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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
XBRL
IAASBQ&A – XBRL: The Emerging
LandscapeJanuary 2010
IASB/IASCFDiscussions at SAC meeting
February 2010
FEEPolicy Statement
on XBRLDecember 2009
EC Consultation and Revision of
Transparency Directive2009/2010
CESRConsultation on
Standard Reporting Formats
October 2009
UK Auditing Practice Board
XBRL tagging in financial statements
January 2010
The Association of Chartered Certified
Accountants (ACCA): XBRL: The view of stakeholders
2009
SECfinal rules for
operating companies early 2009
ICAEW Digital
Reporting Options
for Europe October 2009
Standing for trust and integrity3
The paradox
Accountants
XBRL
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)
Accountants’ involvement?
REPORTING
1
2
3
4
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)
Accountants’ involvement?
REPORTING
Audit reports on financial statements?The same as today?
5
6
7
8
Assurance reports to regulators?
Assurance reports on analysts’ reports?
Assurance reports?Same as the others?