Embed Size (px)
Citation preview
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
Herm Fischer, Mark V Systems Limited
Matthew F Slavin, SEC
Miklos Vasarhelyi, Rutgers University
Is this list alphabetized by first or last
name?
Bring the sounds of Lawrence home with you!http://www.dblhouse.us/richard/traincam6.htmhttp://traincam.camstreams.com/homepage.asp
Train 3 (westbound) 11:52 PMTrain 4 (eastbound) 5:47 AM
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?
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
Resistance
Change
Management buy-in Simple compliance burden
Political islands
Under the influence
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?
The Story of Our New LanguagePersonalities, cultures, and politics combine to create a common, global language for businesshttp://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/XBRL/DownloadableDocuments/XBRL_09_web_final.pdf
Where did we come from?
XFRML, FRTA, FRIS
Spec 1.0, 2.0, 2.0a, 2.1, errata
Dimensions, Inline
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.
Independent and Interoperable Vision
Application layer Tests
New from old
Data
13 Years Ago: XBRL 1.0
Regulators and AdministratorsRegulators and AdministratorsExternalAuditorsExternalAuditors
InternalAuditorsInternalAuditors
ManagementAccountantsManagementAccountants
ExternalBusiness
Reporting
BusinessOperations
InternalBusiness
Reporting
Investment,Lending,
Regulation
Processes
Participants
TradingPartnersTradingPartners
InvestorsInvestors
FinancialPublishersand Data
Aggregators
FinancialPublishersand Data
Aggregators
Software Vendors and Service ProvidersSoftware Vendors and Service Providers
CompaniesCompanies
Economic Policymaking
CentralBanksCentralBanks
Business Reporting Supply Chain
Financial Reporting
TaxSustainabilit
yRisk and Controls
Banking and other statutory
Other compliance reporting
Where are we now?
Focus on projects, not on futures/big vision
Moving forward by technologists, not domain/Spec collaboration
Staff > volunteers
Public Working DraftsXBRL Steaming EXtensions Module 1.0
Inline XBRL 1.1Table Linkbase 1.0
Comparability Business RequirementsXBRL Abstract Model 2.0
Versioning for Dimensions Dimension Filters 1.1
Candidate RecommendationsFormula Extension Modules – Instances
Formula Tuples 1.0Variables-Scope Relationships 1.02
Proposed RecommendationsVersioning Specification – Base,
Concept Use, Concept Details, and Dimensions
Units Registry – Structure, ProcessGeneric Preferred Label 1.0
Units Registry - Process
RecommendationsXBRL 2.1 Specification
Dimensions 1.0 Formula 1.0 Specification
Generic LinksInline XBRL (Rendering) Specification
Registry (for Formula)Transformation Registry v2 (for Inline
HTML)XBRL Global Ledger Taxonomy Framework
Proposed Edited Recommendations
Variables 1.0Match Filters 1.0
Filling in the Gaps
Rules
Process flow
Risks and controls
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
Global Agreement
Important Connections
What About the “Competition”?
ANSI X.12 UN/CEFACT ECE ebXML UBL OAGIS OWL/RDF/Ontologies UML, model driven design
What are the possible paths forward?
Scope What IS XBRL anyway?
Path Technical specification
Areas of semantic meaning
Collaboration Interoperability
Participants
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
