Kansas Xbrl Event April 24 25 2009 Presented By Liv Watson


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University of Kansas XBRL Event

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Kansas Xbrl Event April 24 25 2009 Presented By Liv Watson

  1. 1. “Financial and Business Reporting Information on Steroids: Lessons Learnt from Implementing XBRL at theCentral Bank of India and The State of Nevada”<br />April 20. 2009<br />Liv Apneseth Watson<br />Vice Chair of XBRL International Inc. <br />Member, Board of Director <br />IRIS International Services<br />liv.watson@irisindia.net<br />
  2. 2. Today’s Agenda <br />XBRL at the Central Bank of India<br />XBRL at The State of Nevada<br />
  3. 3.
  4. 4. Company overview<br />History: spin-off in 2004 pursuant to a management buyout of a content and financial information portal businesses, which was a previous company started by the same founding team in 1994.<br />No institutional capital raised. Company is completely owned by founders, employees, family and friends.<br />Management team has a collective experience of over 70 years in media, credit ratings, banking, software and capital markets.<br />Approximately 300 employees, mostly IT / software engineers, analysts, and content developers.<br />
  5. 5. IRIS Offerings<br />FinX: instance document generator, for XBRL content creation<br />iFILE: disclosure platform for XBRL filing and internal reporting<br />iServices: web services suite for reports and content delivery<br />Myiris.com financial information portal<br />Myiris Plus desktop personal finance software for consumers<br />ePassbook: B2B2C version of Myiris Plus for wealth mgmt.<br />irisinfo, a comprehensive Indian XBRL content repository<br />
  6. 6. About the Central Bank of India (RBI)<br />Established April 1, 1935:<br />Reserve Bank of India Act, 1934.<br />Fully owned by the Government of India.<br />Governed by a central board of directors.<br />Financial Supervision:<br />The Reserve Bank of India performs this function under the guidance of the Board for Financial Supervision (BFS)<br />
  7. 7. An XBRL Basle II - Online Returns Filing System (ORFS)<br />Section 42(2) Form A return of the Reserve Bank of India Act<br />the objective of eliminating the need for paper based data submission.<br />launched on October 6, 2008.<br />01 Oct 2008 <br />http://www.rbi.org.in/scripts/BS_PressReleaseDisplay.aspx?prid=19185<br />
  8. 8. IFRS 2008 taxonomy for the Johannesburg Stock Exchange<br />Johannesburg Stock Exchange (JSE)<br />IRIS’ forty-member team assigned to this pilot project comprised of taxonomy experts, XBRL technology experts and a team of XBRL analysts - the team worked for six months on the project.<br />
  9. 9. The pilot covered all areas of taxonomy adoption for an XBRL-based reporting and consumption system, including:<br />Creating two levels of country specific extension taxonomies.<br />Converting historical company annual reports (with detailed tagging using the IFRS taxonomy extension), and generating company specific extensions using the “clear approach”.<br />Rendering the annual report XBRL instance documents both on the Web and through an Excel-based application.<br />
  10. 10.
  11. 11. Standardization<br />Presentation<br />Cash & Cash Equivalents<br />References<br />GAAP I.2.(a)<br />Instructions<br />Ad Hoc disclosures<br />Label<br />cashCashEquivalentsAndShortTermInvestments<br />Calculation<br />Cash = Currency + Deposits<br />FormulasCash ≥ 0<br />Contexts<br />US $<br />FY2004<br />Budgeted<br />Validation<br />XBRL – More Than Just Data<br />Presentation<br />Comptant et Comptant Equivalents<br />Presentation<br />現金及び現金等価物<br />Presentation<br />Kas en Geldmiddelen<br />Presentation<br />Деньги и их эквиваленты<br />Presentation<br />Гроші та їх еквіваленти<br />Presentation<br />现金与现金等价物<br />Presentation<br />Geld & Geld nahe Mittel<br />XBRL<br />Item<br />XMLItem<br />XBRL<br />Item<br />
  12. 12. XBRL Jurisdictional Status March 2009<br />NO<br />SE<br />NL<br />DE<br />CZ<br />DK<br />PL<br />LU<br />IASB<br />CA<br />SI<br />UK<br />AT<br />OCEG<br />UA<br />IE<br />BE<br />TR<br />RIXML<br />ES<br />US<br />CN<br />GR<br />FR<br />IL<br />JP<br />LB<br />JAM<br />KR<br />IT<br />CH<br />IN<br />VZ<br />HK<br />Established Jurisdictions<br />AE<br />CO<br />SG<br />Provisional Jurisdictions<br />BR<br />Focus in 2009<br />AU<br />ZA<br />Projects Ongoing<br />CHL<br />URY<br />NZ<br />AR<br />Global Focus Jurisdictions<br />Countries that require or permit IFRSs<br />Countries seeking convergence with the IASB on pursuing adoption of IFRSs<br />
  13. 13. XBRL to Help Track Troubled Asset Relief Program “TARP Funds”<br />$700 billion financial bailout plan.<br />XBRL at the Domestic Policy Subcommittee hearing of the Oversight and Government Reform Committee to assess the Treasury Department’s efforts at preventing waste and misuse of funds by financial institutions.<br />State of Ohio Tracker<br />How do we know that where the money went?<br />
  14. 14. TrendsStandard Business Reporting (SBR) <br />Reporting burden for business. This will be achieved by:<br />Removing unnecessary and duplicated information from government forms;<br />Utilizing business software to automatically pre-fill government forms;<br />Adopting a common reporting language, based on international standards and best practice;<br />Making financial reporting to government a by-product of natural business processes;<br />Providing an electronic interface to enable business to report to government agencies directly from their accounting software, which will provide validation and confirm receipt of reports; and <br />Providing business with a single secure online sign-on to the agencies involved.<br />Australian business will save around $800 million per year when SBR is fully operational.<br />
  15. 15. SBR Projects<br />Multi-agency Programs<br />Australia<br />New Zeeland<br />Singapore<br />Grass Root Programs<br />State of Nevada <br />State of Ohio<br />
  16. 16. Will SBR become a question of national competitiveness?<br />
  17. 17. Goals for today!<br />Explore How to Bring the Global Trust and XBRL Frameworks Integrated<br />Technical Standpoint<br />Establish Working Groups <br />Best Practices<br />Killer App?”<br />
  18. 18. Thank you!<br />Liv A. Watson<br />XBRL International Vice Chair <br />Member, Board of Director<br />IRIS Business Services <br />P: +1 203 856 8986<br />E: liv.watson@irisindia.net<br />