Say it in XBRL & the World will Listen

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Presentation transcript:

Say it in XBRL & the World will Listen Haksu Kim, CFA & CPA Reuters America 11th XBRL International Conference April 27, 2005

XBRL for Investment Community Not Creating New Information Enhance Quality of Data thru XBRL Efficiency Effectiveness

Measurement of Quality Accuracy Exactness Completeness Consistency for Comparison By Sector By Country Worldwide Timeliness

Document Preparation Using XBRL Standardization of data items Fast and effective delivery Convenient access to individual data items  Automation from preparation to usage of data

Fundamental Data in Reuters 1. Sourcing Documents TXT, HTML, PDF, hard copy 2. Compiling Data Manual and Seasonal 3. Processing for Analytics 4. Delivery of Analytics

1. Sourcing Documents Hard Copy Costly for Collection Costly for Storage Limited for Redistribution Need to Covert it in an Electronic Format Economical for Collection  Timeliness Economical for Storage Economical for Redistribution Sharing Among Global Offices TXT, HTML, PDF XBRL Economical for Collection  Timeliness Economical for Storage Economical for Redistribution Sharing Among Global Offices

2. Data Compiling Time-Consuming for Manual Process Hard Copy Costly from Errors, Inconsistency Costly for No Search Capability Still time-consuming process Difficult for any significant automation Marginal benefits from Search Capability TXT, HTML, PDF Possibly Complete Automation  Timeliness Neutral to (Foreign) Languages XBRL

3. Processing for Analytics No Audit Trail back to the source document Hard Copy Limited Audit Trail back to the source No improvement in consistency of account titles TXT, HTML, PDF Complete Audit Trail Consistency in reported definition of line items by sector/by country (Not yet in consistency among countries) XBRL

Limitation with XBRL Divergence in Reporting Formats among Companies Not All Data Items are in Taxonomy Quantitative Data Qualitative Data Divergence in Accounting Standards in Different Countries Lack of Efforts by Regulatory Authorities

Convenient Software Tools XBRL to be Successful Enrich Taxonomy In-depth of Data Items Hierarchical Relationship among Data Items Flexible for Future Development Convenient Software Tools Preparers Users Support from Regulatory Authorities Stock Exchanges Industry Associations

Collective Efforts for Improvements Diverse Groups for Taxonomy Development Accessible by Various Software For Data Processing For Conventional Uses IFRS for EU Member Countries