XBRL and Financial XBRL and Financial ReportingReporting

SLA - Investment Services Section SLA - Investment Services Section andand

College & University Business College & University Business Libraries (CUBL) SectionLibraries (CUBL) Section

June 5, 2007June 5, 2007

Today’s Overview

What is XBRL? The SEC and XBRL XBRL in Use The Future

What is XBRL?What is XBRL?

eXtensible Business Reporting eXtensible Business Reporting Language Language

Metadata for financial statementsMetadata for financial statements Based on approved taxonomiesBased on approved taxonomies

Using XBRL DataUsing XBRL Data

View and manipulate View and manipulate – Ask “what if” questionsAsk “what if” questions– Construct graphs Construct graphs – Compare companies against peersCompare companies against peers– View information in any languageView information in any language– Change currency Change currency – View under different accounting View under different accounting

conventionsconventions

XBRL InternationalXBRL International

Non-profit consortium of over 2000 accounting Non-profit consortium of over 2000 accounting firms, corporations, government entities, firms, corporations, government entities, academic institutionsacademic institutions

Facilitated by American Institute of Certified Facilitated by American Institute of Certified Public Accountants (AICPA)Public Accountants (AICPA)

Promotes the development and use of XBRLPromotes the development and use of XBRL

SEC’s Standard SettingSEC’s Standard Setting

$ 54 Million to improve EDGAR$ 54 Million to improve EDGAR Complete taxonomies for all Complete taxonomies for all

industries by September 2007industries by September 2007 Build improved analytical toolsBuild improved analytical tools Mandate filing with XBRLMandate filing with XBRL

The SEC Program The SEC Program TodayToday Voluntary XBRL Filing Program Voluntary XBRL Filing Program

– originally 17, now 30 companiesoriginally 17, now 30 companies Executive compensation data Executive compensation data

taggedtagged– beginning 2Q, 2007beginning 2Q, 2007

SEC Voluntary Filing Program 3M Company

Anadarko Petroleum Automatic Data ProcessingAltria Group, Inc.Bowne & Co. Inc.Brazilian Petroleum Corp. Bristol-Myers Squibb Comcast CorporationCommonwealth Edison Crystal International Travel Group, Inc.The Dow Chemical CompanyEDGAR Online Inc.Exelon CorporationExelon Generation Co

Fastenal Co.Ford Motor CompanyFord Motor Credit CompanyGeneral Electric CompanyGol Intelligent Airlines, Inc.Infosys Technologies Microsoft CorporationOld Mutual Capital, Inc.PECO Energy CompanyPepsiCo, Inc.Pfizer, Inc.R.R. Donnelley & Sons South Financial Group, Inc.United Technologies Xerox CorporationXM Satellite Radio Holdings

SEC Financial Report Viewer

The FFIEC ProgramThe FFIEC Program

FFIEC requires quarterly Call FFIEC requires quarterly Call Reports filed in XBRL (October Reports filed in XBRL (October 2005)2005)

Over 8,200 banks report to Over 8,200 banks report to Central Data Depository at Central Data Depository at www.FFIEC.gov/FIND/

Validation and accuracy improvedValidation and accuracy improved

Investment Company Investment Company Institute Institute

XBRL taxonomy for Risk/Return XBRL taxonomy for Risk/Return Summary (N-1A) Summary (N-1A) (released January 2007)(released January 2007)

Proposal to join the SEC’s Proposal to join the SEC’s voluntary filing program voluntary filing program (submitted (submitted March 2007)March 2007)

XBRL Around the XBRL Around the WorldWorld

Taxonomy DevelopmentTaxonomy Development– US GAAPUS GAAP– IFRS (International Financial Reporting IFRS (International Financial Reporting

Standards)Standards)– COREP (Common Reporting)COREP (Common Reporting)– National “GAAP”National “GAAP”

Complete in Japan, Germany, Korea & Complete in Japan, Germany, Korea & Sweden; Under development in Canada, Sweden; Under development in Canada, China, Ireland, New Zealand, Spain, China, Ireland, New Zealand, Spain, Thailand & UKThailand & UK

XBRL Pilot ProgramsXBRL Pilot Programs

Japan FSA & Tokyo Stock ExchangeJapan FSA & Tokyo Stock Exchange Full financial statements for all listed Full financial statements for all listed

companies in 2008companies in 2008 National Bank of BelgiumNational Bank of Belgium

Commerical & industrial companies to Commerical & industrial companies to file beginning April 2007file beginning April 2007

Shanghai Stock ExchangeShanghai Stock Exchange Mandated filing since 2005Mandated filing since 2005

Canadian Securities Administrators Voluntary filing program to start

May 2007 Uses Canadian GAAP taxonomy XBRL Canada Blog at

http://www.zorba.ca/xbrlblog.html

Other XBRL UsersOther XBRL Users

EDGAR Online I-MetrixEDGAR Online I-Metrix Earnings ReleasesEarnings Releases Sustainability Reports – GRI – G3Sustainability Reports – GRI – G3 Tax Returns – UK-HMRC and Tax Returns – UK-HMRC and

Dutch Tax AuthorityDutch Tax Authority

The FutureThe Future

Change in marketplace for SEC Change in marketplace for SEC based fundamental databased fundamental data

More accurate, broader, more More accurate, broader, more effective and less expensive effective and less expensive research coverageresearch coverage

Gartner, September 28, 2006Gartner, September 28, 2006

Steps for LibrariansSteps for Librarians

Keep abreast of SEC movesKeep abreast of SEC moves Test free XBRL toolsTest free XBRL tools Talk to your data vendorsTalk to your data vendors

Thank YouThank You

Louise Klusek, Assistant Professor, Louise Klusek, Assistant Professor, Newman Library, Baruch College, Newman Library, Baruch College, City University of New YorkCity University of New YorkLouise_klusek@baruch.cuny.eduLouise_klusek@baruch.cuny.edu