XBRL adoption discussion in South Africa Aug 14, 2019

1. Experience and Best Practice
From International Case Studies
Presented by:
Liv Apneseth Watson
Sr. Director of Strategic Customer Initiatives
Workiva, Inc (NYSE: WK)
August 14, 2019

2. August 14, 2019
Agenda
XBRL History and Background
A New Ear Of Regulatory Reporting and
Compliance
Lesson Learned and Best Practices
Three Key Takeaways

3. The early question.....
What problem
is it that we are
trying to solve?
"XBRL will make it
dramatically easier to
generate, validate,
aggregate, and analyze
business and financial
information—which in turn
will improve the quality of
the information companies
use to make decisions".

4. 7th of Nov
XBRL South Africa
1998
XFRML
2000
The Launch of the
XBRL
Specification
1.0.
First SEC Filing
Morgan Stanley
+
XBRL for General
Ledger Taxonomy
was Released
SEC adopts rule requiring
XBRL for public company
and mutual fund
reporting as well as credit
rating agency disclosures
2001 20192005 2008
XBRL Goes
Main
Stream
2018
It has been a Journey?
XBRL
Mandate
2007
The HBR List of
Breakthrough Ideas
2009
I am
Honored to
be here!
SOURCE:
https://www.slideshare.net/livapnesethwatson/xfrml-
2020

5. Who Uses XBRL ?
Analysts and Investors
Analysts that need to understand relative risk and performance.
Investors that need to compare potential investments and understand
the underlying performance of existing investments.
Business Registrars
Business Registrars that need to receive and make publicly available a
range of corporate data about private and public companies, including
annual financial statements.
Financial Regulators
Financial market regulators that need significant amounts of complex
performance and risk information about the institutions that they
regulate.
Securities Regulators & Stock Exchanges
Securities regulators and stock exchanges that need to analyze the
performance and compliance of listed companies and securities, and
need to ensure that this information is available to markets to consume
and analyze.
Data Providers
Specialist data providers that use performance and risk information
published into the market place and create comparisons, ratings and
other value-added information products for other market participants.
Governments
Government agencies that are simplifying the process of businesses
reporting to government and reducing red tape, by either harmonizing
data definitions or consolidating reporting obligations (or both).
Accountants & Auditors
Accountants use XBRL in support of clients reporting requirements and
are often involved in the preparation of XBRL reports. Auditors that
audit statutory reports.
Companies
Companies that need to provide information to one or more of the
regulators mentioned

6. Is the problem solved ?
Source: https://www.ifac.org/system/files/publications/files/IFAC-OECD-Regulatory-Divergence.pdf

7. The problem is getting
worse

8. Main Factors Contribution to Compliance Costs

9. Business reporting has never been more
complex

11. (CompTech) (SupTech)

12. The Programmable
Regulated
Eco-System
Experience
Lesson
Learned

13. A New Era of
Regulatory Reporting and Compliance
RegTech + XBRL
An opportunities for More Efficient and Effective Regulatory Supervision and Compliance
COMPLIANCE TECHNOLOGY
(CompTech)
The use of the latest technology by firms to
manage compliance challenges more
efficiently and effectively
SUPERVISORY TECHNOLOGY
(SupTech)
The use of the latest technology by
regulators to manage supervision challenges
more efficiently and effectively.
urce: https://www.milkeninstitute.org/sites/default/files/reports-pdf/RegTech-Opportunities-White-Paper-FINAL-.pdf

14. (CompTech) - Best Practice XBRL Implementation Approaches

15. Best Practice - (CompTech)
Re-imagine Data Architecture for Connected Reporting & Compliance

16. (SupTech) - Best Practice XBRL Implementation Approaches
Source: https://xbrl.us/wp-content/uploads/2007/12/20060202FFIECWhitePaper.pdf

17. Best Practice (SupTech)
Re-imagine Data Architecture for Reducing Compliance Costs and Risks
1 2

18. 3 Key Takeaways

19. The costs and risks of corporate statutory
reporting (i.e., RegData) keeps growing,
while complexity is starting to out-pace
human understanding
1

20. 2

21. We Need Data Standards in the 4th Industrial Revolution
3

23. Thank you XBRL South Africa!

24. Liv Apneseth Watson
Sr. Director of Strategic Customer Initiatives
Honors-Awards
Year 2018 - IMA's Lybrand Certificate of Merit /Article titled "XBRL AND THE CLOUD"
Year 2018 - Eurofiling Hall of Fame - Recognition to Outstanding Contributors
Year 2016 - IMA Global Distinguished Member Award
Year 2006 - Lybrand Silver Medal for article titled " Possible Second-Wave Benefits of XBRL"
Year 2002 - IMA's Certificate of Merit Awarded / Article titled "XBRL it Can Improve Today's Business Environment
Liv A. Watson is a Senior Director of Strategic Customer Initiatives at
Workiva Inc. (NYSE:WK). Watson recently served as Chair of the Institute
of Management Accountants (IMA) Technology Trends Subcommittee,
member of the Institute of Chartered Accountants in England and Wales
(ICAEW) Sustainability Committee, member of the Global Reporting
Initiative (GRI) Technology consortium, and an active member of the XBRL
International Funding Task Force.
Watson authored one of the IMA's most successful CPE courses,
Accounting System Technology for the 21st Century. She has published
numerous articles for international publications and journals, including
Harvard Business Review and Strategic Finance. She has also written a
monthly column on financial and business reporting trends for
CPA2Biz.com. Watson is the co-author and contributing author to several
books, including XBRL for Dummies as well as Governance, Risk, and
Compliance Handbook published by Wiley. She is also a contributing
author of the Harvard Business School’s first e-books titled, The Landscape
of Integrated Reporting, and Effective Auditing for Corporations published
by Bloomsbury.