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e. Xtensible Business Reporting Language Gent, April 2005 Enrique Bonsón Professor of Accounting, University e. Xtensible Business Reporting Language Gent, April 2005 Enrique Bonsón Professor of Accounting, University of Huelva, Spain Vicepresident of XBRL Spain

Agenda Digital reporting 1 2 3 4 XML-XBRL Taxonomies XBRL Consortium Agenda Digital reporting 1 2 3 4 XML-XBRL Taxonomies XBRL Consortium

(logotipo) Digital reporting White Book for Spanish Accountig Reform Guidelines: Codes of good practices (logotipo) Digital reporting White Book for Spanish Accountig Reform Guidelines: Codes of good practices Universal exchange format: XBRL Assurance services for digital information

(logotipo) Codes of good practices AECA 2002 Regulations: Transparency law (july 2003) Developed by: (logotipo) Codes of good practices AECA 2002 Regulations: Transparency law (july 2003) Developed by: Order of the Ministry of Economy ECO/3722/2003 Circular 1/2004 CNMV

Agenda Digital reporting 1 2 3 4 XML-XBRL Taxonomies XBRL Cosortium Agenda Digital reporting 1 2 3 4 XML-XBRL Taxonomies XBRL Cosortium

Evolution of the Internet Innovation Browse the Web Connect pre-Web Pages FTP, E-Mail, Gopher Evolution of the Internet Innovation Browse the Web Connect pre-Web Pages FTP, E-Mail, Gopher Presentation Connectivity TCP/IP Technology HTML

Browsing the Web (Content—without Context) Searching for the word “Mercury” on the Web can Browsing the Web (Content—without Context) Searching for the word “Mercury” on the Web can provide a wide variety of results— too many—such as: Hg

“Content in Context” (Industry-specific • Auto Industry • <CAR-MODEL> • Chemical Industry • <SYMBOL> “Content in Context” (Industry-specific • Auto Industry • • Chemical Industry • • Publishing or Mythology • • Music Industry • • Aerospace Industry • Astronomy •

Evolution of the Internet Program the Web Innovation Browse the Web Connect pre-Web Services Evolution of the Internet Program the Web Innovation Browse the Web Connect pre-Web Services Web Pages FTP, E-Mail, Gopher Automation Presentation Connectivity TCP/IP Technology HTML XML

XML • XML stands for: • e. Xtensible • Markup • Language • Universally XML • XML stands for: • e. Xtensible • Markup • Language • Universally accepted method of exchanging information

What Is XML? • “XML is a platform-independent, self-describing, expandable, standard data exchange format” What Is XML? • “XML is a platform-independent, self-describing, expandable, standard data exchange format”

XML is Platform Independent • • Windows Unix Macintosh Mainframe XML is Platform Independent • • Windows Unix Macintosh Mainframe

XML is Self-Describing • Example: – <DATE>May 27, 2004</DATE> • Describes the information, not XML is Self-Describing • Example: – May 27, 2004 • Describes the information, not the presentation • Format neutral

SOLD-TO PERSON Serra FIRSTNAME" src="http://present5.com/presentation/414c80cd3a27d31172a6dbcaf657ab10/image-14.jpg" alt="XML ORDER SOLD-TO PERSON Serra FIRSTNAME" /> XML ORDER SOLD-TO PERSON Serra FIRSTNAME Roberto LASTNAME 20040206 SOLD-ON 15. 95 ITEM El código da Vinci PRICE Brown, Dan BOOK AUTHOR TITLE Roberto Serra 20040206 15. 95 Brown, Dan El código da Vinci

XML is Extensible • Whereas HTML has a fixed set of tags –<H 1>, XML is Extensible • Whereas HTML has a fixed set of tags –, ,

 • XML lets you create your own tags – 

HTML vs. XML • • HTML <html> <body> <p>Purchase Order, Stock Number 1002, 2, HTML vs. XML • • HTML

Purchase Order, Stock Number 1002, 2, 100

• • • XML • 10021002

Who defines the tags? • Tags are defined by industry consortiums Each industry’s standard Who defines the tags? • Tags are defined by industry consortiums Each industry’s standard tags are commonly referred to as a taxonomy

XML & Data Exchange Improves the way companies -- and applications -- share information XML & Data Exchange Improves the way companies -- and applications -- share information Enjoys strong industry and vendor support

XML Summary Ø Published as a recommendation by the W 3 Consort Ø Uses XML Summary Ø Published as a recommendation by the W 3 Consort Ø Uses tags to give context and structure to • • Industry Ø Provides a common way for disparate systems to exchange specific information (application integration) Ø Provides a means to separate data from style so a single source can be output for Ø multiple uses Separates data from logic of applications so that it can be reused for multiple purposes.

