The document discusses how XBRL (eXtensible Business Reporting Language) is an open standard for tagging and exchanging business data that provides many benefits for financial reporting and analysis. It argues that XBRL adoption will initially focus on financial reporting due to government regulations, but will eventually be used more broadly by companies for other business activities. XBRL allows data to be easily transferred and consolidated across systems, which can improve internal controls, facilitate mergers and acquisitions, and integrate operational and financial reporting systems.
The document discusses how XBRL (Extensible Business Reporting Language) can improve financial reporting by allowing financial data to be tagged and exchanged in a standardized, machine-readable format. It outlines how XBRL reduces costs and improves efficiency of financial analysis by enabling automated extraction and comparison of financial data. The SEC now mandates public companies to submit financial reports in XBRL format.
Liv watson icgfm xbrl a language of the government world englishicgfmconference
Liv Apneseth Watson presented on how governments are using XBRL (eXtensible Business Reporting Language) at the 24th Annual ICGFM International Conference on Public Financial Management. XBRL allows for structured reporting of financial data and is being adopted by governments and agencies worldwide to increase transparency and reduce costs. Examples mentioned include the Standard Business Reporting initiative in Australia and legislation in the US to require federal agencies to collect financial data in XBRL format.
Enhancing Capital Markets Transparency And Trust Davos 2010 L Wats...Workiva
The document discusses the benefits of XBRL (eXtensible Business Reporting Language), an open standard for exchanging business information. It argues that XBRL can increase transparency in financial markets by making reported data more reusable, searchable, and linkable. By standardizing how data is tagged and linked, XBRL allows for automated analysis and social sharing of analytical models and insights. Adopting XBRL brings greater transparency to both company disclosures and the analytical processes used to evaluate them.
The document summarizes trends in the legal market in 2010 and projections for 2011. It notes that demand for legal services declined over 4% in 2009 and continued a slower decline in 2010. It also discusses how clients are putting pressure on law firms to improve efficiency and control costs through rate reductions, freezes, and alternative fee arrangements. The competitive landscape is changing as well, with smaller and boutique firms as well as new types of legal services providers capturing some work from larger firms. Innovation in service delivery models is increasingly important for law firms to differentiate themselves and gain market share in this challenging environment.
The document discusses how visualisation solutions like Encompass can help law firms achieve operational efficiencies by enabling lean data management. It notes that the legal industry faces challenges like high costs, changing client expectations, and increased competition. The growing amount of information available makes managing commercial data difficult and prone to errors. Encompass consolidates data from various sources and visually displays links and relationships to help lawyers make faster, better-informed decisions and work more efficiently across borders. This supports applying lean principles to reduce waste and improve productivity, client value, and competitiveness.
The document discusses the evolution of XBRL (eXtensible Business Reporting Language) data reporting standards over time. It begins by noting that while XBRL became mandatory in 2009 and was meant to allow vast data analysis, the reality was lower quality data due to a lack of SEC enforcement and many confusing filer extensions. However, in recent years initiatives like the XBRL US Data Quality Committee have improved data integrity. The SEC's adoption of Inline XBRL is seen as an important step to improve quality by eliminating separate reporting of financial data. While progress has been made, experts say the SEC could further improve implementation by focusing on data quality enforcement and allowing additional taxonomy uses.
Internet of Things Investment Report - February 2017Harbor Research
Harbor Research releases IoT investment and corporate development report. The IoT landscape has been busy over the past month with over $3.4 billion in investments. We saw an uptake in IoT mentions in quarterly earnings, consolidation in the fiber market, partnerships for the future of secure networks, continued exodus of leadership at a major incumbent chipmaker and large deals funded in AR/MR and autonomous vehicles.
Firm characteristics and the extent of voluntary disclosure the case of egyptAlexander Decker
This document summarizes a research study that investigated the association between voluntary disclosure levels in annual reports and firm characteristics of 50 Egyptian companies listed on the Egyptian Stock Exchange from 2007-2010. The study found that firm size and profitability had a significant positive association with voluntary disclosure levels, while auditor size and firm age did not have a significant association. The document provides background on voluntary disclosure and its importance for investors, and reviews prior literature on how firm characteristics may influence disclosure levels. It describes the hypotheses tested regarding the relationship between disclosure and each firm characteristic.
