Beginner's Guide to XBRL Karl Best, Executive Director, XBRL-US ...
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  • Microsoft Office System consists of integrated programs, servers and services that deliver on the promise of an enterprise solution platform to help drive individual team and organizational impact. Key points: Three big organization-wide areas of investment ECL, Collaboration and KDI We see benefits of integration and market convergence around these One of the keys is the individual – where customers have failed to get full benefits from these types of systems a lot of it is tied to getting users to adopt the usage and business process changes. Underlying this is the ability to build and extend solutions and fundamental elements of manageability, reliability and security Key take-aways Enterprise focus with emphasis on empower the individual Taking an end-to-end solution view from individuals working in familiar Office programs to enterprise servers providing capabilities to address organizational needs Long-term commitment – not a one release focus
  • Customers are faced with some of the following challenges: Continuously innovate to compete successfully : The innovation needed to stay ahead of the competition is forcing them to bring their ideas to market more quickly. This requires them to dramatically improve the level of collaboration and speed of knowledge sharing between different teams. Business Decision Makers (BDMs) often describe pain points that include laborious and protracted business processes , and no simple way to get the data required to make granular operating decisions and create the dashboard reports required to run the business at the highest levels. Explosion of content: Accenture research shows that more content will be created in the next two years than in the entire history of mankind, and over 93% of it will be electronic. Their analysis shows that a Global 3000 organization spends between 3 and 5 percent of its revenue managing and delivering corporate content. This translates to 30 to 50 Million dollars for a company with 1 Billion dollars of revenue. Compliance: Many companies are still reliant on paper-based systems and are looking actively for ways to automate and go paperless, especially to enable compliant systems.

Beginner's Guide to XBRL Karl Best, Executive Director, XBRL-US ... Presentation Transcript

  • 1. Taylor Hawes Controller – Global Platforms & Operations Microsoft Corporation SEC Voluntary Filing Program
  • 2. SEC Voluntary Reporting Program on the EDGAR System
    • Effective date March 16, 2005
    • Allows companies to “furnish” XBRL tagged financial statements
    • Added Rule 401 to Regulation S-T allowing filers to furnish supplemental information using XBRL
    • Allows for company flexibility in filing financial statements, with or without footnotes and MD&A
    • Can submit XBRL tagged document either with the official filing or as an amendment, however, there is no submission deadline
    • Must correlate to a standard GAAP Taxonomy
    • Relief for liability if error is not materially misleading or false
  • 3. SEC Voluntary Reporting Program on the EDGAR System
    • SEC would like to study:
      • Search capability of EDGAR database
      • Capability to perform financial comparisons amongst registrants
      • Ability to perform financial analysis (ratios, etc.)
      • Impact on staff’s ability to review filings more timely and efficiently
      • Use of tagged data for risk assessment
      • Compatibility of XBRL with other Commission requirements
  • 4. Financial Reporting Process
  • 5. Financial Reporting XBRL Project Extend the taxonomy if necessary Create an instance document and validate calculations Publish Instance Document & Taxonomy Compare & map 10K/10Q to GAAP Taxonomy Assess Scope of Reporting & Download Taxonomy Review & Validate Instance Document Identify a team: Accountant & Developer (XML )
  • 6. Microsoft Facts….
    • Was one of the first companies to make XBRL tagged financials available on March 2002
    • Was the first company to furnished complete 10Q March 2005 quarter (MD&A, Financial Statements and Footnotes) in anticipation of Voluntary Filing Program
    • Was the first company to furnish complete 10K FY2005
      • 80+ Hours for first effort
      • Used 4 different programs to extend, tag and validate
      • Instance document totaled 92 pages
      • Over 8,000 tagged items
      • Over 20 Taxonomy extensions
      • Most significant challenge was footnote tables for “Segment Reporting”
      • Instance document was reviewed 3X by two different people
      • Did not request audit of tagged document
  • 7. Internal Value Proposition
  • 8. Enterprise Use of XBRL Business Performance Management Competitive Analysis Risk Management Auditor tools 404 Monitoring Real-time Connection Business Operations Acquisition Integration External Reports SEC Filings SEC Disclosure Checklist Dept of Commerce Banks Internal Reports Data General Ledger Consolidation Drill down Data Data
  • 9.