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Published byErnest French Modified over 9 years ago
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Tools and Trends for External Reporting Rob Blake VP, Product Marketing Rivet Software rob.blake@rivetsoftware.com
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Tools For External Reporting Rob Blake Past member, XBRL US Steering Committee Past member, XBRL International Steering Committee Past Chair, XBRL US Domain Group Past Microsoft XBRL Lead on: Lead on Microsoft FRx support for XBRL 1.0/2.0 Filing to the SEC Excel’s Investor Assistant joint PwC/Nasdaq project Lead PM on Microsoft Office Tool for XBRL Current Lead for Rivet’s Dragon Tag, Dragon View and Dragon Tag Forms applications
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Other Systems Financial/ Accounting Web services RSS Feeds Spreadsheets External Reporting Regulatory Filings Internal Reports Analytics Web sites Investors Creditors Analysts Regulators Management Data Sources XBRL Reporting Landscape and XBRL
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Ahhh…Computers… Pablo Picasso “Computers are useless. They only give answers.” Peter Drucker “The computer is a moron.” Steve Wozniak “Never trust a computer you can’t throw out the window.”
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XBRL & Software: Slow…:-( or GO!...=) In the 1870’s, Thomas Edison began working on a device to provide light (“light bulb”) Spent many many years in development and thousands of experiments On December 31, 1879, Edison gave his first public demonstration of the incandescent light bulb And what did that get him??
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Rags or Riches…or Both? From 1879 until 1882, Edison only sold 3,144 light bulbs to 203 Manhattan-based customers Over the next 7 years, Edison had only grown his customer base to 710 Moral: Whether it’s a light bulb, a robot, or a technology such as XBRL…if it really provides a solution for the marketplace…trust me… “BUILD IT AND THEY WILL COME”
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XBRL “Urban Legends” Time Consuming Complex No Available Software Forces Reporting Changes Requires Additional Disclosure Costly
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XBRL Reality Part of Existing Process Software Masks Complexity More and more software every day Uses Existing Report Formats No Additional Disclosure Not “Rip and Replace”
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SEC Voluntary Filing Program Details Program started April 2005 Total of 9 companies have participated Total of 14 filings have been made Shameless plug: 11 of them have been done using Rivet’s Dragon Tag application
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FDIC Call Report Project Call Report provides bank data to FDIC/US government and industry analysis More than 8,200 institutions report quarterly 7,000 formulas to promote data quality 6 main “Call Report” vendors; Fidelity and Jack Henry are largest Enabled their software to support XBRL Program went live October 2005 All 8,200 banks have now submitted XBRL to FDIC
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Software Vendors Stepping Up
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Come Along Way NOTEPAD
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XBRL Software “Landscape” By Function Taxonomy/Instance Document Analytic applications By Application Type Accounting/ERP/Audit Report Writers Other Spreadsheet/Analytical XML Editors Aggregators
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XBRL Software Tools “Landscape” By Purpose Taxonomy Editors Instance Document Creators XBRL Document Consumers By Application Type Accounting/ERP/Audit Report Writers Spreadsheet/Analytical XML Editors Aggregators
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XBRL Taxonomy and Instance Document Applications tagEZee
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XBRL Report Writer Applications * * *XBRL 2.0 support only
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Collecting/Storing/Validation
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Functionality Complexity Excel, Word Report writers Web-based/local applications Submit Review/Audit Consuming Creating Web Services, RSS Automation Analyzing Evolution of XBRL Applications 2005- 2006- 2007-
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Future More and more XBRL-enabled existing applications Drive XBRL support into financial/accounting systems Support XBRL GL and XBRL for internal reporting XBRL driving web sites via HTML/DHTML pages Investor Relations Watchdog groups Increased automation/intelligence around XBRL Analytics RSS feeds
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Call to Action Get the leading ERP and reporting vendors to support XBRL! Ask for it…demand it…require it!
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