The document discusses how XBRL (Extensible Business Reporting Language) can improve financial reporting by allowing financial data to be tagged and exchanged in a standardized, machine-readable format. It outlines how XBRL reduces costs and improves efficiency of financial analysis by enabling automated extraction and comparison of financial data. The SEC now mandates public companies to submit financial reports in XBRL format.
Liv watson icgfm xbrl a language of the government world englishicgfmconference
Liv Apneseth Watson presented on how governments are using XBRL (eXtensible Business Reporting Language) at the 24th Annual ICGFM International Conference on Public Financial Management. XBRL allows for structured reporting of financial data and is being adopted by governments and agencies worldwide to increase transparency and reduce costs. Examples mentioned include the Standard Business Reporting initiative in Australia and legislation in the US to require federal agencies to collect financial data in XBRL format.
Enhancing Capital Markets Transparency And Trust Davos 2010 L Wats...Workiva
The document discusses the benefits of XBRL (eXtensible Business Reporting Language), an open standard for exchanging business information. It argues that XBRL can increase transparency in financial markets by making reported data more reusable, searchable, and linkable. By standardizing how data is tagged and linked, XBRL allows for automated analysis and social sharing of analytical models and insights. Adopting XBRL brings greater transparency to both company disclosures and the analytical processes used to evaluate them.
The document summarizes trends in the legal market in 2010 and projections for 2011. It notes that demand for legal services declined over 4% in 2009 and continued a slower decline in 2010. It also discusses how clients are putting pressure on law firms to improve efficiency and control costs through rate reductions, freezes, and alternative fee arrangements. The competitive landscape is changing as well, with smaller and boutique firms as well as new types of legal services providers capturing some work from larger firms. Innovation in service delivery models is increasingly important for law firms to differentiate themselves and gain market share in this challenging environment.
The document discusses how visualisation solutions like Encompass can help law firms achieve operational efficiencies by enabling lean data management. It notes that the legal industry faces challenges like high costs, changing client expectations, and increased competition. The growing amount of information available makes managing commercial data difficult and prone to errors. Encompass consolidates data from various sources and visually displays links and relationships to help lawyers make faster, better-informed decisions and work more efficiently across borders. This supports applying lean principles to reduce waste and improve productivity, client value, and competitiveness.
The document discusses the evolution of XBRL (eXtensible Business Reporting Language) data reporting standards over time. It begins by noting that while XBRL became mandatory in 2009 and was meant to allow vast data analysis, the reality was lower quality data due to a lack of SEC enforcement and many confusing filer extensions. However, in recent years initiatives like the XBRL US Data Quality Committee have improved data integrity. The SEC's adoption of Inline XBRL is seen as an important step to improve quality by eliminating separate reporting of financial data. While progress has been made, experts say the SEC could further improve implementation by focusing on data quality enforcement and allowing additional taxonomy uses.
Internet of Things Investment Report - February 2017Harbor Research
Harbor Research releases IoT investment and corporate development report. The IoT landscape has been busy over the past month with over $3.4 billion in investments. We saw an uptake in IoT mentions in quarterly earnings, consolidation in the fiber market, partnerships for the future of secure networks, continued exodus of leadership at a major incumbent chipmaker and large deals funded in AR/MR and autonomous vehicles.
Firm characteristics and the extent of voluntary disclosure the case of egyptAlexander Decker
This document summarizes a research study that investigated the association between voluntary disclosure levels in annual reports and firm characteristics of 50 Egyptian companies listed on the Egyptian Stock Exchange from 2007-2010. The study found that firm size and profitability had a significant positive association with voluntary disclosure levels, while auditor size and firm age did not have a significant association. The document provides background on voluntary disclosure and its importance for investors, and reviews prior literature on how firm characteristics may influence disclosure levels. It describes the hypotheses tested regarding the relationship between disclosure and each firm characteristic.
Investments in Compliance and Legal Automation and the AI FactorVladimir Vereskoun
This document discusses investments in legal automation projects and startups. It notes that while fintech saw $31 billion invested in 2017, legaltech only saw $200 million. However, legaltech startups can market themselves as broader knowledge industry disruptors focusing on areas like compliance, finance, or AI. For venture capital funding, startups need a vision of major legal market changes, not just operating within the existing paradigm. The future of the legal industry may involve most services delivered via algorithms and smartphones, with analytics platforms and networks replacing many existing players. Artificial intelligence is a major hype source that 70-80% of legaltech startups could leverage.
