The document discusses how using disclosure management software can streamline financial reporting processes by automating tasks like report assembly, validation, and review. It notes the software helps enhance controls and can reduce costs and turnaround times by 25-50% by making the reporting process more efficient. The presentation also provides examples of how companies are using such software to generate interactive reports, automate peer comparisons, and directly link financial data to source systems.

1. Quality vs. and Control:
You Don’t Have to Choose
Mike Willis, PwC
Raul Varela, Rivet Software
Wednesday, December 5, 2012
3:00 – 4:00 pm EST

2. DISCUSSION AGENDA
 Intro
 Quality
 Consequences of poor quality
 Taking control / streamlining 'last mile‘
 Differentiating features of Disclosure Management
 Q&A

3. POLL QUESTION
To ensure the quality of my XBRL filing, I: (check all that apply)
• Work with an auditing firm
• Use an automated review tool
• Will review hard copies by hand
• Trust my vendor

4. Common Errors & Risks
XBRL Common errors that create liability:
Incorrect accounting values (amounts are ‘backwards’)
Missing disclosures
Incorrect or inaccurate accounting concepts
Inconsistent or inaccurate descriptions
Missing or untimely filing
Incorrect or missing calculations
Regulatory and Litigation Risks:
Investor Liability
Regulatory Actions:
- Delayed registration statements
- Loss of short form eligibility
- Amended filings
- Comment Letters
- Noncompliance with regulatory requirements
Reputational
NOTE:
Common observations outlined by the Staff at the SEC which can be found
on their webpage located here, http://www.sec.gov/spotlight/xbrl/staff-
review-observations.shtml.
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5. Penalties for Inaccuracies (India)
"A random scrutiny of XBRL filing
…reveals significant variations in
disclosures in published results…”
"Such XBRL filings, apart from
being misleading, also dilute the
effectiveness of XBRL for
stakeholders' usage relating to the
companies," it said.
"It is unfortunate that
professionals have certified the
authenticity of such incorrect data,
for which they are liable to be
penalised.”
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6. SIFMA AMF Letter to SEC Requesting Expansion
of XBRL Mandate
6
PwC

7. SIFMA Corporate Actions Forum
December 10th, 2012
SIFMA Sponsored
US SEC
BlueMatrix
United Technologies
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8. XBRL – NOT just the US SEC
Adoption accelerating around the World
PwC
© Gilles Maguet

9. Standard Business Reporting (‘SBR’)
Redefining “Convergence”
• Process vs. Principles Convergence
• 25%+ regulatory burden reduction via
convergence of disparate territory
agencies compliance processes
• SBR Program burden reduction occurring
in countries around the world
• Harmonisation/reduction of reported
disclosures using IFRS Taxonomy
• Relevant to both public and private
companies
• Regulators & business sharing a common
language
• Significant implications for territory
compliance processes
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10. General Benefits of Disclosure Management
• Disclosure Management benefits include:
- Effectiveness and efficiency in the financial close last mile of report
assembly and review processes via reduction of manual effort
through automation
◦ Report assembly
◦ Report review
◦ Spreadsheet aggregation and analysis
- Enhanced controls
◦ Over edit process and related turn-around time
◦ Automating manual controls
- Enhanced ability to benchmark, analyze and access data
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11. POLL QUESTION
How big of a concern is loss of control, with regards to turnaround
times, publishing information, etc., to you?
• A great concern
• A concern, but not a priority
• Not really a concern
• Not a concern at all

12. Typical Reporting Process Last Mile (Manual)
Stat
Board Stat
Report
Report
Reports are created via XBRL Press Proxy Report
Form Release
10K Exhibit
a series of access and
Reports
rekeying efforts
manually replicating
information contained in Accounting Records
the company accounting
records. Consolidation
Processes
In a typical company
process, there are ‘no’ to Spreadsheet
‘very limited’ explicit Aggregation
connections between
reported disclosures and
company accounting
records.
Business Segment
Systems Feeding
Consolidation
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13. Disclosure Management – Streamlining the Last Mile
New Relationships
Stat
Board Stat
Report
Report
Mapping relationships between XBRL Press Proxy Report
Form
company report writer systems Exhibit Release
10K
Reports
and the company report are
explicit and access, reuse and
Accounting Records
some validation processes are
automated within the built-in Disclosure Management
application. These explicit Report Writer
relationships exist between
source system accounting
records and company report. Consolidation
Processes
Report Writer process controls
Spreadsheet
are critical and may include:
Aggregation
application access controls;
control over mappings (both
incoming and outgoing); log of Business Segment
changes; report versioning Systems Feeding
controls and audit trail; others. Consolidation
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14. A REAL LIFE EXAMPLE
$1.85B market cap
Oil and Gas Equipment and Services company
 Use Crossfire Disclosure Management solution to file
XBRL and EDGAR HTML from a single source.
 They utilize an Oracle Financials Data Adapter which
pulls data from their General Ledger system directly into
Crossfire.
 They have gained a great deal of efficiency in
streamlining their reporting process.

