SEC's Interactive Data filing program- developing an ...

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  • 1. Participating in the SEC’s XBRL filing program – implementation framework Presented at Northern California OAUG January 17, 2008 Presented by: Jay Chandran, CPA Solutions Partners, Inc Los Gatos, California, USA E-Mail: [email_address] Cell phone: + 1 (510)-710-7835
  • 2. Today’s presentation
    • Introduction
    • About SimpleX and Solutions Partners
    • Overview of XBRL and the SEC Filing Program
    • SimpleX solution for XBRL filings
    • Demo
    • Q & A
  • 3. About SimpleX
    • XBRL domain expertise
    • - Member XBRL-US consortium
    • - Recognized expert
    • ERP and data warehousing expertise
    • - Oracle, SAP, Hyperion, Cognos etc.
    • 20+ years of complex financial systems experience
  • 4. Overview of XBRL and SEC’s VFP
    • XBRL = e X tensible B usiness R eporting L anguage ( www.xbrl.org )
      • Self-contained xml wrapper for each data element in the financial statement
      • Utilizes a standardized classification taxonomy
    • Enables ease of analysis and benchmarking, minimizes duplication of data entry
      • Intended meaning of various data elements retained for downstream users
      • Currently XBRL is a voluntary filing program
    • Currently XBRL is a voluntary filing program (VFP)
    • - 40+ Companies including Microsoft and Adobe
    • XBRL will become mandatory in the future
    • - The questions is “when” not “if”
    • - Latest information points to end of 2008
    • www.xbrl.org
  • 5. The XBRL timeline
    • Spring 2005- The SEC starts accepting XBRL formatted financials
    • The purpose of the VFP is to investigate the use of XBRL:
      • Test the XBRL technology and software availability for data tagging
      • Review software/ services availability for data tagging
      • Understand maturity of taxonomies and depth of data tagged
      • Understand level of effort to tag data in XBRL format
      • Test usefulness of tagged data for Commission and investor analysis/review
    • Fall 2006- The SEC announces a $54 million contract to modernize EDGAR to accept XBRL filings
    • - The contract also includes a $5.5 million to complete the US-GAAP taxonomy
    • End of 2008 – XBRL becomes mandatory?
  • 6. SimpleX solution for XBRL
    • Solution is combination of Software as a Service (SaaS) & Managed Services
    • - Hosted software solution to convert financial reports into XBRL compliant tagged files
    • - Managed services to support XBRL mapping, XBRL standard changes and SEC directives
    • Developed Tag e zee ™ to help tag financials statements easily
    • Adobe Systems case study
  • 7. Implementation approach
    • Analyze historical financials
    • - SimpleX determines XBRL gaps and issues
    • Develop scope, plan and timeline
    • - Start with Q&K facing financials
    • - Follow with MD&A
    • - Notes are final stage
    • Communicate high-level project plan with IR, auditors and others within the organization
  • 8. Implementation approach contd..
    • Use prior period (historical) data for initial implementation
    • - Identify applicable taxonomy elements and need for extensions
    • - Review Presentation report for element details (tags)
    • - Display in instance document same as in the original document
    • - Review and sign-off process developed with financial reporting team
    • “ Go Live” with next period’s Q or K
    • Fully COLLABORATIVE process
  • 9. SimpleX Tagezee ™ attributes
    • Software designed with service providers and end-user companies in mind
    • Developed in an environment accountants are most familiar with
    • Source files treated as “Prepared by Client” and kept 100% unmodified
    • XBRL internals kept hidden, but not invisible
    • - Users can drill down as required
  • 10. Adobe Case Study
    • Adobe Systems named one of the top Model Companies for the quality of their XBRL filings
    • - Last 9 quarters XBRL filings made along with the official filing, last 4 quarters have MD&A
    • - 10 of 10 filings had no errors
  • 11.
    • Demo using Tag e zee ™