Exploring the potential of XBRL – a corporate perspective BEVAN MILLER Manager External Reporting Telecom New Zealand 11 May 2004

Disclaimer The views expressed in this presentation are my own and do not necessarily reflect the views of Telecom or other members of its management.

There is scepticism to be overcome General awareness is still low. Initial promise is yet to be delivered on. The idea of XBRL hasn’t really “clicked” for the vast majority. Most of us are waiting to see the practical benefits demonstrated before we get too excited about XBRL.

But, we are open to possibilities Compliance reporting is time consuming – there is undoubtedly a way to do this better. Likewise, consumers of our reporting could benefit from more accessible data. Telecom’s approach to both internal and external reporting is continually evolving and is open to innovation. Enthusiasm for XBRL within the profession appears to be growing and the tools to deliver it are starting to appear.

So where are we at? Currently we are “interested spectators”. As yet, we don’t see major internal benefits accruing from XBRL, but we can see the benefits to external stakeholders if usage becomes widespread. Project First Step is a “low impact” introduction to the use of XBRL. We are interested in exploring whether XBRL can help us report in a smarter, more informative and more efficient way.

In summary We have heard the message that there is potential in XBRL, but that message has been out there a while without necessarily the practical demonstration of what that potential will actually deliver. We recognise that we can have a part to play in unlocking this potential.