This document provides an overview and key findings of a study on how core vendor contracts impact community banks and credit unions. Some of the main points summarized are:
- On average, community banks and credit unions pay 24% above fair market value for core processing and related IT services. Renegotiating contracts can result in annual savings ranging from 11.5-43.4%.
- Tight margins, regulatory compliance, and slow economic growth are the top challenges cited. Growing loans and cutting costs are the top priorities.
- Nearly two-thirds want to reduce non-interest expenses and over half want to increase non-interest income. A third cite adding new technologies as a priority.
- The
This document summarizes the evolution and maturation of the global outsourcing industry. It discusses how outsourcing is becoming more sophisticated, with providers expanding globally and standardizing processes. The industry is consolidating into large full-service vendors and specialist niche providers. Outsourcing is shifting from simple cost-cutting transactions to helping transform clients' operations. In the future, outsourced services may be purchased à la carte through an interoperable utility model. However, challenges around credibility, workforce management, and talent retention remain.
Businesses seeking data center colocation space should expect significantly higher prices through 2008 due to high demand and limited supply. Markets like Chicago, New York, and San Francisco have seen prices triple over three years to as much as $120 per square foot. Alternatives like secondary cities or longer contracts may help avoid compromising on quality for space.
Global IT spending is expected to decline sharply in 2009 according to Forrester. They forecast a 10.6% drop in global business and government IT purchases from 2008 levels. Specifically, purchases of computer equipment will fall by 13.5% and communications equipment will decline by 12.4%. US Department of Commerce data also showed a steep 13% drop in business investment in network equipment in the first quarter of 2009.
The document summarizes the global eDiscovery market. Key points include:
- eDiscovery solutions help organizations facilitate business processes by allowing them to exchange, review, collect, and preserve electronically stored information.
- Increasing mobile device usage, regulatory compliance needs, and a focus on reducing legal costs are driving demand for eDiscovery solutions.
- Vendors are focusing on partnerships, mergers, and acquisitions to expand their footprints and integrate new technologies into their solutions.
- North America currently dominates the market but Asia Pacific is expected to see strong growth in the coming years.
This presentation discusses leveraging data analysis to identify fraud patterns and issues. It provides an agenda that includes introducing current challenges, strategies for identifying fraud using analytics, data analytics concepts and sources, and examples of using analytics to identify vendor fraud, employee fraud, revenue manipulation, and foreign corrupt practices issues. Tools for analysis are also discussed.
This document discusses legal and business implications for U.S. software companies that outsource work to India. A group of U.S. doctors want to develop an electronic healthcare system and outsource the software development to India to reduce costs. The document analyzes India's intellectual property and tax laws that are relevant for such an arrangement. It finds that India offers little protection for software patents, data is at risk, and tax laws could increase the company's tax burden. Outsourcing strategic work like research and development to India may put a company's intellectual property, data, and profits at greater legal risk.
Swiss Private Banking and the Rationale for Global Services DeliverCognizant
To reduce unrelenting cost pressures, Swiss private banks should rethink longstanding third-party sourcing assumptions, especially when it comes to handling elements of their back- and middle-office IT and business portfolios.
The document discusses various risks faced by foreign investors in emerging markets, including political, economic, and policy risks. It provides examples of how policy risks, such as changes to regulations or failure to enforce contracts, can impact returns on investments. Additionally, the document outlines challenges in hedging against policy risks and recommends strategies foreign investors can use to manage risks, including building political influence and relationships, gathering intelligence on local conditions, and using analytical tools to model policy outcomes and identify leverage points. Overall, the document advocates that foreign investors can make emerging market investments more manageable by properly recognizing dynamic risks and implementing tailored risk management strategies.
A presentation delivered to the "Seminar Nasional Internal Audit 2017' at JW. Marriott Hotel, Medan, Indonesia. Be insightful, pro-active, future focused. 8-10 May 2017.
IT spending growth dipped to its lowest level since the financial crisis in 2013 at 4%, down from 5% in 2012, mainly due to lower spending in emerging markets like Russia and China. However, IDC predicts that IT spending will increase in 2014 as economies strengthen. While Europe's IT spending increased only slightly in 2013, the report notes signs of improved business confidence and economic growth that are expected to boost IT spending in 2014.