Why Now ? HTML is the language that opened up the internet, enabling users Why Now ? HTML is the language that opened up the internet, enabling users to browse the web. XML The next step to using the internet for business. Interne t Domain Expertise XBRL is a global e-business language for financial information, reporting and analysis.

XBRL: e. Xtensible Business Reporting Language Markup language based on XML n Created by XBRL: e. Xtensible Business Reporting Language Markup language based on XML n Created by XBRL. org n For financial information interchange among computers all over the world n A global effort to build the “digital business language” n To be made by all the financial information supply chain participants. n Http: //www. xbrl. org n

Five Years Ago …October 14, 1999 XBRL began with the idea of a single Five Years Ago …October 14, 1999 XBRL began with the idea of a single individual - Charlie Hoffman, from a small CPA firm in a small town … … and 13 Sponsoring Companies

XBRL is similar to the U. P. C Seal “We showed that it could XBRL is similar to the U. P. C Seal “We showed that it could be done on a massive scale, that cooperation without antitrust implications was possible for the common good, and that business didn’t need the government to shove it in the right direction” “ 99% of all packaged goods. — Alan Haberman, Chairman, Symbol I think the industry has sold itself on a program that offers so little Standardization Subcommittee return that it simply won’t be worth the trouble and expense” — A Midwest Chain Executive, 1975

XBRL Adds Reporting to E-Commerce On e wa y Tax Regulators Investors Creditors Lende XBRL Adds Reporting to E-Commerce On e wa y Tax Regulators Investors Creditors Lende Website rs Aggregators On e wa y BUSINESS ERP G/L Packages CRM Transaction Creation 2 way Suppliers • Orders • A/P • Delivery • Orders • A/R • Delivery 2 -way Customers

XBRL Adds Reporting to E-Commerce On e wa y Tax Regulators Investors Creditors Lende XBRL Adds Reporting to E-Commerce On e wa y Tax Regulators Investors Creditors Lende Website rs Aggregators XBRL On e wa y BUSINESS G/L ERP CRM BUSINESS REPORTING Packages Transaction Creation 2 way Suppliers • • (e-)Commerce Customers • • Orders A/P • Delivery Orders A/R • Delivery OTHER XML INITIATIVES 2 -way

XBRL is … § Standards-based electronic language for financial information, reporting and analysis § XBRL is … § Standards-based electronic language for financial information, reporting and analysis § Not chart of accounts § Not accounting standards § Does not require greater disclosure § Does not require more frequent reporting

XBRL Planned Specifications XBRL for G/L Journal Entry Reporting Processes Business Operations XBRL for XBRL Planned Specifications XBRL for G/L Journal Entry Reporting Processes Business Operations XBRL for Business Event Reporting XBRL for Financial Statements Internal Financial Reporting External Financial Reporting XBRL for Audit Schedules XBRL for Tax Filings Trading Partners Investment and Lending Analysis Financial Publishers and Data Aggregators Companies Participants XBRL for Regulatory Filings Management Accountants Auditors Software Vendors Regulators Investors

Roadmap for Taxonomies Financial Reporting Across Jurisdictions Today Industry Specific Reporting Illustrative Taxonomy Development Roadmap for Taxonomies Financial Reporting Across Jurisdictions Today Industry Specific Reporting Illustrative Taxonomy Development Matrix U. S. IAS U. K. Germany Australia Canada US GAAP Commercial & Industrial (C&I) Companies … Done … … … US GAAP CC & I, extended to Mutual Funds Software Companies … … … US GAAP CC & I, extended to Media & Entertainment … … … US GAAP CC & I, extended to Media Agriculture & Entertainment … … … US GAAP Financial Services Companies … … … … … … … Within FYs

 • Common interchange format and storage is good information management practice Printed Financials • Common interchange format and storage is good information management practice Printed Financials – Reduces redundancies & discrepancies Regulatory – Repeatable processes using tools Filings – A platform for continuous reporting Accounting System Explanatory Text Third Party Information Web Site XBRL Documents Tax Return Trade Filings

