Semantic in finance presented by liv watson dec 8, 2011Presentation Transcript
Semantics in FinanceDecember 8th, 2011 - 11am ESTPresented by:Liv WatsonChief Product Officers, XBRL International, Inc.
About Extensible Business Reporting(XBRL) International What is XBRL.• XBRL International is a not-for- • XBRL Specification profit consortium of over 600 • Taxonomies (developed by the companies and agencies worldwide market place) working together to build the XBRL technology standard and promote and support its adoption.• XBRL builds on top of the internationally-accepted eXtensible Markup Language (XML) specification allowing for structuring data sets.• XBRL provides (through an XLink language specification) an ability to describe relationships between business concepts appearing in business reports. www.xbrl.org
Business Reporting Process and Participant Stakeholders Processes XBRL < CSR & ESG Data > XBRL Financial Statements Suppliers & Subsidiaries GL, the Journal Taxonomy and and Non-Financial Non-Financial XBRL Data Integrated Reporting Internal External Investment, Business Economic Business Business Lending, Operations Policymaking Reporting Reporting Regulation < Financial Data >Participant Stakeholders Financial NGOs, Community Groups, Publishers Central Companies Investors and Data Banks Associations Aggregators Trading Management Auditors Regulators Partners Accountants Software Vendors Source: XBRL International, Inc.
XBRL Adoption Source http://www.xbrlplanet.org/
“The adoption of eXtensible Business Reporting Language (XBRL) for financial reportingholds great promise as a source of efficiency, transparency, and comparability in the delivery of financial information.”
Challenges of XBRL
Modeling and XBRL Source: www.xbrl.org/sites/xbrl.org/files/i mce/XBRL2010Initiatives.pdf www.xbrl.org
Call to Action!http://xbrl.org/Specification/abstractmodel-primary/PWD-2011-10-19/abstractmodel-primary-PWD-2011-10-19.html
Liv Apneseth Watson Chief Product Officer and Founder, XBRL International. Inc.. Member of the Board of Directors, MediaTenor Liv has over 25 years of experience, in finding Member of the Board of Directors, Institute of innovative ways to bring together Management Accountants (IMA) technology, accounting and financial and business Member of IFRS Foundation XBRL Advisory Council reporting. Vice Chair of the Institute of Management Accountants Working globally with leading market XBRL Working Group regulators, accounting associations and Founding member of the XBRL International Steering institutions, Ms. Watson has traveled to over 80 Committee Member countries presented XBRL to a wide range of audiences from international standards bodies to Fortune 1000 Past Vice Chair of XBRL International Membership Working companies and speaks with authority about its Group benefits, potential applications, and broad adoption. Past Vice Chair of XBRL International, Inc. Liv authored one of IMAs most successful CPE courses Past Chair of the XBRL US Adoption Committee "Accounting System Technology for the 21st Century". Past Vice Chair of the XBRL US Jurisdiction She has also published several articles for international Advisory Board Member – University of Southern Indiana publications and journals including Harvard Business Advisory Board Member – University of Albany, New York Review, Strategic Finance. She has also writes a Advisory Board Member - International Journal of monthly column of financial and business reporting Disclosure and Governance Editorial 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.