1. How XBRL Will Enhance the Credibility of Financial Statements Presented by Graham Ward President, IFAC

2. The Corporate Reporting Supply Chain Auditors Analysts Information Distributors DirectorsManagement Investors & Regulators Lawyers/Bankers

3. Economics of Credibility  Public values timely, accurate, complete user- friendly data  Value = Reduction of uncertainty times $$$ at risk  Increased transparency and greater usability of corporate reporting information improves credibility  Increased credibility leads to further investment and economic development

4. Information Cost and Value Equation  Value = Reduction of uncertainty times $$$ at risk  Cost = Produce + Structure + Distribute + Consume XBRL provides a powerful ROI as it puts information in the hands of consumers at lower costs (both production and consumption)

5. The Current Environment  Accelerating drive to enhance business reporting  Increasing demands for more timely information  Market requires increased transparency

6. XBRL - The Path to Progress  Lowers the cost of information production AND consumption  Facilitates exchange of data  Streamlines communications  Expedites information delivery  Enhances transparency of reported information

7. XBRL Supports the Public Interest  XBRL – a tool which allows investors to better protect themselves  Level playing field for all investors  Enhanced investor processing of information  Easier investor analysis  More informed market  Better decisions

8. The Corporate Reporting Supply Chain Effect on Internal Management Processes  More timely, accurate, data for decisions  Enhanced analytical capabilities  Better control environment  Accelerated adoption of reporting models  Reduced costs for producing reports  Enhanced flexibility of information for analysis

9. The Corporate Reporting Supply Chain Effect on External Management Processes  Reduces cost of producing reports in all formats  Flexibility to meet individual circumstances  Greater control over reported information  Enhanced compliance capabilities  Tell your own story (precise & clear)

10. The Corporate Reporting Supply Chain Effect on External Auditors  More timely, accurate, and complete data for analysis  More effective analysis of data for anomalies  More frequent assessments  Enables more efficient research  More effective way of identifying reporting changes and/or relationship with other standards

11. The Corporate Reporting Supply Chain Effect on Regulators  Enhanced validation of reported information  Greater flexibility for changes in reporting requirements  Enables more complete analysis  Meet regulator demand for more frequent and detailed reporting

12. The Corporate Reporting Supply Chain Effect on Stock Exchanges and Credit Agencies  Better information for better analysis & decisions  Easier analysis of reported and credit information  More transparency and increased trading  More useful information across borders

13. The Corporate Reporting Supply Chain Effect on Stock Exchanges  More timely collection of data  Reduced costs of compliance

14. Challenges to Auditors  Development of relevant assurance & attest standards for reports formatted in XBRL  Development of an enhanced business reporting framework  Leverage tools which exploit XBRL (and other relevant Internet standards)  Cost effective assessment of corporate reporting process controls environment

15. Challenges to Auditors  Assessment of management assertions  Assessment of plaintiff risk associated with enhanced analytical capabilities  Process associated with electronic signatures  Assessment of assurance services around more frequent to continuous reporting

16. Benefits Outweigh Risks  Cost-efficiencies for all in the financial reporting supply chain  Greater ability to extract and manipulate relevant data  Reduction in errors  Increased transparency of reported information

17. Current Progress  Prominent companies and organizations use XBRL for publishing business information  Software vendors are delivering XBRL enabled application to the market around the world  Regulatory bodies in Australia, China, Denmark, Germany, Japan, Korea, Netherlands, UK and US are implementing XBRL  Governments in Singapore and New Zealand are expected to endorse XBRL

18. The Corporate Reporting Supply Chain 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

19. Tomorrow’s World  A more efficient / effective supply chain for the capital markets  Timely, accurate, user-friendly data valued by public  Increased usability of reported information  Credible reporting process  More efficient capital allocation  More efficient investment and greater economic development

20. How XBRL Will Enhance the Credibility of Financial Statements Presented by Graham Ward President, IFAC