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K O S D A Q S t o c k M a r k e t I n c . Nov. 4, 2 0 0 3. 8 th XBRL International Conference (Seattle, WA). X B R L P I L O T P R O J E C T. I N K O S D A Q. 8 th XBRL International Conference. I : KOSDAQ. XBRL PILOT PROJECT. - PowerPoint PPT Presentation
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I N K O S D A Q
X B R L X B R L P I L O T P I L O T P R O J E C TP R O J E C T
8th XBRL International Conference (Seattle, WA)
K O S D A Q S t o c k M a r k e t I n c . Nov. 4, 2 0 0 3
III : Assignments
II : XBRL Pilot Project01. Introduction02. Taxonomy for Korean Companies03. Transformation of SGML filings to XBRL04. Web & Excel-based Analysis Tools using XBRL05. What XBRL offers
I : KOSDAQ01. Introduction 02. Comparison Among Asia’s New Markets03. Global Status
XBRL PILOT PROJECT
8th XBRL International Conference
I N K O S D A Q
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
I : KOSDAQ
- Provides an investor-friendly environment providing capital for SMEs and IT venture businesses, serving as the marketplace for new and diverse opportunities.
- Referred to as the “Nasdaq of Asia”
- 100% fully automated trading system
- Top of the world in On-line Trading
- WWW.KOSDAQ.COM
01. Introduction
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
I : KOSDAQ
02.Comparison Among Asia’s New Markets
1,011
125341
14 240
250
500
750
1,000
1,250
1,500
1,750
2,000
KOSDAQ JASDAQ(1) GRETAI(2) SESDAQ(3) GEM(4)
Daily Trading Value (US$ mil.)
Note: (1) Japan (2) Taiwan (3) Singapore (4) Hong Kong
( End of November 2002 )
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
I : KOSDAQ
03.Global Status(US$ bil.)
* WFE Sep. 2003(companies), July.2003 (Trading Val, Market Cap)
Rank
No. of ListedCompanies
Rank
AccumulatedTrading Value
Rank
Market Cap.
1TSX Toronoto(3,621)
1 NYSE (7,146) 1 NYSE (10,114)
2Nasdaq(3,324))
2Nasdaq (5,035)
2Nasdaq (2,746)
3Spanish Exchanges(3,198)
3London (2,589)
3 Tokyo (2,644)
4LONDON(2,692)
4 Tokyo (1,421) 4London (2,110)
14KOSDAQ(866)
14 KSE (326) 15 KSE (256)
16 KSE(686) 20KOSDAQ(234)
36 KOSDAQ(33)
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
II: XBRL Pilot Project
01.Introduction
PROJECTOVERVIEW
Contractor : Samil (PwC), UB Matrix Korea (UB Matrix USA)
- Personnel : Accounting Consultants (Local : 5 , Foreign : 1) Engineer (Local : 3, Foreign : 5)
- Software : Taxonomy Builder, Universal Studio, Web Analyzer (UB Provided), Oracle, JSP, Excel
- Period : July 28th ~ Nov. 10th 2003 (15 weeks)
- Samples : 15companies (5-year Financial Statements)
- Commercial & Industrial Korean GAAP(K-GAAP) Taxonomy Establishment
- Web and Excel-based Investor Analysis Tool
- Technical Experiment on the Internet
Outcome : XBRL Products
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
Nasdaq launched XBRL Pilot Project in 2001- In Korea, FSS, KSE, KOSDAQ have established SGML-based E-disclosure Infrastructure (DART in Korea, EDGAR in USA) for Financial Reporting since 1999- Establish on Standardized Financial Statements with simpler process for listed companies Increase Market Transparency- Provide fast and enhanced financial statements and empowered analysis tool for investors around the world Increase Equity funding with Investors Trust
Benefits to KOSDAQ’ & Listed companies
BACK-GROUND
InvestorTrust
Investment
Simpler
Process
KOSDAQ-PwC
-UB Matrix
COMPANIES INVESTORS
StandardizedFinancial Statements
Fast & Enhanced Financial Statements & Analysis Tools
II: XBRL Pilot Project
01.Introduction
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
GOAL- Approval from XBRL International- XBRL adoption around Korean Companies in Financial Reporting
Establish K-GAAP Taxonomy
