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XBRL US Progress Report. FEI CFIT Committee Briefing Redmond, WAMarch 13. One year ago …. AICPA had just “spun off” XBRL US, Inc. SEC awarded $54 million to modernize EDGAR Commercial-strength taxonomies planned United Technologies case study presented at National SEC/PCAOB Conference - PowerPoint PPT Presentation
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XBRL US Progress Report
FEI CFIT Committee BriefingRedmond, WA March 13
One year ago …
• AICPA had just “spun off” XBRL US, Inc.• SEC awarded $54 million to modernize EDGAR• Commercial-strength taxonomies planned• United Technologies case study presented at
National SEC/PCAOB Conference• March 9 – final contract awarded to XBRL US
to develop and test US GAAP taxonomies
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XBRL US is…
the national consortium for XML business reporting standards
developers and owners of the XBRL US GAAP Taxonomies
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a new consortium
From grassroots to professionally staffed• Core staff team of seven hired• US GAAP Taxonomy contract awarded• Domain Steering Committee established• 7 of 9 Founders Council members seated• Communications Steering Committee elected• 12 Member Board of Directors seated
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Board of Directors
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Al Berkeley, Chairman and CEO, Pipeline Trading Systems Barry Melancon, President and CEO, AICPA Jeff Diermeier, President and CEO, CFA Institute Taylor Hawes, Controller, Microsoft Randy Fletchall, Vice Chair – Ernst & Young LLP Sunir Kapoor, President and CEO, UBmatrix Robert Kueppers, Deputy CEO, Deloitte Phil Moyer, CEO and President, Edgar Online Mike Starr, COO, Grant Thornton InternationalSam Ranzilla, Partner-in-Charge, Professional Practice, KPMG Dave Sharpe, Partner, National Professional Services Grp, PwCPeter Wallison, Senior Fellow, American Enterprise Institute
XBRL US Members
Board of Directors Founder’s Council
President & CEO
VP Domain VP ServicesVP Adoption
Adoption Steering Committee
DomainSteering Committee
Member ServicesSteering Committee
Private Sector W
orking Group
Private Sector W
orking Group
Working G
roup
GAAP Taxonom
y W
orking Group
Working G
roup
Working G
roup
Working G
roup
Working G
roup
Taxonomy
Architecture
Working G
roup
Working G
roup
Stakeholder Organizations
Market
Outreach
Working G
roup
One year’s progress• Increased public awareness of XBRL standard• Developed XBRL US GAAP Taxonomies• Technical review and testing by SEC, FASB, and
representatives of the accounting profession• Facilitated and evaluated new software tools• Developed Preparers Guide for filers• 120-day public review for taxonomies and Guide• Support and maintenance plan
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Product: XBRL US GAAP Taxonomies
Commercial and Industrial (us-gaap-master-ci)
Managements Report
(mr)
AccountantsReport
(ar)
SEC Certification(sec-cert)
Banking and Savings(us-gaap-master-
basi)
Insurance(us-gaap-master-ins)
Real Estate (us-gaap-master-re)
Brokers and Dealers (us-gaap-master-bd)
ExtensionTaxonomy
(if necessary)
Instance Document
Managements Discussion &
Analysis (mda)
All GAAP Concepts(us-gaap)
Document & Entity Information
(dei)
Supporting Taxonomies
Master View of All Industries(us-gaap-master)
Industry Taxonomies Base Taxonomies
Data Types(us-types)
Extended Link Roles
(us-gaap-roles)
Company Created
Taxonomy Public Review
Target Audiences:• public companies, analysts, investors, software providers• data aggregators, other intermediaries
Offering:• single web portal for “one stop shop” for reviewers• easy access to taxonomies and tools• educational materials and user guides• use cases to facilitate self-service review
Ends April 4, 2008
Taxonomy and Preparers Guide Comments
• Almost 3,000 comments received on taxonomies and Preparers Guide
• Roughly a third are still “open” status• A surge in last two weeks of review is possible• All items to bee closed by April 18• Final delivery of taxonomies to SEC April 28
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Preparers Guide v3 - Monday
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16
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RECENT MARKET OUTREACH ACTIVITIESFeb 5 Merrill Public Review WebinarFeb 19 XBRL and the Public Review WorkshopFeb 25 RIXML Public Review Workshop - AnalystsFeb 26 RIXML Public Review Workshop - SoftwareFeb 27 CFA Institute Road showFeb 28 National Association of Real Estate Investment Trusts WorkshopMar 4 Merrill Public Review WorkshopMar 5 AICPA Stockbrokerage industry group - in-person eventMar 5 NeoClarus WorkshopMar 5 Edison Electric Industry WorkshopMar 6 RR Donnelley Workshop for VFP/RRD clientsMar 6 Bear Stearns Client Program 1 Mar 7 Bear Stearns Client Program 2Mar 7 Bear Stearns Analyst EventMar 13 Institute of Management Accountants Public Review Workshop Mar 11 Mark Bolgiano to speak on Compliance Week webinarMar 13 Mark Bolgiano to speak at CIFIR meeting
Shifting from development to production:
support and maintenance• transparent, consistent change management• predictable versioning policy• taxonomies in sync with GAAP and SEC• solicitation and incorporation of user feedback• reflecting XBRL best practices as they evolve• education, training, and technical support• product manageremnt and customer service
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UPDATES
totraining and publications
content
CHANGE REQUESTS
from industry, analysts, public, standard setters
& SEC
Technical Support
Su
pp
or
t
Market Outreach
;
Main
tenan
ce
Taxonomy Manager
Vice Pres, Domain
Testing Manager
www.xbrl.us [email protected]
WebinarsWorkshops Masters Classes
Preparers Guide
Comment & Change Request
Documents (CCRD)
CCRDs logged in public database
TechnicalGuide
Comment & Change Request
Documents (CCRD)
Comment & Change Request
Documents (CCRD)
xbrl.us namespace
XBRL US GAAP Taxonomies
Incremental updates via XBRL extensions, new version yearly
Change Report RecommendationsImpact statements
xbrl.usTaxonomy Manager
xbrl.us US GAAP Taxonomy
Working Group (advisory)
Testing and approval
Other Publications
Investors & AnalystsPublic AggregatorsSECFASB Software
DevelopersAuditorsPreparers