Welcome to the Investor Services and College & University Business Libraries (CUBL) Sections of SLA Business & Finance Joint Program

Speakers:Rita Ormsby and Louise Klusek, The William & Anita Newman Library,Baruch College, CUNY

and

Courtney Cowgill, Chief Financial Officer and Corporate Treasurer of Oceanic Exploration Company

Sponsored by Ebsco Information Services and InfoCurrent

June 5, 2007 Denver Colorado

What is XBRL?XBRL이란?

XBRL, c'est quoi? Wat is XBRL?

¿QUÉ ES XBRL?  Vad är XBRL?

is a question being asked around the world

Baruch’s Center for Corporate Integrity has sponsored several sessions on XBRL

Slides from recent XBRL conference at the University of Kansas are available

XBRL and Financial XBRL and Financial ReportingReporting

SLASLAInvestment Services SectionInvestment Services SectionCollege & University Business Libraries College & University Business Libraries (CUBL) Section(CUBL) SectionJune 5, 2007June 5, 2007

Today’s Overview

What is XBRL? The SEC and XBRL XBRL in Use The Future

What is XBRL?What is XBRL?

eXtensible Business Reporting eXtensible Business Reporting Language Language

Metadata for financial statementsMetadata for financial statements Based on approved taxonomiesBased on approved taxonomies

Using XBRL DataUsing XBRL Data

View and manipulate View and manipulate – Ask “what if” questionsAsk “what if” questions– Construct graphs Construct graphs – Compare companies against peersCompare companies against peers– View information in any languageView information in any language– Change currency Change currency – View under different accounting View under different accounting

conventionsconventions

XBRL InternationalXBRL International

Consortium of over 2000 accounting firms, Consortium of over 2000 accounting firms, corporations, government entities, academic corporations, government entities, academic institutionsinstitutions

Facilitated by American Institute of Public Facilitated by American Institute of Public AccountantsAccountants

Promotes the development and use of XBRLPromotes the development and use of XBRL

SEC’s Standard SettingSEC’s Standard Setting

$ 54 Million to improve EDGAR$ 54 Million to improve EDGAR Complete taxonomies for all Complete taxonomies for all

industries by September 2007industries by September 2007 Build improved analytical toolsBuild improved analytical tools Mandate filing with XBRLMandate filing with XBRL

The SEC Program The SEC Program TodayToday Voluntary XBRL Filing Program Voluntary XBRL Filing Program

– originally 17, now 30 companiesoriginally 17, now 30 companies Executive compensation data Executive compensation data

taggedtagged– beginning 2Q, 2007beginning 2Q, 2007

SEC Voluntary Filing Program 3M Company

Anadarko Petroleum Automatic Data ProcessingAltria Group, Inc.Bowne & Co. Inc.Brazilian Petroleum Corp. Bristol-Myers Squibb Comcast CorporationCommonwealth Edison Crystal International Travel Group, Inc.The Dow Chemical CompanyEDGAR Online Inc.Exelon CorporationExelon Generation Co

Fastenal Co.Ford Motor CompanyFord Motor Credit CompanyGeneral Electric CompanyGol Intelligent Airlines, Inc.Infosys Technologies Microsoft CorporationOld Mutual Capital, Inc.PECO Energy CompanyPepsiCo, Inc.Pfizer, Inc.R.R. Donnelley & Sons South Financial Group, Inc.United Technologies Xerox CorporationXM Satellite Radio Holdings

SEC Financial Report Viewer

The FFIEC ProgramThe FFIEC Program

FFIEC requires quarterly Call FFIEC requires quarterly Call Reports filed in XBRL (October Reports filed in XBRL (October 2005)2005)

Over 8,200 banks report to Over 8,200 banks report to Central Data Depository at Central Data Depository at www.FFIEC.gov/FIND/

Validation and accuracy improvedValidation and accuracy improved

Investment Company Investment Company Institute Institute

XBRL taxonomy for Risk/Return XBRL taxonomy for Risk/Return Summary (N-1A) Summary (N-1A) (released January 2007)(released January 2007)

Proposal to join the SEC’s Proposal to join the SEC’s voluntary filing program voluntary filing program (submitted (submitted March 2007)March 2007)

XBRL Around the XBRL Around the WorldWorld

Taxonomy DevelopmentTaxonomy Development– US GAAPUS GAAP– IFRS (International Financial Reporting IFRS (International Financial Reporting

Standards)Standards)– COREP (Common Reporting)COREP (Common Reporting)– National “GAAP”National “GAAP”

Complete in Japan, Germany, Korea & Complete in Japan, Germany, Korea & Sweden; Under development in Canada, Sweden; Under development in Canada, China, Ireland, New Zealand, Spain, China, Ireland, New Zealand, Spain, Thailand & UKThailand & UK

Canadian Securities Administrators Voluntary filing program to start

May 2007 Uses Canadian GAAP taxonomy XBRL Canada Blog at

http://www.zorba.ca/xbrlblog.html

XBRL Pilot ProgramsXBRL Pilot Programs

Japan FSA & Tokyo Stock Japan FSA & Tokyo Stock ExchangeExchange Full financial statements for all Full financial statements for all

listed companies in 2008listed companies in 2008 National Bank of BelgiumNational Bank of Belgium

Commerical & industrial companies Commerical & industrial companies to file beginning April 2007to file beginning April 2007

Shanghai Stock ExchangeShanghai Stock Exchange

Other XBRL UsersOther XBRL Users

EDGAR Online I-MetrixEDGAR Online I-Metrix ““XBRL for Earnings Releases”XBRL for Earnings Releases” Sustainability Reports – GRI – G3Sustainability Reports – GRI – G3 Tax Returns – UK-HMRC and Dutch Tax Returns – UK-HMRC and Dutch

Tax AuthorityTax Authority CEBS Basel II ReportingCEBS Basel II Reporting

The FutureThe Future

Change in marketplace for SEC Change in marketplace for SEC based fundamental databased fundamental data

More accurate, broader, more More accurate, broader, more effective and less expensive effective and less expensive research coverageresearch coverage

Gartner, September 28, 2006Gartner, September 28, 2006

Steps for LibrariansSteps for Librarians

Keep abreast of SEC movesKeep abreast of SEC moves Test free SEC toolsTest free SEC tools Talk to your data vendorsTalk to your data vendors

Thank YouThank You

Louise Klusek, Assistant Professor, Louise Klusek, Assistant Professor, Newman Library, Baruch College, Newman Library, Baruch College, City University of New YorkCity University of New YorkLouise_klusek@baruch.cuny.eduLouise_klusek@baruch.cuny.edu