kansas xbrl event april 24 25 2009 presented by liv watson
DESCRIPTION
University of Kansas XBRL EventTRANSCRIPT
1
“Financial and Business Reporting Information on Steroids: Lessons Learnt from Implementing XBRL at theCentral Bank of India and The State of Nevada”
Liv Apneseth Watson
Vice Chair of XBRL International Inc.
Member, Board of Director
IRIS International Services
April 20. 2009
2
Today’s Agenda
XBRL at the Central Bank of India XBRL at The State of Nevada
3
4
Company overview
History: spin-off in 2004 pursuant to a management buyout of a content and financial information portal businesses, which was a previous company started by the same founding team in 1994.
No institutional capital raised. Company is completely owned by founders, employees, family and friends.
Management team has a collective experience of over 70 years in media, credit ratings, banking, software and capital markets.
Approximately 300 employees, mostly IT / software engineers, analysts, and content developers.
5
IRIS Offerings
FinX: instance document generator, for XBRL content creation
iFILE: disclosure platform for XBRL filing and internal reporting
iServices: web services suite for reports and content delivery
Myiris.com financial information portal Myiris Plus desktop personal finance software for
consumers ePassbook: B2B2C version of Myiris Plus for wealth
mgmt. irisinfo, a comprehensive Indian XBRL content
repository
6
About the Central Bank of India (RBI) Established April 1, 1935:
Reserve Bank of India Act, 1934. Fully owned by the Government of India. Governed by a central board of directors.
Financial Supervision: The Reserve Bank of India performs this function
under the guidance of the Board for Financial Supervision (BFS)
7
An XBRL Basle II - Online Returns Filing System (ORFS)
Section 42(2) Form A return of the Reserve Bank of India Act
the objective of eliminating the need for paper based data submission.
launched on October 6, 2008.
01 Oct 2008 http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19185
8
IFRS 2008 taxonomy for the Johannesburg Stock Exchange Johannesburg Stock Exchange (JSE) IRIS’ forty-member team assigned to this pilot
project comprised of taxonomy experts, XBRL technology experts and a team of XBRL analysts - the team worked for six months on the project.
9
The pilot covered all areas of taxonomy adoption for an XBRL-based reporting and consumption system, including:
Creating two levels of country specific extension taxonomies.
Converting historical company annual reports (with detailed tagging using the IFRS taxonomy extension), and generating company specific extensions using the “clear approach”.
Rendering the annual report XBRL instance documents both on the Web and through an Excel-based application.
10
11
Validation
Standardization
XBRL – More Than Just Data
CalculationCash = Currency +
DepositsFormulas
Cash ≥ 0ContextsUS $
FY2004Budgeted
LabelcashCashEquivalentsAndS
hortTermInvestments
ReferencesGAAP I.2.(a)Instructions
Ad Hoc disclosures
PresentationCash & Cash Equivalents
XBRLItemXMLItem
XBRLItem
PresentationComptant et Comptant
Equivalents
PresentationGeld & Geld nahe Mittel
PresentationKas en Geldmiddelen
Presentation现金与现金等价物
Presentation現金及び現金等価物
PresentationДеньги и их
эквиваленты
PresentationГроші та їх
еквіваленти
12
XBRL Jurisdictional Status March 2009
Countries seeking convergence with the IASB on pursuing adoption of IFRSs
Countries that require or permit IFRSs
UKCA
ESUS
AU
NZ
IE
JPKR
BE
VZ
CO
BR
AR
SG
HK
NOSE
PL
IT
CN
IN
LB
CZ
UA
LUIASB
AE
NL
TR
GR
JAMCH
FR
SI
AT
Established JurisdictionsProvisional Jurisdictions
Projects Ongoing
DE
DK
ZA
Focus in 2009
IL
Global Focus Jurisdictions
CHL
URY
OCEG
RIXML
13
XBRL to Help Track Troubled Asset Relief Program “TARP Funds”
$700 billion financial bailout plan. XBRL at the Domestic Policy
Subcommittee hearing of the Oversight and Government Reform Committee to assess the Treasury Department’s efforts at preventing waste and misuse of funds by financial institutions.
State of Ohio Tracker
How do we know that where the money went?
14
TrendsStandard Business Reporting (SBR)
Reporting burden for business. This will be achieved by: Removing unnecessary and duplicated information from government
forms; Utilizing business software to automatically pre-fill government forms; Adopting a common reporting language, based on international
standards and best practice; Making financial reporting to government a by-product of natural
business processes; Providing an electronic interface to enable business to report to
government agencies directly from their accounting software, which will provide validation and confirm receipt of reports; and
Providing business with a single secure online sign-on to the agencies involved.
Australian business will save around $800 million per year when SBR is fully operational.
15
SBR Projects
Multi-agency Programs Australia New Zeeland Singapore
Grass Root Programs State of Nevada State of Ohio
16
Will SBR become a question of national competitiveness?
17
Goals for today! Explore How to Bring the Global Trust and XBRL
Frameworks Integrated Technical Standpoint Establish Working Groups Best Practices
Killer App?”
18
Liv A. WatsonXBRL International Vice Chair Member, Board of DirectorIRIS Business Services P: +1 203 856 8986E: [email protected]
Thank you!