- Provide standard Financial Statements through XBRL - Empower investors by providing analysis tools
Increasing Market Transparency
- Kosdaq is the first organization to recognize the value of XBRL
Frontier in XBRL Technology in Korea
II: XBRL Pilot Project
01.Introduction
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
PROCESSSamil (PwC) UBMatrix (UBMatrix USA)
1. Define & Establish Korean GAAP Taxonomy 2. Provide Taxonomy Builder Tool
4. Confirm XBRL Instance Outcome 3. Establish & Validate XBRL Instance (Korean/English)
5. Save in Document Repository
6. Apply EDGAR Analyst analysis Program to the WEB
7. Develop Excel Analytics & Apply to the WEB
9. Apply outcomes to EDGAR Analyst
<VALIDATION FROM THE PROJECT> - EDGAR Analyst Financial Standards Review - Validation of extracted Financial Information - Business Evaluation Model of SMEs
8. Hold related Seminars
10. PR to foreign securities houses & Investment Companies
Project Review & Follow-up Planning
II: XBRL Pilot Project
01.Introduction
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
APPROACH
02.Taxonomy for Korean Companies
Standardized Financial reporting system using E-disclosure (based on SGML)
E-disclosure System
- Besides Standard Accounts, FSS includes Accounting Practices (approx. 3,000 accounts) - Industry (Finance, Non-Finance)
* Financial Statements of FSS
via Internet
ListedCOMPANIES
FSSKOSDAQ
(KSE)INVESTORS
II: XBRL Pilot Project
SGML Based Financial Statements
APPROACH
K-GAAP TAXONOMY
INDUSTRY EXTENSIONOF K-GAAP TAXONOMY
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
1. US GAAP, IAS (FSS)
2. FSS (US GAAP, IAS)
TAXONOMY ARCHITECTURE??
How to approach building K-GAAP Taxonomy in line with Global Financial Statements?
REFER TO FSS (*2) * Dr. Walter Hamsher’s Suggestion - Accounts Hierarchy from FSS
- Label, References from US GAAP, IAS
APPROACH
02.Taxonomy for Korean Companies
Issues and Considerations
II: XBRL Pilot Project
APPROACH
K-GAAP TAXONOMY
INDUSTRY EXTENSIONOF K-GAAP TAXONOMY
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
APPROACH
02. Taxonomy for Korean Companies
3Phases
Phase 1. K-GAAP Taxonomy (Korean Standards)
- K-GAAP Taxonomy Definition/Establishment based on Korean Companies Accounting Principles
Phase 2. Extended FSS Taxonomy (Commercial & Industrial)– In actual industry accounting practices -over
3,000acccounts were used, FSS element Extension
Phase 3. Company Extension– Naming and defining up to the level of Individual Company’s User defined Accounts(excluded in FSS Accounts Schema)* In general, individual companies expand and apply lower level
accounts when standard Taxonomy is defined, however, in Korea FSS account schema has already included the level of industry.
II: XBRL Pilot Project
APPROACH
K-GAAP TAXONOMY
EXTENDEDFSS TAXONOMY
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
K-GAAPTAXONOMYfor Korean Standards
NEXT >
02.Taxonomy for Korean Companies
Framework
01 Chart of Accounts
02 Notes
03 GAAP References
II: XBRL Pilot Project
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
Standardized Accounting StructureGuided by Korean Companies Accounting Principles
- Korean Companies Accounting Principles
- Refer to IAS, US GAAP
Accounting Review
Label, Description
02.Taxonomy for Korean Companies
K-GAAPTAXONOMYfor Korean Standards
BACK <
01 Chart of Accounts
XBRL adoption skill in accordance with international standardized accounting principles - XBRL Specification & Taxonomy Builder Skill
- IAS, US GAAP Taxonomy Schema & Structure
- Consideration with FRTA
Technical Review
Element, Attributes
II: XBRL Pilot Project
CoA including Commercial & Industrial in accordance with Korean Companies Accounting Principles with the consideration of International Standards.