Social Capital Hedosophia, a venture capital firm, is partnering with another firm to launch a publicly-listed holding company seeking to raise $500 million. The goal is to provide an alternative path for technology companies to go public by acquiring high-growth companies. Key questions around the plan include how investors will respond to the IPO and new models of funding companies, and what types of companies the holding company will seek to acquire.
This document discusses the emergence of FinTech platforms and their potential impact on the financial services industry. It defines FinTech platforms as technology-enabled business models that facilitate transactions and the delivery of financial products and services. The document provides a taxonomy of FinTech platforms and analyzes the strategies available to incumbents, innovators, and large tech companies. It argues that platforms allow for easy participation, network effects, and vast data collection, and some platforms may disrupt existing industry structures by making processes more efficient and accessible.
The United States government is a major supporter of artificial intelligence (AI) research and development through agencies like DARPA, NSF, NIH, ONR, and IARPA. (1) Finland and the U.S. are projected to see the largest economic gains from AI through 2035 with each seeing 2% higher economic growth. (2) Many industries like manufacturing, professional services, retail, and healthcare are expected to see large increases in value added from AI. (3)
Beyond the Hype: AI & Enterprise Software Investing in 2019Jeremy Kaufmann
The document is a presentation about AI and enterprise software investing in 2019. It discusses the current AI revolution and why progress is happening now due to increases in data, computing power, and algorithms like deep learning. It provides a framework for investing in enterprise AI and discusses challenges like differentiating from large cloud providers. Key metrics for evaluating AI investments are discussed, like error rates, ROI, human intervention levels, and how the AI improves over time with more data.
RFP-EZ Delivers Savings for Taxpayers, New Opportunities for Small Business _...Tyler Gray
The RFP-EZ platform was developed to simplify the process for small IT companies to bid on federal contracts. It provides an easier way for small businesses to learn about and bid on simple IT projects worth under $150,000. A pilot of the program found that bids through RFP-EZ were on average 30% lower than through the standard system, saving taxpayer money. It also attracted over 270 new businesses to federal contracting. The next phase will focus on expanding its use across the government and adding new features to continue delivering value.
Hong Kong announced HKD 168 billion budget surplus from which 40% will be generated to the development and support towards technology and innovation focused businesses.
Focus has been set on four areas: biotechnology, artificial intelligence (AI), smart city and financial technologies.
Second wave benefit of xbrl liv watson brian mc_guireWorkiva
Although XBRL is broadly hailed as revolutionary, its
adoption has been more evolutionary in its incremental
standards development and almost stationary in its
implementation
Investments in Compliance and Legal Automation and the AI FactorVladimir Vereskoun
This document discusses investments in legal automation projects and startups. It notes that while fintech saw $31 billion invested in 2017, legaltech only saw $200 million. However, legaltech startups can market themselves as broader knowledge industry disruptors focusing on areas like compliance, finance, or AI. For venture capital funding, startups need a vision of major legal market changes, not just operating within the existing paradigm. The future of the legal industry may involve most services delivered via algorithms and smartphones, with analytics platforms and networks replacing many existing players. Artificial intelligence is a major hype source that 70-80% of legaltech startups could leverage.
This document provides an overview and key findings of a study on how core vendor contracts impact community banks and credit unions. Some of the main points summarized are:
- On average, community banks and credit unions pay 24% above fair market value for core processing and related IT services. Renegotiating contracts can result in annual savings ranging from 11.5-43.4%.
- Tight margins, regulatory compliance, and slow economic growth are the top challenges cited. Growing loans and cutting costs are the top priorities.
- Nearly two-thirds want to reduce non-interest expenses and over half want to increase non-interest income. A third cite adding new technologies as a priority.
- The
This document summarizes the evolution and maturation of the global outsourcing industry. It discusses how outsourcing is becoming more sophisticated, with providers expanding globally and standardizing processes. The industry is consolidating into large full-service vendors and specialist niche providers. Outsourcing is shifting from simple cost-cutting transactions to helping transform clients' operations. In the future, outsourced services may be purchased à la carte through an interoperable utility model. However, challenges around credibility, workforce management, and talent retention remain.
Businesses seeking data center colocation space should expect significantly higher prices through 2008 due to high demand and limited supply. Markets like Chicago, New York, and San Francisco have seen prices triple over three years to as much as $120 per square foot. Alternatives like secondary cities or longer contracts may help avoid compromising on quality for space.