15. Common Process & Control Enhancements
• Automated Spreadsheet Assembly
• Automated Report Assembly
• Automated Report Validation • 25% to 50%
• Automated Narrative Text Generation cost and time
• Contextual Review Process enhancements
• Automated XBRL Reports • Control
• Automated Benchmarking
• Explicit References
• Collaborative Review Processes
• Virtual Service Center
Disclosure Management: Streamlining the Last Mile
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16. Implementation Considerations
• Social process vs. ‘webmaster’
• Assembly automation enabling ‘flow through’ of source content updates
• Automation of analysis and validation rules
• Automation of content development
• Contextual review of disclosures
• Collaborative review of draft reports
• Multiple report presentation alternatives
• Transparency of supporting transaction level information
• Comparative analysis of peer disclosures
• Automated reference links
• Range of reports and professionals impacted
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17. POLL QUESTION
Do you believe there is value in XBRL?
• Yes, I currently utilize XBRL for business intelligence
• Yes, I currently utilize XBRL to improve my own filings
• Not yet, but I can see how there will be value in the future
• No, and there never will be

18. Structured IR Content
Enables automation of information relationships
Structured content enables automation of content development and
relationships with broad range of relevant supporting content.
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19. PEER COMPARISONS
$1.7B market cap
REIT
 Use Crossfire for Interactive Reporting and another
vendor for SEC filing
 The company takes the filed XBRL information from the
SEC of their 17 closest competitors and compares the
results side by side with their results
 Every time one of the 17 competitors files a new Q or K -
the peer comparison is automatically updated.

20. ROI Considerations
+ License cost of software, dependent on factors including vendor, nature of
implementation and number of seats.
+ Implementation costs, using software license cost as an estimate
+ Training time/costs, dependent on implementation approach
- Outsourcing costs for XBRL tagging and related time for "pencils-down" allotments
- Final format document costs including EDGARization fees/ typesetting fees/other
printer costs (hard dollar costs for current expenses that could be removed)
- Process enhancement costs (see listing of process enhancements areas)
- Time/cost reduction multiplied by the number of reports assembled manually
- Estimate a time line for increase in the number of reports processed through the
Disclosure Management application (not just relevant to quarterly/annual reports)
= Net Benefit/Cost (ROI)
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21. Differentiating DM Application Features
• Nature (client server vs. SAAS) – ability to connect to source systems
• Connectivity with full range of information sources (interoperability / consumption)
• Rules management (validation and analytical risk assessments)
• Collaborative workflows and controls (Administration across broadest range of
professionals)
• Presentation management (disclosures reusable across broad range of reports)
• Reference management (disclosure relationships w/ policies, models, risks)
• Report Analytical assessments (collaborative nature of risk assessment rules
management)
• Support (timely international support and range of languages)
• Technical compliance (with broadest range of technical standards – e.g. iXBRL)
• Taxonomy management (automated vs. manual; multiple vs. single)
• Mapping (wizards that support peer benchmarking / company specific extensions)
• Taxonomy support (timely support for range of taxonomies – e.g. Solvency II)
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22. This publication has been prepared for general guidance on matters of interest only, and does
not constitute professional advice. You should not act upon the information contained in this
publication without obtaining specific professional advice. No representation or warranty
(express or implied) is given as to the accuracy or completeness of the information contained
in this publication, and, to the extent permitted by law, [insert legal name of the PwC firm],
its members, employees and agents do not accept or assume any liability, responsibility or
duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance
on the information contained in this publication or for any decision based on it.
© 2012. All rights reserved. In this document, “PwC” refers to PricewaterhouseCoopers LLP
which is a member firm of PricewaterhouseCoopers International Limited, each member firm
of which is a separate legal entity. 22

23. Q&A
Questions?