- Chart : B/S, I/S, R/E, C/F (approx. 870accounts)
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
02.Taxonomy for Korean Companies
K-GAAPTAXONOMYfor Korean Standards
BACK <
II: XBRL Pilot Project
01 Chart of Accounts
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
Reliance
02.Taxonomy for Korean Companies
K-GAAPTAXONOMYfor Korean Standards
BACK <
Guidelines from KASB
Best Practice from Accounting
Firms
Actual
Financial Reports fromKOSDAQ Listed Companies
Notes Standardization for K-GAAP Taxonomy - 121 type notes (Quantity & Variety) * 3,000 notes (in general) cannot be completed in this pilot project(3 mo.’s) and should be continued… * Notes standardization has encountered unexpected problems (Various table formats in Korean Notes)
II: XBRL Pilot Project
02 Notes
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
02.Taxonomy for Korean Companies
K-GAAPTAXONOMYfor Korean Standards
BACK <
02 Notes
II: XBRL Pilot Project
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
02.Taxonomy for Korean Companies
K-GAAPTAXONOMYfor Korean Standards
BACK <
03 GAAP References
K-GAAP references which had similar rules with K-GAAP references which had similar rules with IAS, US GAAP were reviewed and referenced.IAS, US GAAP were reviewed and referenced.* Rule : statements, opinions, etc.* Rule : statements, opinions, etc.
- K-GAAP Reference based on Standards from KASB.
- IAS References based on standards from IASB.
- US GAAP References based on standards from FASB.
II: XBRL Pilot Project
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
02.Taxonomy for Korean Companies
K-GAAPTAXONOMYfor Korean Standards
BACK <
03 GAAP References
II: XBRL Pilot Project
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS TAXONOMY
- Chart of Accounts- Notes- GAAP References
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
02.Taxonomy for Korean Companies
EXTENDEDFSSTAXONOMY
- K-GAAP Taxonomy must be extended up to the level of FSS to connect between K-GAAP Taxonomy and Existing FSS E-disclosure Financial Accounting Structure.
- General Schema was adopted from K-GAAP, however, in the extended Taxonomy there was some complications (see below *).
* FSS includes Similar accounts and it can be matched more than one account in the translation of Korean * Element posting in Taxonomy Builder accepted English only.
* Similar accounts : - Accounts which has same meaning with two different names - Accounts with similar meanings with different names
II: XBRL Pilot Project
Extension for FSS Industry Practice
APPROACH
K-GAAP TAXONOMY
EXTENDEDFSS TAXONOMY
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
02.Taxonomy for Korean Companies
EXTEDEDFSSTAXONOMY
II: XBRL Pilot Project
Extension for FSS Industry practice
APPROACH
K-GAAP TAXONOMY
EXTENDED FSS
TAXONOMY
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
03.Transformation of SGML filing to XBRL
MAPPING TABLETo transform SGML filing into XBRL instance
II: XBRL Pilot Project
Inherited schema
K-GAAP TaxonomyKorean Standard
Extended FSS Taxonomy (name)
Financial Reports(SGML)
MappingTable
Use Mapping Table to Transform SGML Filing intoXBRL Instance
XBRL Instance
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
03.Transformation of SGML filing to XBRL
MAPPING TABLETo transform SGML filing into XBRL instance
II: XBRL Pilot Project
Mapping Table for Transformation
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
04.Web & Excel-based Analysis Tools using XBRLSYSTEMARCHI-TECTURE
Web View & Excel
II: XBRL Pilot Project
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
04.Web & Excel-based Analysis Tools using XBRLSYSTEMARCHI-TECTURE
Technical Experiments
II: XBRL Pilot Project
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
04.Web & Excel-based Analysis Tools using XBRLANALYSISFUNCTION
SCREENSHOTS
- Growth(9 ratios) Profitability(19 ratios) Stability(17 ratios) Turnover(8 ratios) Cash Flow(6 ratios) Others(10 ratios)- B/S, I/S, C/F, R/E