Global IT spending is expected to decline sharply in 2009 according to Forrester. They forecast a 10.6% drop in global business and government IT purchases from 2008 levels. Specifically, purchases of computer equipment will fall by 13.5% and communications equipment will decline by 12.4%. US Department of Commerce data also showed a steep 13% drop in business investment in network equipment in the first quarter of 2009.
The document summarizes the global eDiscovery market. Key points include:
- eDiscovery solutions help organizations facilitate business processes by allowing them to exchange, review, collect, and preserve electronically stored information.
- Increasing mobile device usage, regulatory compliance needs, and a focus on reducing legal costs are driving demand for eDiscovery solutions.
- Vendors are focusing on partnerships, mergers, and acquisitions to expand their footprints and integrate new technologies into their solutions.
- North America currently dominates the market but Asia Pacific is expected to see strong growth in the coming years.
This presentation discusses leveraging data analysis to identify fraud patterns and issues. It provides an agenda that includes introducing current challenges, strategies for identifying fraud using analytics, data analytics concepts and sources, and examples of using analytics to identify vendor fraud, employee fraud, revenue manipulation, and foreign corrupt practices issues. Tools for analysis are also discussed.
This document discusses legal and business implications for U.S. software companies that outsource work to India. A group of U.S. doctors want to develop an electronic healthcare system and outsource the software development to India to reduce costs. The document analyzes India's intellectual property and tax laws that are relevant for such an arrangement. It finds that India offers little protection for software patents, data is at risk, and tax laws could increase the company's tax burden. Outsourcing strategic work like research and development to India may put a company's intellectual property, data, and profits at greater legal risk.
Swiss Private Banking and the Rationale for Global Services DeliverCognizant
To reduce unrelenting cost pressures, Swiss private banks should rethink longstanding third-party sourcing assumptions, especially when it comes to handling elements of their back- and middle-office IT and business portfolios.
The document discusses various risks faced by foreign investors in emerging markets, including political, economic, and policy risks. It provides examples of how policy risks, such as changes to regulations or failure to enforce contracts, can impact returns on investments. Additionally, the document outlines challenges in hedging against policy risks and recommends strategies foreign investors can use to manage risks, including building political influence and relationships, gathering intelligence on local conditions, and using analytical tools to model policy outcomes and identify leverage points. Overall, the document advocates that foreign investors can make emerging market investments more manageable by properly recognizing dynamic risks and implementing tailored risk management strategies.
A presentation delivered to the "Seminar Nasional Internal Audit 2017' at JW. Marriott Hotel, Medan, Indonesia. Be insightful, pro-active, future focused. 8-10 May 2017.
IT spending growth dipped to its lowest level since the financial crisis in 2013 at 4%, down from 5% in 2012, mainly due to lower spending in emerging markets like Russia and China. However, IDC predicts that IT spending will increase in 2014 as economies strengthen. While Europe's IT spending increased only slightly in 2013, the report notes signs of improved business confidence and economic growth that are expected to boost IT spending in 2014.
Social Capital Hedosophia, a venture capital firm, is partnering with another firm to launch a publicly-listed holding company seeking to raise $500 million. The goal is to provide an alternative path for technology companies to go public by acquiring high-growth companies. Key questions around the plan include how investors will respond to the IPO and new models of funding companies, and what types of companies the holding company will seek to acquire.
This document discusses the emergence of FinTech platforms and their potential impact on the financial services industry. It defines FinTech platforms as technology-enabled business models that facilitate transactions and the delivery of financial products and services. The document provides a taxonomy of FinTech platforms and analyzes the strategies available to incumbents, innovators, and large tech companies. It argues that platforms allow for easy participation, network effects, and vast data collection, and some platforms may disrupt existing industry structures by making processes more efficient and accessible.
The United States government is a major supporter of artificial intelligence (AI) research and development through agencies like DARPA, NSF, NIH, ONR, and IARPA. (1) Finland and the U.S. are projected to see the largest economic gains from AI through 2035 with each seeing 2% higher economic growth. (2) Many industries like manufacturing, professional services, retail, and healthcare are expected to see large increases in value added from AI. (3)
Beyond the Hype: AI & Enterprise Software Investing in 2019Jeremy Kaufmann
The document is a presentation about AI and enterprise software investing in 2019. It discusses the current AI revolution and why progress is happening now due to increases in data, computing power, and algorithms like deep learning. It provides a framework for investing in enterprise AI and discusses challenges like differentiating from large cloud providers. Key metrics for evaluating AI investments are discussed, like error rates, ROI, human intervention levels, and how the AI improves over time with more data.
