Standing for trust and integrity
XBRL Policy Statement Launch Event
eXtensible Business Reporting Language (XBRL) The impact on
accountants and auditors
Friday 26 February 2010
Standing for trust and integrity2
XBRL publications - accounting and auditing
IAASBQ&A XBRL: The Emerging
IASB/IASCFDiscussions at SAC meeting
on XBRLDecember 2009
EC Consultation and Revision of
Standard Reporting Formats
UK Auditing Practice Board
XBRL tagging in financial statements
The Association of Chartered Certified
Accountants (ACCA): XBRL: The view of stakeholders
SECfinal rules for
operating companies early 2009
for Europe October 2009
Standing for trust and integrity3
Accountants are founding / funding / active members of all XBRL jurisdictions in Europe. However, XBRL is not yet mainstream and more efforts on awareness are required.
XBRL is enhancing reporting, supported by the accountancy profession.However not always clear on the different functions of the financial reporting chain.
Standing for trust and integrity4
FEE XBRL Policy StatementFEE position on XBRLFEE supports
XBRL while acknowledging challenges
widespread adoption of XBRL where appropriate circumstances prevail
a clear lead and support from the relevant authorities
robust cost-benefit analysis that justifies the implementation of XBRL
Standing for trust and integrity5
Accountants contribution (1)
1. Assurance on the various taxonomies used?2. Assurance on company extensions?3. Assurance on internal control environment using XBRL?4. Assurance on tagging data?
Standing for trust and integrity6
Accountants contribution (2)
Audit reports on financial statements?The same as today?
Assurance reports to regulators?
Assurance reports on analysts reports?
Assurance reports?Same as the others?