Session V: Panel on “Evolution and Future Trend for XBRL Development”

Session Chair: Mary MacBain, President and Director of KSCPAs8:00– 9:30Overland Park, KS April 2013

Panel Members

Efrim Boritz, University of Waterloo Eric E. Cohen, PricewaterhouseCoopers LLP Herm Fischer, Mark V Systems Limited Matthew F Slavin, SEC Miklos Vasarhelyi, Rutgers University

Is this list alphabetized by first or last

name?

Bring the sounds of Lawrence home with you!http://www.dblhouse.us/richard/traincam6.htmhttp://traincam.camstreams.com/homepage.asp

Train 3 (westbound) 11:52 PMTrain 4 (eastbound) 5:47 AM

Enterprise Acceptance

The evolving use of XBRL within companies Compliance Internal analysis and benchmarking Resistance within companies Historical and future cost of compliance Who is “responsible” for XBRL within a company? Implementations:

Outsourcing Bolt on tools Integrated solutions

How will the implementation of XBRL evolve?

What’s Happening in Enterprises? Compliance with XBRL mandate Efficiency in compliance with XBRL mandate Efficiency in compliance with SEC requirements

Benchmarking and additional benefits Efficiency in compliance with reporting requirements

as a whole Agility and integration using standardization

Resistance

Change Management buy-in

Simple compliance burden Political islands Under the influence

Evolution and Future Trends

Where did we come from? Where are we now? What are the possible paths forward? What are the trends indicating a possible path?

The Story of Our New LanguagePersonalities, cultures, and politics combine to create a common, global language for businesshttp://www.aicpa.org/InterestAreas/FRC/AccountingFinancialReporting/XBRL/DownloadableDocuments/XBRL_09_web_final.pdf

Where did we come from?

XFRML, FRTA, FRIS Spec 1.0, 2.0, 2.0a, 2.1, errata Dimensions, Inline

Original Plans Looked Deeper

From “Highlights” of Initial XFRML Steering Committee, 10/14/99 “[XFRML] should have its roots in the "Audit Supply

Chain." XFRML as technical standard for seamless process of exchange across all audit processes.

Our opportunity is to address things internationally at the level below the financial reporting level since there is more commonality at that level.”

This is still the place of XBRL’s Global Ledger Taxonomy Framework – the detailed information found in ERP systems.

Independent and Interoperable Vision Application layer

Tests New from old

Data

13 Years Ago: XBRL 1.0

Regulators and AdministratorsExternalAuditors

InternalAuditors

ManagementAccountants

ExternalBusiness

Reporting

BusinessOperations

InternalBusiness

Reporting

Investment,Lending,

Regulation

Processes

Participants

TradingPartners

InvestorsFinancial

Publishersand Data

Aggregators

Software Vendors and Service Providers

Companies

Economic Policymaking

CentralBanks

Business Reporting Supply Chain

Financial Reporting

TaxSustainabilit

yRisk and ControlsBanking and other statutoryOther compliance reporting

Where are we now?

Focus on projects, not on futures/big vision Moving forward by technologists, not domain/Spec

collaboration Staff > volunteers

Public Working DraftsXBRL Steaming EXtensions Module 1.0

Inline XBRL 1.1Table Linkbase 1.0

Comparability Business RequirementsXBRL Abstract Model 2.0

Versioning for Dimensions Dimension Filters 1.1

Candidate RecommendationsFormula Extension Modules – Instances

Formula Tuples 1.0Variables-Scope Relationships 1.02

Proposed RecommendationsVersioning Specification – Base,

Concept Use, Concept Details, and Dimensions

Units Registry – Structure, ProcessGeneric Preferred Label 1.0

Units Registry - Process

RecommendationsXBRL 2.1 Specification

Dimensions 1.0 Formula 1.0 Specification

Generic LinksInline XBRL (Rendering) Specification

Registry (for Formula)Transformation Registry v2 (for Inline

HTML)XBRL Global Ledger Taxonomy Framework

Proposed Edited Recommendations

Variables 1.0Match Filters 1.0

Filling in the Gaps

Rules Process flow Risks and controls

Taxonomies

Financial reporting US GAAP, IFRS, Canadian, Japanese, German, UK

Statutory filings US FDIC/FFIEC, Eurofiling Basel II, Solvency II

Tax filings HMRC and …

Pan-governmental reporting SBR: Netherlands, Australia

Internal integration and reporting XBRL’s Global Ledger Framework

Sustainability and Corporate Responsibility GRI G3 and G3.1, CDP

Integrated/”Joined Up” Business Reporting

Global Agreement

Important Connections

SBR in AustraliaReducing the reporting burden for business

21

What About the “Competition”? ANSI X.12 UN/CEFACT ECE ebXML UBL OAGIS OWL/RDF/Ontologies UML, model driven design

What are the possible paths forward? Scope

What IS XBRL anyway? Path

Technical specification Areas of semantic meaning

Collaboration Interoperability

Participants

What are the trends indicating a possible path? Development based on immediate user

requirements, not BRSC scope Independence of syntax/formal modelling effort

What is XBRL if not the XBRL Specification? “XBRL is what we say it is”

Inmates running the asylum