RFP-EZ Delivers Savings for Taxpayers, New Opportunities for Small Business _...Tyler Gray
The RFP-EZ platform was developed to simplify the process for small IT companies to bid on federal contracts. It provides an easier way for small businesses to learn about and bid on simple IT projects worth under $150,000. A pilot of the program found that bids through RFP-EZ were on average 30% lower than through the standard system, saving taxpayer money. It also attracted over 270 new businesses to federal contracting. The next phase will focus on expanding its use across the government and adding new features to continue delivering value.
Hong Kong announced HKD 168 billion budget surplus from which 40% will be generated to the development and support towards technology and innovation focused businesses.
Focus has been set on four areas: biotechnology, artificial intelligence (AI), smart city and financial technologies.
Second wave benefit of xbrl liv watson brian mc_guireWorkiva
Although XBRL is broadly hailed as revolutionary, its
adoption has been more evolutionary in its incremental
standards development and almost stationary in its
implementation
The document is a circular from the Ministry of Corporate Affairs in India mandating certain large companies to file financial statements in XBRL format starting in 2010-2011. It specifies that listed companies and other large companies must use XBRL taxonomy developed for the existing accounting standards. Training will be provided and an additional filing fee exemption is permitted for companies filing by September 30, 2011. Annexures provide frequently asked questions about XBRL and contact information for training.
Xbrl for dummies slide deck chapter 1 23 10 2009 long versionWorkiva
1. Decreased costs of information exchange and reporting through increased automation and reduced manual processes.
2. Increased timeliness of sharing and analyzing information.
3. Improved quality and accuracy of information through validation rules and error checking.
4. Enhanced reusability of data through common definitions and structure.
5. Greater flexibility to adapt to reporting needs through a non-proprietary standard.
Natural Capital and XBRL by liv watson and brad monterio Workiva
The Need for Standardisation in Enterprise Reporting
Brad Monterio, Colcomm Group and Liv Watson, Workiva
Investor demand for sustainability and Environmental, Social and Governance (ESG) information has dramatically increased over the last several decades. This demand spike is pushing both the enterprise and regulators to push for greater amounts of information that is comparable, reliable and reusable.
Several sustainability and natural capital‐related frameworks and standards exist to help companies define ‘what’ they want to report and ‘how’ they want to measure it ‐ namely, GRI, CDP and SASB. The Natural Capital Coalition’s Natural Capital Protocol was launched in July 2016 to inform manager at a strategic level on how to incorporate natural capital information into their enterprise reporting. This session will provide an overview of how companies can use the Natural Capital Protocol and XBRL for standardized enterprise reporting in order to meet the upcoming disclosure requirements from the UK Office of National Statistics (ONS) and Department for Environment Food & Rural Affairs (DEFRA).
1) XBRL (eXtensible Business Reporting Language) is a common global standard for exchanging business information that allows for the automated exchange and reliable extraction of financial information across all software formats and technologies.
2) XBRL reduces costs and enables quick information analysis by allowing tagged financial information to be transmitted in many formats and deployed with various analytical tools for users such as investors, financial publishers, auditors, regulators, and management.
3) XBRL works by defining a taxonomy or structure for financial data, then creating instance documents that tag financial statements and reports with that taxonomy so they can be read and analyzed by any software application using the same taxonomy definitions.
This document summarizes a presentation about XBRL (eXtensible Business Reporting Language). XBRL is presented as the future of financial reporting by allowing for automated, standardized and interactive exchange of business and financial information. Key benefits of XBRL discussed are that it will enable interoperability between different software applications and reduce manual processes in financial reporting. XBRL is also presented as extending the benefits achieved by bar coding in product distribution to the domain of financial reporting.
XBRL stands for eXtensible Business Reporting Language. It is one of a family of "XML" languages which is becoming a standard means of communicating information between businesses and on the internet.
04 07 2010 Washington Dc Xbrl A Language Of The Government WorldWorkiva
1. The document discusses how XBRL (eXtensible Business Reporting Language) is being adopted by governments around the world to improve transparency and reduce costs of financial reporting.