Ratio & Financial Statements Analysis
- Summary of Single company - Comparison ( Multi-Company One Period, Company-Industry One period, Single-Company Multi Period ) in Financial, Ratio
Analysis Methods (Web & Excel)
Web Viewer, EXCEL, Technical Experiments -- Video Clip (MPEG file)
II: XBRL Pilot Project
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
05. What XBRL Offers
SCREENSHOT
II: XBRL Pilot Project
05-1 Change of Exchange Reporting Objectives (SGML -> XBRL)
05-2 Accounting Global Standards Based on XBRL
05-3 Financial Reporting Process in EXCEL
05-4 Enhancement in Financial Reporting
05-5 Change in Information Analysis (WEB)
05-6 Change in Information Analysis (EXCEL)
05-7 Change in Information Analysis
05-8 Change in Information Logistics
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
SGML
05-1 Change of Exchange Reporting Objectives (SGML -> XBRL)
XBRL
Accept Global Standard(Global Communication)
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
SGML / DTD
05-2 Accounting Global Standards Based on XBRL
XBRL / TAXONOMY
Recognition of Financial Statements &
Easiness of Sharing Information
Logical AccountsSchema
Logical CofA
Reference, Presentation, Calculation, Label,
Definition
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
SGML(restricted,closed)
05- 3 Financial Reporting Process in EXCEL
XBRL(open,Common)
Easy to prepare Fin’l Statements
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
BEFORE
05- 4 Enhancement in Financial Reporting
AFTER
FinancialSystem
OutsideDisclosureDocuments
Other3rd Party
Documents
FinancialReportingPrint out
SupervisoryOrg. Report
CompanyWebsite
IRS Report
Audit Report
Financial System
OutsideDisclosure Documents
Other3rd Party
Documents
FinancialReportingPrint Out
SupervisoryOrg. Report
CompanyWebsite
IRS Report
Audit Report
XBRL
•Reduce Time & Costs•Reduce Errors in re-input•Compatible with any S/W
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
BEFORE
05- 5 Change in Information Analysis (WEB)
AFTER
(Excel Download)
-Visual Analysis-Comparison with Companies -Time Series Comparison-Industry vs. Industry
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
BEFORE
05- 6 Change in Information Analysis (Excel)
AFTER
Office 2004 embedded in XML Functions
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
05- 7 Change in Information Analysis
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
BEFORE
05- 8 Change in Information Logistics
AFTER
• BETTER• FASTER• CHEAPERInformation Vendors
-Enhanced Information
COMPANY
INVESTORS(Web, Excel)
COMPANY
INVESTORS
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
III:ASSIGNMENTS
XBRL International Approval on K-GAAP Taxonomy
- Join XBRL Korea Jurisdiction (2003.9.29)
- Submit K-GAAP Taxonomy Draft to XBRL Korea Jurisdiction (2003.10.21)
- As a member of XBRL Korea Jurisdiction, attain XBRL International approval on K-GAAP Taxonomy (ongoing)
- Co-work with FSS, KSE for Korea Standardization in Working Group
- Announce K-GAAP Taxonomy as Standard Financial Reporting for Korean Companies with the aid of FSS, KSE & KASB
- Co-operation with FSS to improve E-disclosure infrastructure from existing SGML to XBRL and XML.
8th XBRL International ConferenceX B R L P I L O T P R O J E C T
- Invite XBRL experts and hold domestic seminars to publicize Kosdaq Pilot Project (in 2003)
- Presentation of Pilot project during Overseas IR roadshow with KOSDAQ Listed Companies to attract foreign investors
- Maintain & Expand XBRL information from 15 to 30 companies
* Project consistency with real-time update of financial information
III:ASSIGNMENTS
NEXT STEP…
KOSDAQ will be the Eternal Pioneer in XBRL
I N K O S D A Q
X B R L P I L O T P R O J E C T
8th XBRL International Conference (Seattle, WA)
K O S D A Q S t o c k M a r k e t I n c . N O V 4 , 2 0 0 3
:: thank you