all that you need to know about xbrl and ifrs -...
TRANSCRIPT
International Financial Reporting Standards
The views expressed in this presentation are those of the presenter, not
necessarily those of the IASC Foundation or the IASB
All that you need to know about XBRL and IFRS
Mexico City, 29th April, 2010
Agenda
• XBRL at IASB and IASC Foundation
• Adoption of IFRS Taxonomy around the world
• Demo
Copyright © 2006-2008 Business Reporting – Advisory Group Sp. z o.o.
Washington DC
2008/10/14-15
XBRL - Taxonomy Development Training
3
concept contextvalue unittaxonomy report
Companies filing in Belgium
Accounting
Validator
Upload
XBRL
Instance
document
Database
XBRL
files
International Accounting Standards Committee Foundation
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASC Foundation or the IASB
IASC Foundation
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
XBRL at IASB and IASC Foundation
XBRL @ IASCF/IASB
• Trustees’ decision in 2001
• Part of the adoption and implementation of IFRSs
– XBRL is the de facto standard for electronic reporting
– Part of IFRSs development (IASB goal to provide high quality standards (IAS 1 par 9)
– Organizing the Presentation of Financial Statements (i.e. True and Fair view - Framework 46)
– Codification of concepts (help in convergence)
– Improve access for users to financial information
– Could increase the users range (i.e. translation)
– Could ease IFRS conversion, understanding and implementation
• Quality-assurance, Maintenance and Coordination of the IFRS Taxonomy
The Mission of the XBRL team is to create and provide a
framework for the consistent adoption and implementation of
IFRSs with a high quality IASCF-developed IFRS Taxonomy in
the same languages and at the same time as the IFRSs
Organisation
•17 members + 3 appointed observers
• Monthly meetings
• Taxonomy review
15 members + 5 appointed observers
• Quarterly meetings
• Strategic advice
Director of XBRL Activities
Project Manager, Technology
Project Manager, Accounting
Project Assistant
Executive Assistant
© 2008 IASC Foundation. First Floor | 30 Cannon Street | London EC4M 6XH | UK. www.iasb.org
What do we provide
• A licence-free IFRS Taxonomy consistent with the IFRSs and the IFRSs for SMEs
• Translations of the IFRS Taxonomy available for 2009 in Arabic, (Simplified) Chinese,
Dutch, French, German, Italian, Japanese, Korean and Spanish
• Support materials
– The IFRS Taxonomy Guide, for issuers and preparers, analysts, accountants, regulators,
software vendors and service providers
– The IFRS Taxonomy Modules Manager, an online tool which helps users to navigate and
customise the Taxonomy according to their requirements
– The IFRS Taxonomy Illustrated, presents a simplified view of the Taxonomy in an easy to
read, visual format, with non-technical language
– The xIFRS, presents a view of eIFRS with embedded XBRL available for both the IFRSs and
the IFRS for SMEs
• Outreach activities to national jurisdictions, regulators and supervisors, issuers and preparers,
software vendors…
Input from:
• XBRL Advisory Council
• XBRL Quality Review Team
• XBRL International working groups
• Other taxonomy developers
• Regulators
• Software developers
• International groups:
- Preparers
- Financial institutions
- Analysts
- Users
Due Process for XBRL ActivitiesStages
Due Process for XBRL Activities Major Requirements 10
Business requirements:
• Time line - alignment between the IFRS Taxonomy development time line and the IASB delivery
timetable (i.e. the publication time line of the yearly Bound Volume of IFRSs).
• Consistency - the IFRS taxonomy must reflect and be consistent with the IFRSs.
Functional requirements:
• Interoperability - the IFRS taxonomy should ensure interoperability between different software systems.
• Flexibility - the IFRS taxonomy should be usable throughout the financial reporting supply chain where
IFRSs are implemented (increasing market transparency, supporting better analysis, reducing reporting
burden, enhancing regulation & supervision) & geographic regions.
• Extensibility - the IFRS Taxonomy (like the IFRSs) aims to ensure comparability of financial information
(not just uniformity). Users of the IFRS taxonomy can extend it for their specific needs.
• Stability - the IFRS Taxonomy is intended for use by all participants of the financial reporting supply
chain; the technical and accounting design must ensure it is stable and sustainable; however alignment
with the IFRSs will entail necessary adjustments to the taxonomy from an accounting perspective.
Technical requirements:
• Compliance - the IFRS taxonomy must be compliant with XII specifications.
• New XBRL technologies - the impact of new technologies (specifications) developed by XII should be
considered.
