Baruch’s Center for Corporate Integrity has sponsored several sessions on XBRL
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Transcript of Baruch’s Center for Corporate Integrity has sponsored several sessions on XBRL
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 [email protected][email protected]