XBRL and Financial Reporting SLA - Investment Services Section and College & University Business Libraries (CUBL) Section June 5, 2007

Today’s Overview What is XBRL? The SEC and XBRL XBRL in Use The Future

What is XBRL? eXtensible Business Reporting Language eXtensible Business Reporting Language Metadata for financial statements Metadata for financial statements Based on approved taxonomies Based on approved taxonomies

Using XBRL Data View and manipulate View and manipulate –Ask “what if” questions –Construct graphs –Compare companies against peers –View information in any language –Change currency –View under different accounting conventions

XBRL International Non-profit consortium of over 2000 accounting firms, corporations, government entities, academic institutions Non-profit consortium of over 2000 accounting firms, corporations, government entities, academic institutions Facilitated by American Institute of Certified Public Accountants (AICPA) Facilitated by American Institute of Certified Public Accountants (AICPA) Promotes the development and use of XBRL Promotes the development and use of XBRL

SEC’s Standard Setting $ 54 Million to improve EDGAR $ 54 Million to improve EDGAR Complete taxonomies for all industries by September 2007 Complete taxonomies for all industries by September 2007 Build improved analytical tools Build improved analytical tools Mandate filing with XBRL Mandate filing with XBRL

The SEC Program Today Voluntary XBRL Filing Program Voluntary XBRL Filing Program –originally 17, now 30 companies Executive compensation data tagged Executive compensation data tagged –beginning 2Q, 2007

SEC Voluntary Filing Program 3M Company Anadarko Petroleum Automatic Data Processing Altria Group, Inc. Bowne & Co. Inc. Brazilian Petroleum Corp. Bristol-Myers Squibb Comcast Corporation Commonwealth Edison Crystal International Travel Group, Inc. The Dow Chemical Company EDGAR Online Inc. Exelon Corporation Exelon Generation Co Fastenal Co. Ford Motor Company Ford Motor Credit Company General Electric Company Gol Intelligent Airlines, Inc. Infosys Technologies Microsoft Corporation Old Mutual Capital, Inc. PECO Energy Company PepsiCo, Inc. Pfizer, Inc. R.R. Donnelley & Sons South Financial Group, Inc. United Technologies Xerox Corporation XM Satellite Radio Holdings

SEC Financial Report Viewer

The FFIEC Program FFIEC requires quarterly Call Reports filed in XBRL (October 2005) FFIEC requires quarterly Call Reports filed in XBRL (October 2005) Over 8,200 banks report to Central Data Depository at Over 8,200 banks report to Central Data Depository at Validation and accuracy improved Validation and accuracy improved

Investment Company Institute XBRL taxonomy for Risk/Return Summary (N-1A) (released January 2007) XBRL taxonomy for Risk/Return Summary (N-1A) (released January 2007) Proposal to join the SEC’s voluntary filing program (submitted March 2007) Proposal to join the SEC’s voluntary filing program (submitted March 2007)

XBRL Around the World Taxonomy Development Taxonomy Development –US GAAP –IFRS (International Financial Reporting Standards) –COREP (Common Reporting) –National “GAAP” Complete in Japan, Germany, Korea & Sweden; Under development in Canada, China, Ireland, New Zealand, Spain, Thailand & UK

XBRL Pilot Programs  Japan FSA & Tokyo Stock Exchange  Full financial statements for all listed companies in 2008  National Bank of Belgium  Commerical & industrial companies to file beginning April 2007  Shanghai Stock Exchange  Mandated filing since 2005

Canadian Securities Administrators Voluntary filing program to start May 2007 Uses Canadian GAAP taxonomy XBRL Canada Blog at

Other XBRL Users EDGAR Online I-Metrix EDGAR Online I-Metrix Earnings Releases Earnings Releases Sustainability Reports – GRI – G3 Sustainability Reports – GRI – G3 Tax Returns – UK-HMRC and Dutch Tax Authority Tax Returns – UK-HMRC and Dutch Tax Authority

The Future Change in marketplace for SEC based fundamental data Change in marketplace for SEC based fundamental data More accurate, broader, more effective and less expensive research coverage More accurate, broader, more effective and less expensive research coverage Gartner, September 28, 2006 Gartner, September 28, 2006

Steps for Librarians Keep abreast of SEC moves Keep abreast of SEC moves Test free XBRL tools Test free XBRL tools Talk to your data vendors Talk to your data vendors

Thank You Louise Klusek, Assistant Professor, Newman Library, Baruch College, City University of New York