8 th XBRL International Conference (Seattle, WA) XBRL PILOT PROJECT I N 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 Q
8 th XBRL International Conference § XBRL PILOT PROJECT I N K O S D A Q I : KOSDAQ 01. Introduction 02. Comparison Among Asia’s New Markets 03. Global Status II : XBRL Pilot Project 01. 02. 03. 04. 05. Introduction Taxonomy for Korean Companies Transformation of SGML filings to XBRL Web & Excel-based Analysis Tools using XBRL What XBRL offers III : Assignments
8 th XBRL International Conference XBRLPILOTPROJECT I : KOSDAQ 01. Introduction - 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
8 th XBRL International Conference XBRLPILOTPROJECT I : KOSDAQ 02. Comparison Among Asia’s New Markets Daily Trading Value (US$ mil. ) ( End of November 2002 ) Note: (1) Japan (2) Taiwan (3) Singapore (4) Hong Kong
8 th XBRL International Conference XBRLPILOTPROJECT I : KOSDAQ 03. Global Status (US$ bil. ) Ran k No. of Listed Companies Rank Accumulated Trading Value Rank Market Cap. 1 TSX Toronoto(3, 621) 1 NYSE (7, 146) 1 NYSE (10, 114) 2 Nasdaq(3, 324)) 2 Nasdaq (5, 035) 2 Nasdaq (2, 746) 3 Spanish Exchanges(3, 198) 3 London (2, 589) 3 Tokyo (2, 644) 4 LONDON(2, 692) 4 Tokyo (1, 421) 4 London (2, 110) 14 KOSDAQ(866) 14 KSE (326) 15 KSE (256) 16 20 KOSDAQ(234) 36 KOSDAQ(33) KSE(686) * WFE Sep. 2003(companies), July. 2003 (Trading Val, Market Cap)
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 01. Introduction PROJECT OVERVIEW Contractor : Samil (Pw. C), 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 28 th ~ Nov. 10 th 2003 (15 weeks) - Samples : 15 companies (5 -year Financial Statements) Outcome : XBRL Products - Commercial & Industrial Korean GAAP(K-GAAP) Taxonomy Establishment - Web and Excel-based Investor Analysis Tool - Technical Experiment on the Internet
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 01. Introduction BACKGROUND 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 Benefits to KOSDAQ’ & Listed companies - 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 KOSDAQ -Pw. C -UB Matrix Standardized Financial Statements Simpler Process Fast & Enhanced Financial Statements & Analysis Tools Investor Trust COMPANIES INVESTORS Investment
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 01. Introduction GOAL Establish K-GAAP Taxonomy - Approval from XBRL International - XBRL adoption around Korean Companies in Financial Reporting Increasing Market Transparency - Provide standard Financial Statements through XBRL - Empower investors by providing analysis tools Frontier in XBRL Technology in Korea - Kosdaq is the first organization to recognize the value of XBRL
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 01. Introduction PROCESS Samil (Pw. C) 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) <VALIDATION FROM THE PROJECT> - EDGAR Analyst Financial Standards Review - Validation of extracted Financial Information - Business Evaluation Model of SMEs 5. Save in Document Repository 6. Apply EDGAR Analyst analysis Program to the WEB 8. Hold related Seminars 7. Develop Excel Analytics & Apply to the WEB 10. PR to foreign securities houses & Investment Companies 9. Apply outcomes to EDGAR Analyst Project Review & Follow-up Planning
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies APPROACH E-disclosure System Standardized Financial reporting system using E-disclosure (based on SGML) SGML Based Financial Statements Listed COMPANIES FSS KOSDAQ (KSE) INVESTORS via Internet * Financial Statements of FSS APPROACH K-GAAP TAXONOMY INDUSTRY EXTENSION OF K-GAAP TAXONOMY - Besides Standard Accounts, FSS includes Accounting Practices (approx. 3, 000 accounts) - Industry (Finance, Non-Finance)
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies APPROACH Issues and Considerations How to approach building K-GAAP Taxonomy in line with Global Financial Statements? 1. US GAAP, IAS (FSS) APPROACH K-GAAP TAXONOMY INDUSTRY EXTENSION OF K-GAAP TAXONOMY ARCHITECTURE? ? 2. FSS (US GAAP, IAS) REFER TO FSS (*2) * Dr. Walter Hamsher’s Suggestion - Accounts Hierarchy from FSS - Label, References from US GAAP, IAS
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies APPROACH 3 Phases 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, 000 acccounts were used, FSS element Extension Phase 3. Company Extension APPROACH K-GAAP TAXONOMY EXTENDED FSS TAXONOMY – Naming and defining up to the level of Individual Company’s User defined Accounts(excluded in FSS Accounts Schema) * In general, individual companies expand apply lower level accounts when standard Taxonomy is defined, however, in Korea FSS account schema has already included the level of industry.
