Information for Interested Jurisdictions J. Louis Matherne President, XBRL International Director – Business Assurance & Advisory Services, AICPA Credit.

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Presentation transcript:

Information for Interested Jurisdictions J. Louis Matherne President, XBRL International Director – Business Assurance & Advisory Services, AICPA Credit to Walter Hamscher for many of the slides in this presentation. Bob Cuthbertson Member of the XBRL International Steering Committee Chief Operating Officer CaseWare IDEA Inc.

XBRL Guiding Principles  Market drive model … win, win win  Start Simple, be inclusive  Broad supply chain participation  Member support XBRL  Members do not compete on framework  Build structure and systems to support open community and parallel taxonomy development  Liaise with other XML efforts  Neutral third party facilitator  For long term success – XBRL International

Scope and role of XBRL External Financia l Reportin g Business Operations Internal Financi al Reporti ng Investme nt, Lending, Regulatio n Processes Economic Policymak ing Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators Software Vendors Management Accountants Companies Central Banks XBRL

Scope and role of XBRL External Financia l Reportin g Business Operations Internal Financi al Reporti ng Investme nt, Lending, Regulatio n Processes Economic Policymak ing Participants Auditors Trading Partners Investors Financial Publishers and Data Aggregators Regulators Software Vendors Management Accountants Companies Central Banks XBRL Collaboration is KEY!!!

XBRL International  Independent non-profit global consortium  Sponsors conferences and helps knowledge sharing  Manages (Royalty free) XBRL Intellectual Property  Helps to launch XBRL member “jurisdictions” Japan Australia Spain Ireland Germany Canada United Kingdom IASB China Sweden Denmark Switzerland Netherlands New Zealand BrazilSouth Africa Korea Colombia Argentina Singapore United States

International structure … XBRL International Russia (Not organised) JP, SG, Etc. GBP 5K, 10K, or 15K SAPDeutsche Bank PPA World E&YPwCKPMG… EUR 5K(?) JPY 200K IE (Provisional) ICAI (Facilitator) USD 5K Accountancy Educational Trust (IE) EIP 25K UK (Jurisdiction) ICAEW (Facilitator) DE (Jurisdiction ) IDW (Facilitator) USD max(25K or 1/3 Dues)

International Steering Committee Chair International Steering Committee Chair Sitting Members * Standing CA AU IASB* NL US UK NZ DE Board of Trustees Jurisdictions 1 st Vice Chair XBRL Management President Operations Manager XBRL Management President Operations Manager Preparer, Private Academic Software & Services Accounting Intermediaries Regulators Analyst Investor/Creditor Preparer, Public Supply Chain Communities 2 nd VC Finance/Audit Committee Nominating Committee Executive Committee 1st At Large ISC Representatives 2nd 3rd 4th Credit Risk Assessment Domain General Ledger Marketing & Comm. Specification Research & Grants Basel II International Working Groups Members JP Provisional SpainKoreaIreland Taxation Exchanges

Preparer, Private Sector Academic Software & Services Accounting Intermediaries Investors/Creditors Analyst Regulators Preparers, Public Sector Supply Chain Communities 2 nd VC XBRL International Governance & Operational Structure Supply Chain Community (SCC) represents a functional area in, or supporting, the business reporting process. It facilitates international activities, collaboration and sharing expertise across borders. Supply Chain Community members Members of an established Jurisdiction Individuals who participate in the working party of a Provisional Jurisdiction

Illustrative Jurisdictional Structure XBRL J Steering Committee Domain Working Group Adoption Working Group XBRL Int. Steering Committee

Illustrative Jurisdictional Structure Set strategy & priorities for Jurisdiction Oversee J. working group activities Oversees J. Budget and Finances Set J. policies Outline Expected Commitments from Members Oversight of J. Portion of XBRL Website Identify issues to be raised to XBRL Int. XBRL J Steering Committee XBRL Int. Steering Committee

National Jurisdictions  Functions best done locally  Operate in their native language  Responsible for own taxonomies  Lobby their government agencies for adoption  Functions best leveraging the whole international organization  Cross-company, cross-border knowledge sharing  Common intellectual property protection  Conference co-ordination  Relationships with multinational member companies

Benefits  Provisional Jurisdiction  Protection of XBRL trademarks, domain names  Facilitator staff  XBRL and archives  Participation in XBRL International working groups  Eligible to host International Conference  Eligible to submit “Approved” Taxonomy to ISC  Full Jurisdiction  Voting Representation on Steering Committee  Member company  Voting participation on Supply Chain Communities  Voting participation on Working Groups  Resident company staff  Discounted attendance at hosted conferences  All member company staff  XBRL and archives

States of a Taxonomy… from XBRL International point of view  Unrecognised  Acknowledged  Syntactically valid XBRL – nothing more  Noted on XBRL.org web site  Approved  Means it follows XBRL taxonomy best practices with respect to modularity, naming, relationships  Advertised on XBRL.org web site, etc.  Recommended  Means it is the only XBRL taxonomy approved for a given type of reporting.  Actively promoted in outreach activities

Benefits of Corporate Membership  Early Access to Information  Technical  Marketing  Influence on XBRL Evolution  Technology directions  (Often incorporating jurisdiction specific issues)  Industry focus  (Also varies in importance by jurisdiction)  Community and knowledge sharing  What you get out depends on what you put in  What’s not written down is sometimes of most value

Next Steps  Launch a provisional jurisdiction  Do a membership drive for full jurisdiction  Apply for a grant (re-use existing XBRL material)  Host symposia on specific application topics  Send people to next XBRL Conference  Plan to host a conference

Information for Interested Jurisdictions J. Louis Matherne President, XBRL International Director – Business Assurance & Advisory Services, AICPA Credit to Walter Hamscher for many of the slides in this presentation. Bob Cuthbertson Member of the XBRL International Steering Committee Chief Operating Officer CaseWare IDEA Inc.