 • Today’s external reporting processes – Rework and delay – Ad hoc and • Today’s external reporting processes – Rework and delay – Ad hoc and non repeatable – No path forward Printed Financials Regulatory Filings Accounting System Web Site Explanatory Text Tax Return Third Party Information Trade Filings

Financial Information Supply Chain Today’s External Position Company Financials Regulatory Filings Public Financials Company Financial Information Supply Chain Today’s External Position Company Financials Regulatory Filings Public Financials Company Financials Market Data Competitor/Industry Financials Analyst Analytical Models Assurance

Financial Information Intermediary Supply Chain External Position Company Financials Regulatory Filings Public Financials Company Financial Information Intermediary Supply Chain External Position Company Financials Regulatory Filings Public Financials Company Financials Financial Supply Chain Market Data Analytical Models Competitor/Industry Financials Assurance

 § XBRL documents can be: – Prepared efficiently – Exchanged reliably – Published § XBRL documents can be: – Prepared efficiently – Exchanged reliably – Published more easily – Analyzed quickly – Retrieved by investors simply

Best Practice: Time for Loan Processing— 1. 75 days Value-added Analysis and Decision-making? 90% Best Practice: Time for Loan Processing— 1. 75 days Value-added Analysis and Decision-making? 90% + time spent on Mechanics More <10% Time for Analysis. XBRL? Analysis => Less Risk With => Better Or Mechanics Analysis Process more loans in the same amount of time

Benefits of XBRL • Reduce cost of analyzing and reporting financial information • Increase Benefits of XBRL • Reduce cost of analyzing and reporting financial information • Increase speed and efficiency of business decisions • Enhance the distribution and access of existing financial statement information • More readily exchanged • Increase and enhance analysis

So when will this happen? quiz A. Never. B. After I retire. C. Before So when will this happen? quiz 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.

SEC’s Strategic Plan Pg. 58: Accessibility and Usability of Registrant Filings: The SEC will SEC’s Strategic Plan Pg. 58: Accessibility and Usability of Registrant Filings: The SEC will explore the use of “tagged data” formats such as XBRL for financial disclosure, streamline forms and filing processes for registrants, and improve the internal processes and analytical tools used by staff to review filings.

SEC Public Announcement The Commission will seek public comment on alternative methods and the SEC Public Announcement The Commission will seek public comment on alternative methods and the costs and benefits associated with tagged data. In addition, the Commission will consider a staff proposal to accept voluntary supplemental filings of financial data using e. Xtensible Business Reporting Language (XBRL). This (XBRL). voluntary program would enable the Commission staff to further investigate the types of data tagging currently available in the marketplace. The Commission may propose a rule this fall that would, if adopted, establish the voluntary program beginning with the 2004 calendar year-end reporting season.

SEC Proposed Rule September 27, 2004 • Proposed Rule to Establish Voluntary Rule Program SEC Proposed Rule September 27, 2004 • Proposed Rule to Establish Voluntary Rule Program for Reporting Financial Information of Edgar Using XBRL. – 30 day comment period • Concept Release – 30 day comment period

Agenda Los nuevos informes financieros 1 2 3 4 XML-XBRL Taxonomías XBRL El consorcio Agenda Los nuevos informes financieros 1 2 3 4 XML-XBRL Taxonomías XBRL El consorcio XBRL

XBRL Taxonomies n n n n Equivalent to a dictionary They content all the XBRL Taxonomies n n n n Equivalent to a dictionary They content all the elements to be used within a XBRL document Global taxonomies: AR y GCD International taxonomies: IASCF-IFRS y CRAS National-industry extensions National taxonomies: USA-GAAP, German GAAP, Australian GAAP Industry extensions

AR TAXONOMY Report Information int-ar: Report. Information Title of Accountants Report int-ar: Title. Report AR TAXONOMY Report Information int-ar: Report. Information Title of Accountants Report int-ar: Title. Report Type int-ar: Report. Type Addressee int-ar: Addressee Statements Covered int-ar: Statements. Covered Balance Sheet Date int-ar: Balance. Sheet. Date Income Statement Period int-ar: Income. Statement. Period Statement of Comprehensive Income Period int-ar: Statement. Comprehensive. Income. Period Statement of Stockholder's Equity Period int-ar: Statement. Stockholders. Equity. Period Cash Flows Statement Period int-ar: Cash. Flows. Statement. Period Reporting Method int-ar: Reporting. Method Report Date int-ar: Report. Date Dual Date int-ar: Dual. Date of Dual Date int-ar: Date. Dual. Date Dual Date Note int-ar: Dual. Date. Note Accounting Standards Applied int-ar: Accounting. Standards. Applied Report Body int-ar: Report. Body Introductory Paragraph int-ar: Introductory. Paragraph Scope Paragraph int-ar: Scope. Paragraph Opinion Paragraph int-ar: Opinion. Paragraph