IFRS Taxonomy 2010 Development and release timeline
IFRS Taxonomy 2010
improvement and development
2009 2010
Dec Apr
X
Q
R
T
re
vi
e
w
Oct Feb Mar
IU
Jan
XBRL Quality Review
Team (XQRT) review
4 Jan – 1 Feb 2010
Public review of ED
IFRS Taxonomy 2010
19 Feb – 22 Apr 2010
Final release
IFRS Taxonomy 2010
End of April 2010
Public review
(60 days)
May
IU
Nov
International Accounting Standards Committee Foundation
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASC Foundation or the IASB
IASC Foundation
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
IFRS Taxonomy adoption around the world
The IFRS Taxonomy is adopted !
Chilean Securities and Insurance Supervisor (SVS)
http://www.svs.cl/sitio/mercados/novedades_enviofecu.php
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•“Face Financial Statements”
• “Block Tagged” Footnotes & Schedules:
“Detail Tagged”
Footnotes & Schedules:
Filer Group Starting for quarters ended June 15 or later
Domestic/Foreign Large
Accelerated Filers Using US GAAP
• Public Float >$5 billion
• All other Large/Accelerated
Filers
All other Filers in US GAAP
(including smaller reporting
companies)
All Issuers using IFRS as
published by the IASB
Phase-in Schedule
What?
Who?
30 day grace period, from the filing date of the related report,
for the initial submission of interactive data exhibit
2009 2010
2010 2011
2011 2012
2011 2012
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Expected Benefits
More financial information available to investors
Less costly and more timely production of
financial information
Increased accuracy
Increased comparability and improved
interpretation of financial data
Reporting and Cost Burden Estimates*
Filers: 500 in year 1 – 1,000 in year 2 – 10,200 in year 3
Internal burden hours to tag ‘face’ financials:
• 125 hours for the first filing
• 17 hours for each subsequent filing
Footnotes:
• 7 hours to block tag each filing in the 1st year
• 70 hours to detail tag the first filing in the 2nd year
• 35 hours to detail tag each subsequent filing.
Schedules:
• 1 hour to block tag each filing in the 1st year
• 7 hours to detail tag the first filing in the 2nd year
• 3.5 hours to detail tag each subsequent filing
* These numbers are provided for information only. Further details are available in the SEC rule
Out-of-pocket cost for software and
filing agent services:
• $6140 for each filing
Web site posting:• 4 hours to post all interactive data submissions made each year
“70 hours seems to fall within the range suggested by commenters and what is anticipated by Commission staff”
IFRS and the SEC rule
“Similarly, filers using IFRS as issued by the IASB will be required
to tag their financial information using the most recent list of tags
for international financial reporting, as released by the IASCF and
specified in the EDGAR Filer Manual. Although IFRS tags are not
currently supported by EDGAR, the Commission will give notice
when filers can voluntarily submit filings using the IFRS taxonomy”
• The IFRSs, as published by the IASB
• From 2011 but possible early filing
• Extensions to the IFRS Taxonomy should be needed
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International Accounting Standards Committee Foundation
The views expressed in this presentation are those of the
presenter,
not necessarily those of the IASC Foundation or the IASB
IASC Foundation
2009 IASC Foundation | 30 Cannon Street | London EC4M 6XH | UK | www.iasb.org
Demo
Demo
Mastercard
• HTML form (example Mastercard 10-Q -http://www.sec.gov/Archives/edgar/data/1141391/000119312509159733/d10q.htm)
• Interactive Data aka XBRL files (second table for Mastercard http://www.sec.gov/Archives/edgar/data/1141391/000119312509159733/0001193125-09-159733-index.htm)
• Visualised XBRL filing for Mastercard http://www.sec.gov/cgi-bin/viewer?action=view&cik=1141391&accession_number=0001193125-09-159733
• https://xbrlviewer.bowne.com/
• http://investorrelations.mastercardintl.com/phoenix.zhtml?c=148835&p=irol-sec
Compare
• Filings http://xbrl.squarespace.com/storage/secdemos/CompareFilings.htm
• Taxonomies http://www.xbrlsite.com/Demos/CompareExtensionConcepts/CompareExtensionConcepts_Run.aspx
• Quality of instances http://edgardashboard.xbrlcloud.com/edgar-index.html
Questions or comments?
Expressions of individual views by
members of the IASB and
its staff are encouraged.
The views expressed in this
presentation are those of the presenter.
Official positions of the IASB on
accounting matters are determined only
after extensive due process and
deliberation.