1. How is XBRL Assisting the Investment Community?
23rd June 2009
Andrew Ling, UBS Investment Research

2. Topics covered Progress Challenges Background Manifesto Relevance
Definitions
Different perspectives
Progress
Challenges
Relevance
Alignment
Manifesto

3. Definitions What constitutes “research” Traditional data analysis
What investors want is changing
Data is only one part of a research offering
This matters because of scale economies that lead to formation of specialised research providers to service investors
Traditional data analysis
Data provided using proprietary definitions
Vendors act as aggregators – provide some standardisation
No one provider has comprehensive global coverage

4. Consumption: Sell-side perspective
???
Data source
Corporate
Data source
Sell-side
Filing authority
Data source
XBRL
Data source
Data source

5. Consumption: Buy-side perspective
Filing authority
Research
Corporate
Research
Buy-side
Filing authority
Research
Research
Filing authority
Research

6. Relevance How do I gain “edge”? Inertia
Get behind the accounts; identify drivers
Extra-financials
Impact of macro events
Inertia
Integration of a new data source costly
Combining diverse data sets well is hard
Benefit hard to quantify

7. Alignment Learn from RIXML Understand use cases Make standard relevant
Get traditional data vendors on board
Investors don’t care about XBRL (and shouldn’t have to)
Understand use cases
In-depth understanding of companies already owned
Search and screening for potential investments
Make standard relevant
The needs of investors (and analysts) are different from those of financial statement preparers; embrace that difference

8. Manifesto The tools exist Educate Don’t forget the prose
Rise to the challenge and use them
XBRL undoubtedly helps
Educate
Standards setters on perspective of investment community
Investment community on benefits of open standards
Don’t forget the prose
Provides context to the numbers!

9. Contact Andrew Ling, UBS Investment Research
Jack Roehrig, Executive Director, RIXML.org
© RIXML.org Ltd 2009