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eXtensible Business Reporting eXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij Manager ICT Knowledge Center , Royal NIVRA

eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

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Page 1: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

eXtensible Business ReportingeXtensible Business Reporting Language (XBRL) - an Update

‘XBRL around the world’

Tuesday, 9 November, 2010

Jan PasmooijManager ICT Knowledge Center, Royal NIVRAg g , y

Page 2: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

Agendag• What is XBRL, to refresh your mind

• XBRL is being used today for ………..

• XBRL around the worldXBRL around the world

• The impact for accountants and auditors

Page 3: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

What is XBRL?

XBRL is barcode for data and text

Page 4: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

What is XBRL?

• Freely available Standard for the electronic exchange of Business Informationy g

• Owned by XBRL Int. Open Market Consortia with collaboration of over 650+ organizations from 30 countriesorganizations from 30 countries

• Enables semantic and technical standardization of business data being electronically prepared published shared and (re)used on a global scaleelectronically prepared, published, shared and (re)used on a global scale

Page 5: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL reportingUS-GAAP

IFRS

Local GAAP

Company

TaxonomiesTaxonomiesWebWeb

Bank

TaxTax

StatutoryRegulatorsRegulators

DWH

InternalInternal

Page 6: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL is being used today for ………..g y• Accounting (individual transactions tagged with XBRL Global Ledger)

• Internal reporting

• Management reports

• External reporting (like)

• Financial statements listed / non-listed companies (Business Registers, Stakeholders,

Analysts)

• Regulatory reporting (Regulators, banks, etc.)

C t t fili• Corporate tax filings (Tax authorities)

• Statistical filings (National Statistics)

Fi i l i f ti (f C dit Ri k / A l t it )• Financial information (for Credit Risk purposes/ Analyst community)

• Corporate Actions (under development)

Page 7: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL Int. Jurisdictions by geography

Page 8: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL projects around the world

http://xbrlplanet.org/

Page 9: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

Executive SummaryAmericas

United States SEC mandatory filings and CRA requirements continues to drive adoption in US and voluntary filings in Canada

Adoption primarily driven by Banking Supervisors in Chile , with Argentina and Mexico also developing programs

EMEAJoined up e-Govt initiatives with EU government (mandates) in BE, DK, DE, FR, GR, IE, IT, LU, LT, NL, PL, ES, UK and SE aimed at reducing administrative burden by 2012 are driving EU adoption. Expect adoption to accelerate in 2011 and 2012 because of mandates in the UK and Germany (Corporate Tax filings) and voluntary filing of Financial Statements2012 because of mandates in the UK and Germany (Corporate Tax filings) and voluntary filing of Financial Statements.

SBR (Standard Business reporting) initiatives like NL in several European countries.

CEBS Basel II/Solvency II continues to drive banking supervision adoption in many European countries and countries outside of Europe

CESR and the European Commission are considering XBRL for regulatory reporting on EU levelCESR and the European Commission are considering XBRL for regulatory reporting on EU level.

South African (Johannesburg Stock Exchange) pilot continues to generate interest in neighbouring countries.

Middle East adoption potential high in United Arab Emirates resulting from ADX filing program.

AsPacAsPacMandates drive adoption (for listed) in Japan, Korea, Singapore and China.

Ministry of Finance and regulators in China and XBRL-China have regional influence in mainland China & surrounding jurisdictions.

I i d i lik l i I di i 2011 d Mi C Aff i d ff h i f i f EU d N hIncreasing adoption likely in India in 2011 due to Min Corporate Affairs and off-shoring of tagging from EU and North America to low cost off-shore locations.

Australian Government SBR project went live 2010

Page 10: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL and Stock ExchangesRank Exchange Name Country Domestic Market Cap

(in $ billion)Domestic Market Cap

(in $ billion)XBRL Non XBRL Mandatory

1 New York Stock Exchange United States 11,837[1] 11.837 11.837 mg , [ ]

2 Tokyo Stock Exchange Japan 3,306[1] 3.306 3.306 m

3 NASDAQ United States 3,239[1] 3.239 3.239 m

4 Euronext Belgium, France, Holland, Portugal 2,869[1] 2.869 2.869 v

5 London Stock Exchange United Kingdom 2,796[1] 2.796 2.796

6 Shanghai Stock Exchange China 2,704[1] 2.704 2.704 m

7 Hong Kong Stock Exchange Hong Kong 2,305[1] 2.305 2.305

8 Toronto Stock Exchange Canada 1,608[1] 1.608 1.608

9 BM&FBovespa Brazil 1,337[1] 1.337 1.337 m

10 Bombay Stock Exchange India 1,306[1] 1.306 1.306 m

11 BME Spanish Exchanges Spain 1,297[1] 1.297 1.297 m

12 Frankfurt Stock Exchange Germany 1,292[1] 1.292 1.292 v

13 Australian Securities Exchange Australia 1,261[1] 1.261 1.261

14 National Stock Exchange of India India 1,224[1] 1.224 1.224 m

15 SWX Swiss Exchange Switzerland 1,064[1] 1.064 1.064

Source: http://www.wikinvest.com/wiki/List_of_Stock_Exchanges

Page 11: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL in EuropeCountry/XEU

members Banking sector Business Register Sector (registrars) Revenue&Tax Filing National Statistics

COREP-FINREP Filing XBRL

Filing Filing Comments Filing in XBRL Filing Comments

Filing in

XBRLFiling Comments

XBRL

Belgium M M Local GAAP (300.000+/year) M Corporate tax M Business structure survey (+/-30 00/year)

Denmark V Local GAAP Initiative with annual accounts filing V

France M V Local GAAP

Germany M V Local GAAP & IFRS ((400,000+/year) M Under discussion M Deutch Bundesbank German

Central BankGreece V

Ireland V Plans for future adoption 2011

Plans for future adoption (date not defined)

C ll ti f B i d t Italy M Local GAAP

(1.200.000+/year) MCollection of Business data

for statistics on foreign transactions

Lithuania V

Luxembourg M V Annual accounts V Annual accounts E-data collection” STATECcollection STATEC

Netherlands V V Local GAAP V Through SBR programme V Through SBR programme

Poland M M Local GAAP & IFRSSpain M M Local GAAP (600.000+/year)

S d V L l GAAPSweden V Local GAAPSwitzerland

UK V Local GAAP & IFRS (300.000+/year) M Local GAAP, IFRS and

Tax

Page 12: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

XBRL Adoption DriversE i•Economics

– EU Action Program to reduce admin burden by 25%Compliance efficiencies / effectiveness SBR programs– Compliance efficiencies / effectiveness – SBR programs

•Converge towards global standards through the IMF, FSF, the Basel committee and G20 processesBasel committee and G20 processes.•IFRS Adoption and GAAP alignment•Capital Market Transparency – US SEC Mandate EuropeanCapital Market Transparency US SEC Mandate, European Commission, China CSRC•Alignment in Regulatory Consistencyg e t egu ato y Co s ste cy•Integration with other standards- ISO, W3C, Swift, OECD

Page 13: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

The impact for accountants and auditors

business operations

internal financial reporting

external financial reporting

end users

External auditorsAccountants in business:•CEO’s / CFO’s•Controllers

Accountants in business:•Regulators•Tax authorities•Analysts

Internal auditors

y•Insurances•Banks•Etc.

Page 14: eXtensible Business ReportingeXtensible … Business ReportingeXtensible Business Reporting Language (XBRL) - an Update ‘XBRL around the world’ Tuesday, 9 November, 2010 Jan Pasmooij

THANK YOU!THANK YOU!