Enhance the distribution and access of existing financial statement information

4. More readily exchanged5. Increase and enhance analysis

| 89 | | |

Benefits 1. Reduce cost of analyzing

and reporting financial information

2. Increase the speed and efficiency of business decisions

3. Enhance the distribution and usability of existing financial statement information

| 90 | | |

Example: Cost Reduction International Subsidiaries: Large multi-national corporation uses XBRL

to quickly roll–up, analyze and publish the financial statements of numerous subsidiaries—

in different countries with different languages using different GAAP on different computer systems

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Benefits 1. Reduce cost of analyzing and

reporting financial information 2. Increase the speed and

efficiency of business decisions

3. Enhance the distribution and usability of existing financial statement information

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Example: Efficient Decisions Major mutual fund company feeds

XBRL-ized information to customers to differentiate their funds as more objective and reliable investments

An investor uses XBRL to compare the financials for a range of companies— Belonging to different revenue levels Located within an industry sector Along multiple analytical criteria

| 93 | | |

Benefits 1. Reduce cost of analyzing and

reporting financial information 2. Increase the speed and efficiency of

business decisions

3. Enhance the distribution and usability of existing financial statement information

| 94 | | |

Example: Credit Loan Approval:

Small Business provides Bank with their financial information in XBRL and receives loan approval in 1 minute instead of 2 days

Credit Approval: Company approves customer credit

request with automated assessment processes facilitated by XBRL

Line of Credit: Company provides capital markets with

financial information in XBRL and receives expedited line of credit

| 95 | | |

XBRL Taxonomies Under Development

Commercial and Industrial Companies, US GAAP - Published

Federal Departments, US Mutual Funds, US Financial Institutions, US Commercial and Industrial, IASC Commercial and Industrial, German GAAP Bank Call Reports - FDIC

App to fin rep

| 96 | | |

How Do You Get There?

Needs AssessmentNeeds Assessment

Design Solution/Business PlanDesign Solution/Business Plan

Training & EducationTraining & Education

ImplementationImplementation

| 97 | | |

Does XML Shortcomings?

Lots of Hype, not a solution Lots of Hype, not a solution for everythingfor everything

Not a replacement for integrationNot a replacement for integration and middleware toolsand middleware tools

There are many different standards There are many different standards among industriesamong industries

Standards still evolovingStandards still evolovingBut, you can’t wait while the But, you can’t wait while the

standards evolve….standards evolve….

| 98 | | |

XBRL Development & Adoption

Adoption

Tool Development

Taxonomy Development

| 99 | | |

Additional Education Sources www.xbrl.org - Student Competition www.xml.org www.ebxml.org www.w3.org www.rosettanet.org www.ibm.com/developer/xml www.microsoft.com/industry/biztalk

| 100 | | |

So when will this happen??A.Never.B.After I retire.C.Before I retire but too late for me to

have to worry about it.D.Sooner than I want to admit, but I

still have enough time to procrastinate.

E.Next five years.F.Next two to three years.

quiz

| 101 | | |

When Will It Reach Critical Mass? “The phonograph is of no commercial use”

- (Thomas Edison, 1880)

“Everything that has been invented has been invented” - ( Charles Duel, Director US Patent Office, 1899)

Who the hell wants to hear actors talking?”- (Harvey

Warner, 1927) “I think there is a world market for about five

computers” - (Thomas J Watson, Chairman, IBM, 1943)

There is no reason for any individual to have a computer in their home” - (Ken Oloson, President of Digital Equipment Corp., 1977)

“640k ought to be enough for anyone” - (Bill Gates,

1981)

| 102 | | |

When Applications Talk to Each Other…

| 103 | | |

Final Thought……..

Change is not what it used to be…..Change has become a process; it’s become a permanent part of the external environment

| 104 | | |

Summary

FASTER

BETTER

CHEAPER

Our profession will have to follow technology and record business activity in an real-time mode.

| 105 | | |

Concluding Remarks…..

| 106 | | |

www.edgar-online.com/xbrl/XMLXBRL_Long_Version.ppt

EDGAREDGAR ®®

NLINE NLINEOO SMSM

To download slides……….To download slides……….

| 107 | | |

Questions ? Liv A. Watson

Edgar-Online IncE-Mail: Lwatson@Edgar-Online.com

Phone: (812) 499-8149

EDGAREDGAR ®®

NLINE NLINEOO SMSM

| 108 | | |

What is the Bryant College XBRL Educational Resource Center?

An international resource for the business and academic community alike

A Website with reference material and news

Sponsors of the Annual XBRL Academic Competition

Sponsors of Business Reporting and Data Assurance Conference

Provides consulting support to area businesses

| 109 | | |

Agenda Introduction: Mike

Willis PricewaterhouseCoopers

| 110 | | |

Business Supports XBRL Microsoft posts 1st and

2nd quarter financials in XBRL

Reuters