XBRL enabling financial reportersXBRL International Conference – Vancouver December 2007

An innovative vision

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Innovation at Deloitte

Submitted Ideas

Active Concept

Funded Prototype

Expansion

OperationAll raw

ideasIdeas selected

for further development

Following successful business case, given funding for prototype

development

Following successful prototype,

approved for expansion

Implementation of idea

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Ideas submitted to “The Innovation Zone”

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Ideas reviewed and approved as an “Active concept”

• Innovation council approve idea in principle

• Submitter asked to provide more detail through detailed business case

• Business case approved

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Funds used to prototype potential solution

• Prototype solution built to inform development process

• For XBRL:Prototyped existing tools “pasted” together

Used IFRS taxonomy

Produced valid instances for motor car dealer clients

Rendered report using instance data and “Australian” reporting terms

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Expand use to confirm costs and benefits

• Simulate production environment

• For XBRL:Acquired licenses to develop toolset

Built first taxonomy

Built Special Purpose Financial Report formats

Produced multiple instances and multiple reports

Compared “apples” with “apples” by reproducing previous year end financial reports

Measured time saving

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Production roll out

• Stabilise toolset

• Develop to increase automation

• Expand pilot system:User base to include more Deloitte users and their clients

Taxonomy

Report formats

Analytic capability

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How innovation jumps hurdles

Hurdle #1: Client accounting systems that can not produce XBRL instances

– Re-key or

– Convert

Result: we built a conversion tool

Hurdle #2: We need a financial report that is human (partner) friendly

– Re-key into MS Word and/or MS Excel or

– Automate

Result: we built a publishing tool

Hurdle #3: There is no published Australian Taxonomy

– Sit and wait or

– Get in an create one

Result: we created our own taxonomy

The people perspective

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Learning a new language….XBRL!

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A new approach

From our preliminary planning we devised a new approach to preparing financial reports

Map client trial balance

Calculate & validate report

data

Import data & generate report

Publish report Lodge Review

Map client trial balance to the

Deloitte Taxonomy to

produce a first run instance

Validate instance, compute

missing fact values and

store revised instance

Import instance

document into report

template

Add missing fact values such

as Director details, select

notes and publish to Deloitte

specification

Submit for Partner review and finalise for client sign off

Lodge instance to regulator

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It aint so hard!

• Video #2Map client trial balance

Calculate & validate report

data

Import data & generate

reportPublish report Lodge Review

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Making it real

Map client trial balance

Calculate & validate

report data

Import data & generate

reportPublish report Lodge Review

The pilot system

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Map the trial balance

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Calculate & validate report data

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Import data & generate report

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Publish report

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Review

Do the numbers stack up?

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Financial reporting under “data drudgery”

16%

Administration of client engagement including setting budget, engagement terms and risk review

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Financial reporting under “data drudgery”

63% 20% 1%

To prepare a financial report ready for review by the partner

Review Lodge

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Financial reporting under “XBRL”

-86%

To prepare a financial report ready for review by the partner

This reduction in processing time alone represents a saving of 54% in total time

Map client trial balance

Calculate & validate

report data

Import data & generate

reportPublish report Lodge Review

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More information?

Peter WilliamsCEO Deloitte Digitalpewilliams@deloitte.com.au+61 3 9208 7629

Bevan McLeod

Account Director

Deloitte Growth Solutions

bmcleod@deloitte.com.au

+61 3 9208 7767