XBRL- A catalyst for better reporting by liv apneseth watson new delhi jan 5 2011

XBRL: Catalyst for Better Reporting

Presented by:Liv Apneseth WatsonFounding Member of XBRL InternationalCo-Chair XBRL International Membership CommitteeWebFilings, Executive Advisor to the office of the CEO

Accessing Reporting Data Today

The new data needs to be analyzed for what it says: 1. How big are revenues? 2. How big are profits? 3. How big are profit margins? The new data must be compared to earlier data to answer these questions: 1. How fast are revenues growing? 2. How fast are profits growing? 3. How are margins changing? 4. How are growth rates changing? The company’s results must be related to other companies’ results:1. How is this company doing relative to its

competitors? 2. How is this company doing relative to other

places the investor can place his or her money?

How do they do that today?

XBRL & Investor

AS A RESULT

The Information Overload Challenge…

• “… in this networked world, there is a need for greater flow of knowledge across boundaries.

• …. knowledge needs structure - without structure you cannot retrieve it efficiently and you cannot personalize

• …the Internet has facilitated access to information, but complicated the task of identifying relevant knowledge”

Validation

Standardization

Adding Meaning to Electronic Business Data

CalculationCash = Currency +

DepositsFormulas

Cash ≥ 0Contexts

US $FY2004

Budgeted

LabelcashCashEquivalentsAndS

hortTermInvestments

ReferencesGAAP I.2.(a)Instructions

Ad Hoc disclosures

PresentationCash & Cash Equivalents

XBRLItemXBRLItem

PresentationComptant et Comptant

Equivalents

PresentationGeld & Geld nahe Mittel

PresentationKas en Geldmiddelen

Presentation现金与现金等价物

Presentation現金及び現金等価物

PresentationДеньги и их эквиваленты

PresentationГроші та їх еквіваленти

XBRL – The Language of Financial and Business Reporting

News&

Mediaand other date set

Trading Data

XBRL Data

Supply Side(Input)

Demand Side(Output)

Data Network

News and Sentiment Data

VPC

VPC

VPC

Semantic Risk Analysis

Model Network

Application Network

Via a single connection

Policy Fabric

Economic Data

VPC

Demand Driven

“The adoption of eXtensible Business Reporting Language (XBRL) for financial reporting

holds great promise as a source of efficiency, transparency, and comparability in the delivery

of financial information.”

Shareholders versus Stakeholders

Source: http://www.globalreporting.org/ReportingFramework/G3Guidelines/XBRL/

GRI

XBRL and Integrated Reporting

http://integratedreporting.org/ http://www.hbs.edu/environment/docs/The%20Landscape%20of%20Integrated%20Reporting.pdf

Free E-Book

“With XBRL already being used by millions of companies in North America, Asia, Latin America, South Africa, and Europe to report financial information to regulators, investors, analysts and others, it has been established as the de facto standard for financial reporting. XBRL is the logical choice for supplementary data sets such as ESG/sustainability information and the only logical choice to achieve usable integrated reporting that can be easily discoverable, reusable, consistent and reliable across geographies, currencies, markets and industry sectors. “ ----Liv Watson, Executive Advisor, WebFilings and Brad Monterio is Managing Director of Colcomgroup, Inc.,

SUPPORT

ONE REPORT

ONE DATA SET

Accountants

Attorneys

Other External Advisors

DASHBOARDS & OUTPUT

Other Stakeholders (e.g., Board, Investors,

Regulators)

Accountants

Attorneys

Other External Advisors

Management Teams(CEO, CFO/Finance, Operations, Sales & Marketing, IR)

Access Controls and Permissioning

THE CLOUD

One Integrated Reporting Process

Management Teams(CEO, CFO/Finance, Operations, Sales &

Marketing, IR)

You’re Only as Green as Your Supply Chain

http://www.xbrl.org/xsbstrategy/

“Now we need your help. We need a commitment of resources—both skilled volunteers and financial support—toexecute on these strategic initiatives. XII cannot make these changes alone; your involvement is crucial to achievingour common goals.”

And finally ………… XBRL NEED YOUR HELP!!

Concluding remarks! If you do not think that XBRL is something that will impact you sooner rather than later,

you better keep your fingers crossed that your competitor has the same attitude!

On behalf of XBRL I like to say thank you to ICAI for all the help promoting XBRL in

India!

Liv Apneseth Watson

Liv A. Watson is an Executive Advisor to WebFilings, LLCShe is one of the founders of the XBRL Intentional Consortium. She has over 20 years of experience, in finding innovative ways to bring together technology, accounting and financial and business reporting.Working globally with leading market regulators, accounting associations and institutions, Ms. Watson has traveled to over 90countries presented XBRL to a wide range of audiences from international standards bodies to Fortune 1000 companies and speaks with authority about its benefits, potential applications, and broad adoption.Liv authored one of IMA's most successful CPE courses "Accounting System Technology for the 21st Century".She has also published several articles on for international publications and journals including Harvard Business Review, Strategic Finance, Financial Executives, and many others . She also used to write a monthly column of financial and business reporting trends for CPA2Biz.She is the co author and contributor author to several of ‐books including “XBRL for Dummies” and Governance, Risk, and Compliance Handbook published by Wiley.

Member of the Board of Directors, MediaTenorMember of IASC Foundation XBRL Advisory CouncilVice Chair of the Institute of Management Accountants XBRL Working GroupChair of XBRL International Membership Working GroupAdvisory Board Member – University of Southern IndianaAdvisory Board Member – University of Albany, New YorkInternational Journal of Disclosure and Governance Editorial Advisory Board MemberPast - Member of the Board of Directors, Institute of Management Accountants (IMA) Past 10 years as an XBRL International Steering Committee MemberPast Vice Chair of XBRL International, IncPast Chair of the XBRL US Adoption CommitteePast Vice Chair of the XBRL US Jurisdiction

WebFilings, LLC