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY for Korean Standards Framework 01 Chart of Accounts 02 Notes 03 GAAP References APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY NEXT >
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY for Korean Standards 01 Chart of Accounts Accounting Review Technical Review Standardized Accounting Structure Guided by Korean Companies Accounting Principles XBRL adoption skill in accordance with international standardized accounting principles - Korean Companies Accounting Principles - Refer to IAS, US GAAP - XBRL Specification & Taxonomy Builder Skill - IAS, US GAAP Taxonomy Schema & Structure - Consideration with FRTA APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY Label, Description Element, Attributes Co. A 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. 870 accounts) BACK <
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY 01 Chart of Accounts for Korean Standards APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY BACK <
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY for Korean Standards 02 Notes Reliance Guidelines from KASB APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY Best Practice from Accounting Firms Actual Financial Reports from KOSDAQ 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) BACK <
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY 02 Notes for Korean Standards APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY BACK <
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY for Korean Standards 03 GAAP References K-GAAP references which had similar rules with IAS, US GAAP were reviewed and referenced. * 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. APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY BACK <
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies K-GAAP TAXONOMY 03 GAAP References for Korean Standards APPROACH K-GAAP TAXONOMY - Chart of Accounts - Notes - GAAP References EXTENDED FSS TAXONOMY BACK <
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies EXTENDED FSS TAXONOMY Extension for FSS Industry Practice - 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. APPROACH K-GAAP TAXONOMY EXTENDED FSS TAXONOMY * Similar accounts : - Accounts which has same meaning with two different names - Accounts with similar meanings with different names
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 02. Taxonomy for Korean Companies EXTEDED FSS TAXONOMY APPROACH K-GAAP TAXONOMY EXTENDED FSS TAXONOMY Extension for FSS Industry practice
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 03. Transformation of SGML filing to XBRL MAPPING TABLE Use Mapping Table to Transform SGML Filing into XBRL Instance To transform SGML filing into XBRL instance K-GAAP Taxonomy Korean Standard Financial Reports (SGML) Inherited schema Extended FSS Taxonomy (name) Mapping Table XBRL Instance
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 03. Transformation of SGML filing to XBRL MAPPING TABLE To transform SGML filing into XBRL instance Mapping Table for Transformation
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 04. Web & Excel-based Analysis Tools using XBRL SYSTEM ARCHITECTURE Web View & Excel
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 04. Web & Excel-based Analysis Tools using XBRL SYSTEM ARCHITECTURE Technical Experiments
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 04. Web & Excel-based Analysis Tools using XBRL ANALYSIS FUNCTION Ratio & Financial Statements Analysis - 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 Analysis Methods (Web & Excel) - Summary of Single company - Comparison ( Multi-Company One Period, Company-Industry One period, Single-Company Multi Period ) in Financial, Ratio SCREEN SHOTS Web Viewer, EXCEL, Technical Experiments -- Video Clip (MPEG file)
8 th XBRL International Conference XBRLPILOTPROJECT II: XBRL Pilot Project 05. What XBRL Offers SCREEN SHOT 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
8 th XBRL International Conference XBRLPILOTPROJECT 05 -1 Change of Exchange Reporting Objectives (SGML -> XBRL) SGML XBRL Accept Global Standard (Global Communication)
8 th XBRL International Conference XBRLPILOTPROJECT 05 -2 Accounting Global Standards Based on XBRL SGML / DTD XBRL / TAXONOMY Recognition of Financial Statements & Easiness of Sharing Information Logical Accounts Schema Logical Cof. A Reference, Presentation, Calculation, Label, Definition
8 th XBRL International Conference XBRLPILOTPROJECT 05 - 3 Financial Reporting Process in EXCEL SGML(restricted, closed) XBRL(open, Common) Easy to prepare Fin’l Statements
8 th XBRL International Conference XBRLPILOTPROJECT 05 - 4 Enhancement in Financial Reporting BEFORE Financial System AFTER Financial Reporting Print out Supervisory Org. Report Outside Disclosure Documents Company Website • Reduce Time & Costs • Reduce Errors in re-input • Compatible with any S/W Supervisory Org. Report Outside Disclosure Documents Audit Report XBRL Company Website IRS Report Other 3 rd Party Documents Financial Reporting Print Out Financial System Other 3 rd Party Documents Audit Report
8 th XBRL International Conference XBRLPILOTPROJECT 05 - 5 Change in Information Analysis (WEB) BEFORE AFTER -Visual Analysis -Comparison with Companies -Time Series Comparison -Industry vs. Industry (Excel Download)
8 th XBRL International Conference XBRLPILOTPROJECT 05 - 6 Change in Information Analysis (Excel) BEFORE AFTER Office 2004 embedded in XML Functions
8 th XBRL International Conference XBRLPILOTPROJECT 05 - 7 Change in Information Analysis
8 th XBRL International Conference XBRLPILOTPROJECT 05 - 8 Change in Information Logistics BEFORE AFTER COMPANY Information Vendors -Enhanced Information INVESTORS COMPANY • BETTER • FASTER • CHEAPER INVESTORS (Web, Excel)
8 th XBRL International Conference XBRLPILOTPROJECT 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.
8 th XBRL International Conference XBRLPILOTPROJECT III: ASSIGNMENTS NEXT STEP… - 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 KOSDAQ will be the Eternal Pioneer in XBRL
8 th XBRL International Conference (Seattle, WA) XBRL PILOT PROJECT I N 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
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