1. LEAP + and the substantial benefits of deploying XBRL
XBRL IN ACTION
LEAP + and the substantial benefits of deploying XBRL
Mark Hucklesby
Dr David Hay

2. Why did we consider XBRL?
Actively demonstrate thought leadership
Better – wanted a “one stop shop”
Faster - to reflect a changing environment
Cheaper - to distribute and maintain
To gain “hands on” experience with the technology so that this could be shared with clients and students

3. LEAP+: XBRL in action

4. LEAP+: XBRL in action Overview of LEAP+
The site is the first of its kind in the world that utilises the power of the eXtensible Business Reporting Language (XBRL), the future of web-based financial reporting, to present model financial statements prepared in accordance with New Zealand generally accepted accounting practice (GAAP).
Material is presented in distinct volumes, including model financial statements prepared under Australian and IFRS GAAP.
Choose one of the menu items on the right of the screen to select the version and edition of the model financial statements or guidance that you wish to view.

5. LEAP+: XBRL in action
This is what we bravely said in 2001 (and still do)

6. XBRL instance document
LEAP+: XBRL in action
- <group type="ci:cashCashEquivalentsAndShortTermInvestments.shortTermInvestments">  <label href="xpointer(..)" xml:lang="en">Investments</label>   <item id="BS-03" period=" ">96700</item>   <item id="BS-04" period=" ">48721</item>   </group>- <group type="ci:currentAssets.receivablesNet">  <label href="xpointer(..)" xml:lang="en">Accounts receivable, net</label>   <item id="BS-05" period=" ">12593</item>   <item id="BS-06" period=" ">8790</item>   </group>- <group
Ledger System
XBRL instance document
XBRL taxonomy
Note the primitive XBRL tags – there was no NZ taxonomy available
Also, we started with a trial balance, not a ledger
XBRL becomes invisible as in all good XBRL applications
Still useful for us in updating/comparing

7. LEAP+: Our story
The lessons learnt from 3 years of practical application of XBRL
What we have achieved with XBRL
Where the benefits have emerged
Our current thoughts on this “mediation language” and when it’s going
Four parts to our brief presentation

8. Evolution of LEAP+ Hard copy financial reports were costly
More important, they were not very user-friendly or easy to update

9. Lessons Learned “Always keep the objective in sight”
Beware of scope creep
End user considerations are paramount
“Time in reconnaisance is seldom wasted”
Upload from the general ledger aborted
Need to really understand taxonomy architecture
Financial/Non-financial reporting elements were challenging

10. Our Users?
University of Auckland is New Zealand’s leading research university, has 32,000 students with 3,000+ students currently in the Business School
Ernst & Young, 600 partners and staff in NZ, and more than 100,000 professionals around the world

11. What business need did we have?
Wanted answers to essentially the same questions (in this case … the questions centered around what needs to be considered before one can assert that a company Annual Report is fully compliant with NZ legislation)
Our solution was link questions to answers using XBRL (via the “infamous” tags)

12. So what questions are being answered with the help of XBRL? (1)
Can I offset the bank overdrafts against positive cash balances in other group companies?
What is the FRS-9 requirement about audit fees?
What do we need to show about deferred tax?
What does FRS-31 require?
Student type questions

13. So what questions are being answered with the help of XBRL? (2)
What is an audit report required to show?
What effect will adoption of IFRS have on my results?
What changes have there been to the definition of a finance lease since I last researched this issue?
How do I report an amalgamation?
Professional type questions

14. What have we achieved?

15. LEAP+ as a reference tool

16. LEAP+ reference for tax, audit or other information

18. (Links existing NZ GAAP to IFRS)
“GAAP Switch”
(Links existing NZ GAAP to IFRS)

21. What benefits have emerged?
Relatively easy to update … but task will be made easier with newer technology
The “dice, slice and compare” is proving particularly useful as we look back to what was done in previous periods
Greater understanding of relationships that exist within annual reports through the “tagging process”

22. Where to from here? Need to replatform to the 2.1 Specification
Need to use “official” NZ taxonomy tags
Introduce more tools to facilitate analysis of the data stored in XBRL
Introduce more XBRL “connectivity”
Further extension of existing functionality in relation to comparing GAAP
See the demo booth, ask for access

23. “Unleashing the power of XBRL will still take some time!”
Closing remarks
“Unleashing the power of XBRL will still take some time!”