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XBRL: Decision Making XBRL: Decision Making in a Digital Economyin a Digital Economy
How XBRL Will Make a How XBRL Will Make a DifferenceDifference
The Internet and XMLThe Internet and XML
HTTP, HTML and the Static WebHTTP, HTML and the Static Web Flat files, Data needs to be re-keyedFlat files, Data needs to be re-keyed
XML: Communicating Computer to XML: Communicating Computer to ComputerComputer Dynamic Possibilities for External and Dynamic Possibilities for External and
Internal ReportingInternal Reporting
XBRL: Primary Reporting XBRL: Primary Reporting Tool of Digital EconomyTool of Digital Economy
All company data moving to digitalAll company data moving to digital XML: the means of transportXML: the means of transport XBRL understands XML dataXBRL understands XML data
Not just tagging financial statementsNot just tagging financial statements Meaningful reports tied to transactionsMeaningful reports tied to transactions
E-Reporting Adds ValueE-Reporting Adds Value
Business at the Speed of FiberBusiness at the Speed of Fiber Digital Business is ConnectedDigital Business is Connected Automatic Sensing Through Automatic Sensing Through
Intelligent agentsIntelligent agents Common Thread: Digital Media, Common Thread: Digital Media,
including XMLincluding XML
So…Why is this Important?So…Why is this Important?
Tagging financial facts transforms the Tagging financial facts transforms the information into digital mediainformation into digital media
Digital information can be:Digital information can be: Understood by computersUnderstood by computers Read by humansRead by humans Collected by software agentsCollected by software agents Re-positioned as a report or Web siteRe-positioned as a report or Web site Better serve the financial information Better serve the financial information
user community user community
What Is XBRL?What Is XBRL?
Simply put: It’s a tagging system for Simply put: It’s a tagging system for financial data. And much more.financial data. And much more.
Similar to the UPC codes on food in a Similar to the UPC codes on food in a grocery storegrocery store
Tags contain information about Tags contain information about financial facts such as cash balancesfinancial facts such as cash balances
Can provide the basis of analysisCan provide the basis of analysis
XBRL: Solves the Puzzle XBRL: Solves the Puzzle
•Using many digital data formats
•Seeing connections, sensing problems, seeking solutions
Why XBRL?Why XBRL?+ + Faster Analysis of Financial InformationFaster Analysis of Financial Information+ + Based on XML standard Based on XML standard (ensuring platform interoperability)(ensuring platform interoperability)
+ Digital Media For Business Analysis + Digital Media For Business Analysis __________________________________________________________________________________
= = Business Reporting Language for the FutureBusiness Reporting Language for the Future
General Ledger
ebXML
XBRLXBRL
Journal Entries HR XML
Strategic Business
Information
Internal and External Reports
XBRL ReportsXBRL Reports
Labor Transaction
XBRL Report
E-commerce
Inventory Move
Information moves up
and down in a two-way
flow
X
M
L
E-ReportingE-Reporting
The natural extension to The natural extension to
the e-business revolutionthe e-business revolution
Purchase Order XML
Invoice
Journal Entry
XBRL
XML-enabledERPHR
CRME-commerce
BalancedScorecard
Digital Report
s
Digital Reporting and Digital Reporting and AnalysisAnalysis
External Reporting is External Reporting is just the beginning.just the beginning.
Transactions, Transactions, transactionstransactions
Two-way analysisTwo-way analysis
XBRL Digital ReportingXBRL Digital Reporting
Investor RelationsInvestor Relations Investment ManagementInvestment Management Tax ReportingTax Reporting Regulatory ReportingRegulatory Reporting Management and Business ReportingManagement and Business Reporting XBRL for Financial ServicesXBRL for Financial Services XBRL in e-GovernmentXBRL in e-Government
Becoming an XBRL Becoming an XBRL OrganizationOrganization
Choose your Implementation ModelChoose your Implementation Model XBRL on TopXBRL on Top XBRL InsideXBRL Inside XBRL Side by SideXBRL Side by Side XBRL OnlineXBRL Online
XBRL: Primary Digital Reporting ToolXBRL: Primary Digital Reporting Tool
XBRL and Digital XBRL and Digital Information TrendsInformation Trends
International Issues International Issues Financial Reporting Solutions, SAFinancial Reporting Solutions, SA ISA taxonomyISA taxonomy
Auditing and Trust IssuesAuditing and Trust Issues XBRL as Digital MediaXBRL as Digital Media Semantic WebSemantic Web
New Skills You Will NeedNew Skills You Will Need
Basic XML UnderstandingBasic XML Understanding Communication with XBRL Software Communication with XBRL Software
VendorVendor Care and Maintenance of XBRL FilesCare and Maintenance of XBRL Files Ability to Add Custom XBRL TagsAbility to Add Custom XBRL Tags Basic XML Transformations (Style Basic XML Transformations (Style
Sheets)Sheets)
Benefits For Financial Benefits For Financial ProfessionalsProfessionals
Analysis of accounts in secondsAnalysis of accounts in seconds Reduce time closing the booksReduce time closing the books Change report format without Change report format without
changing the datachanging the data Integrate other electronic business Integrate other electronic business
data into a digital nervous system data into a digital nervous system
When is XBRL Coming?When is XBRL Coming?
When the market demands it through:When the market demands it through: RegulationRegulation Tangible Cost BenefitsTangible Cost Benefits Major players adopt, find successMajor players adopt, find success Financial supply chain savingsFinancial supply chain savings
Major obstacles to implementationMajor obstacles to implementation Cost to get started must come downCost to get started must come down Educating workforceEducating workforce
Industry Survey Demo WorkflowIndustry Survey Demo Workflow
Coke and Pepsi file
10K
EDGAR Online processes
10K’s
EDGAR Online sends email notification
Analyst receives email and starts Industry Survey
Value Added Analysis (Pivot Tables)
Analyst Chooses Companies
XBRL files transferred to
Industry Survey
Create Chart from Analysis
Publish to Powerpoint and the Web1
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3 4
5
6
7
8
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Where do we go from here?Where do we go from here?
Join XBRL.org Join XBRL.org Learn new digital Learn new digital
reporting methodsreporting methods Use XBRL enabled Use XBRL enabled
information for information for internal business internal business
Watch IAS for Watch IAS for further further developmentsdevelopments
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