GCD TAXONOMY Global Common Document Entity Information int-gcd: Global. Common. Document int-gcd: Entity. Information GCD TAXONOMY Global Common Document Entity Information int-gcd: Global. Common. Document int-gcd: Entity. Information Parent Entity int-gcd: Parent. Entity Names int-gcd: Entity. Names Entity Current Legal Name int-gcd: Entity. Current. Legal. Name Description int-gcd: Entity. Current. Legal. Name. Description Entity Trading Name int-gcd: Entity. Trading. Name Entity Former Name int-gcd: Entity. Former. Name Entity Business Description int-gcd: Entity. Business. Description Entity Identifier int-gcd: Entity. Identifier Name int-gcd: Entity. Identifier. Name Description int-gcd: Entity. Identifier. Description Entity Form int-gcd: Entity. Form Entity Incorporation Information int-gcd: Entity. Incorporation. Information Entity Public Listing Information int-gcd: Entity. Public. Listing. Information

IASCF-IFRS TAXONOMY • • Based on the IAS-IFRS bound volume A digital version of IASCF-IFRS TAXONOMY • • Based on the IAS-IFRS bound volume A digital version of IAS-IFRS Primary Financial Statements Explanatory Disclosures and Accounting Policies

International Financial Reporting Standards (Taxonomía IFRS-GP) Taxonomía CRAS Extensión nacional Taxonomía DGI Extensión nacional International Financial Reporting Standards (Taxonomía IFRS-GP) Taxonomía CRAS Extensión nacional Taxonomía DGI Extensión nacional sectorial Extensión para una empresa Documento XBRL Extensión sectorial

Agenda Digital reporting 1 2 3 4 XML-XBRL Taxonomies XBRL Consortium Agenda Digital reporting 1 2 3 4 XML-XBRL Taxonomies XBRL Consortium

NO SE FI DK NL IASB CA US RU BE FR IE IT UK NO SE FI DK NL IASB CA US RU BE FR IE IT UK DE SP KR IN PT CO JP C H BR SG AU AR ZA NZ

Estructura del consorcio XBRL Estructura del consorcio XBRL

XBRL Facilitators Jurisdicción Alemania XBRL Deutschland e. V. Australia Institute of Chartered Accountants in XBRL Facilitators Jurisdicción Alemania XBRL Deutschland e. V. Australia Institute of Chartered Accountants in Australia (ICAA) CPA Australia 38. 000 97. 000 Canadá Canadian Institute of Chartered Accountants (CICA) 68. 000 EE UU American Institute of Certified Public Accountants (AICPA) Holanda Electronic Commerce Platform (ECP. NL) Nederlands Instituut van Registeraccountants (NIVRA) IASB International Accounting Standards Board (IASB) Japón Japanese Institute of Certified Public Accountants (JICPA) 17. 000 Nueva Zelanda Institute of Chartered Accountants of New Zealand (ICANZ) 27. 000 Reino Unido Institute of Chartered Accountants in England Wales (ICAEW) 124. 000 España [1] Facilitador (es) Asociados Asociación Española de Contabilidad y Administración de Empresas (AECA) 4. 000 28 338. 000 173 13. 000 n. d.

XBRL España XBRL España

Founding members of XBRL Spain Founding members of XBRL Spain

Members of XBRL Spain » Members of XBRL Spain »

Web de XBRL España Web de XBRL España

In Conclusion Adoption of XBRL will bring democratization of financial markets. XBRL and other In Conclusion Adoption of XBRL will bring democratization of financial markets. XBRL and other XML derivative languages are going to change information generation and distribution. The information intermediation industry will have to change consequently bringing greater transparency to financial Information.

Questions ? ? Enrique Bonsón Catedrático de Economía Financiera y Contabilidad Vicepresidente de XBRL Questions ? ? Enrique Bonsón Catedrático de Economía Financiera y Contabilidad Vicepresidente de XBRL España E-mail: [email protected] es Phone: 34 959 217892 Web: www. uhu. es/ijdar