1 Assurance for Digital Reporting Workshop November 15, 2006

2 Assurance for Digital Reporting Your panel’s challenge: Regulators and the public –digital information will have the same assurance and integrity as today’s paper report. –If assurance is not provided, it could hinder the adoption of digital reporting as a tool for electronically exchanging information. –If the accounting profession is not able to provide assurance, other parties could step in. Regulators –demanding auditors to provide assurance on electronic filings of financial statements. Governments – are asking the profession to deal with audit and assurance issues related to electronic filings and provide the assurance needed by users. Additionally, –XBRL, can facilitate a more efficient and effective audit by providing a consistent method of capturing and interrogating business information. This not only enhances audit delivery but also creates new service opportunities.

3 Assurance for Digital Reporting Your panel: Jan Pasmooij – Netherlands –Royal NIVRA Manager IT Knowledge Centre Chair IIN –Chair XII-XBRL_Assurance Working Group Christian Dreyer – Switzerland – –Tertium datur AG Jim Sylph – USA-Canada –Executive Director _Professional Standards- IFAC Your chair Bill Swirsky – Canada – –Vice President – CICA –Chair XBRL_Canada –Vice-Chair XBRL_International

4 Assurance for Digital Reporting Bill Swirsky _ Canada –Opening comments on XBRL and the Challenge to the Panel Jan Pasmooij – Netherlands –Issues of technology – XBRL –Challenges to assurance – technology’s realities –Call for action Christian Dreyer – Switzerland –what the users want –what the users assume Jim Sylph – IFAC/IAASB –the standards setters agenda –responding to a call to action? Open discussion from the floor Are there questions? Concerns? Bill Swirsky – Canada closing comments- CICA

5 XBRL International –Assurance Working Group Chair – Jan Pasmooij Vice- Chair – Bill Swirsky

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8 Governance Organizational Resources - Staff - Subject matter consultants Board of Advisors Standards Board (XSB)

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10 Facts Definition, Content, and Presentation Reporting Cash and Cash Equivalents $35,000 <cust:CashCashEquivalents decimals="0" contextRef="End2004" unitRef="CAD"> XBRL Instance XBRL Taxonomy <element name="CashCashEquivalents" id="cust_CashCashEquivalents" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/> XSLT Style Sheet

11 The corporate reporting supply chain Externa l Financi al Reporti ng Business Operations Interna l Financi al Report ing Investme nt, Lending, Regulati on Processes Economic Policyma king Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators Software Vendors Management Accountants Companies Central Banks XBRL External Reporting

12 The corporate reporting supply chain Externa l Financi al Reporti ng Business Operations Interna l Financi al Report ing Investme nt, Lending, Regulati on Processes Economic Policyma king Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators Software Vendors Management Accountants Companies Central Banks XBRL External Reporting C-Suite. CEO. CFO Auditors Capital Markets Regulators Analysts Investors

13 Assurance for Digital Reporting And now to your panel of TechnologistsTechnologists ExpertsExperts Commentators ….Commentators ….

14 Validation Standardization XBRL – More Than Just Definitions Calculation Cash = Currency + Deposits Formulas Cash ≥ 0 Contexts US $ FY2004 Budgeted Element cashCashEquivalentsAnd ShortTermInvestments References GAAP I.2.(a) Instructions Ad Hoc disclosures Label Cash & Cash Equivalents XBRL Item XML Item XBRL Item Label Comptant et Comptant Equivalents Label Geld & Geld nahe Mittel Label Kas en Geldmiddelen Label 现金与现金等价物 Label 現金及び現金等価物 Label Деньги и их эквиваленты Label Гроші та їх еквіваленти