XBRL Policy Statement Launch Event “eXtensible Business Reporting Language (XBRL ... ??2016-12-07Standing for trust and integrity XBRL Policy Statement Launch Event “eXtensible Business Reporting Language (XBRL) – The impact on accountants and auditors” Friday 26 February 2010 2 Standing for trust and integrity XBRL

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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?

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