2. Key examples discussed include the Standard Business Reporting initiative in Australia, bills in the US Congress to require federal agencies to use XBRL, and the European Commission's support for using XBRL to interconnect business registers across Europe.
3. The benefits of XBRL for governments include making financial data more accessible, comparable, and able to be automatically processed and analyzed. This allows both businesses and governments to save money on reporting and handling financial information.
Why XBRL - Preparing for the Future of Your BusinessBrian Hill
The document discusses the benefits and requirements of XBRL (eXtensible Business Reporting Language) filing for public companies. It notes that the SEC now requires public companies to tag financial reports with XBRL by 2011. There are three main options for companies to file in XBRL: outsource tagging, use independent software, or integrate a software solution. The document recommends an integrated software solution as it can automate tagging, reduce filing time by 30%, and provide long term benefits by linking tags to source data and facilitating reporting across systems.
This document discusses a study that uses a simple screening method based on publicly available financial statements to select stocks from the Russell 2000 index that consistently outperform the index from 2001-2005. The screen generates an annualized excess return (alpha) of 7.58% over this period. The document estimates that widespread adoption of XBRL could reduce the cost of capital for small public companies by 1.75-3.03% by enabling easier analysis of financial statements, particularly for companies that currently lack analyst coverage. The returns to the simple screening method provide evidence that information from financial statements not fully incorporated into stock prices, and that XBRL could help reduce this inefficiency.
Xbrl The Future Of Financial And Business Reporting Presented By Liv Apneseth...Workiva
The document discusses XBRL (eXtensible Business Reporting Language), including:
1) XBRL allows for standardized electronic communication of business and financial data through defined taxonomies and metadata tags, making reporting more efficient.
2) Projects implementing XBRL in Macedonia and Nevada aim to reduce costs and risks for public institutions and businesses.
3) XBRL provides benefits like preventing errors, easier data analysis, and more accurate corporate reporting.
XBRL will help every organization, in every industry, around the world to internet-enable its business reporting and analysis, and thus reduce their costs and risks and increase their ability to make more informed decisions.
This document provides an introduction to using XBRL (eXtensible Business Reporting Language) for financial reporting according to International Financial Reporting Standards (IFRS) and US Generally Accepted Accounting Principles (US GAAP). It explains what XBRL is, how it works, and the benefits it provides for the exchange of financial information. The document also outlines the contents of the book and conventions that will be used.
XBRL (eXtensible Business Reporting Language) is a standard for electronic communication of business and financial data that addresses issues with traditional manual financial reporting processes. It allows companies to produce reports more quickly and accurately according to a common global standard. XBRL works by applying standardized "tags" to each item in a financial report to identify what it represents and how it relates to other items, like barcodes. This allows for faster and more efficient retrieval and comparison of financial data.
This document is the preface to a book about using XBRL (eXtensible Business Reporting Language) for financial reporting according to IFRS and US GAAP standards. It discusses how the emerging semantic web and XBRL can transform financial reporting by facilitating the automated exchange of financial data between computers without human involvement. The book aims to explain what XBRL is, how it works today, and how it may develop further to streamline the financial reporting process and make information sharing more useful, timely and cost-effective for all participants.
The document discusses the vision of the semantic web and how it could impact financial reporting if XBRL was widely used. It describes how the semantic web allows data to be shared and reused across applications and boundaries, enabling computers and people to work together. It provides several potential use cases, such as enabling real-time reporting and audits, more efficient loan applications that use electronic financial reports submitted every 30 days instead of quarterly paper reports, and intelligent agents that can identify promising investment opportunities. Finally, it discusses the concept of "extreme financial reporting", which would be driven by business rules compliance, embrace a single set of global accounting standards (IFRS), and involve accounting standards being expressed in XBRL taxonomies before they
BI BEST PRACTICE SUMMIT: The Power of XBRLManagility
In this presentation Dominik Dumaine, CEO of FinViews covers an introduction to XBRL and how tools based on this standard can improve efficiency for anyone that is involved in financial/ investment analysis.
HOW XBRL WILL DRAMATICALLY IMPROVE: REPORTING AND CONTROL PROCESSESWorkiva
Investors who risk their hard-earned cash in equities need access to timely, relevant, and accurate financial and business information. Most of this information originates with the companies whose stocks they own. For the capital markets to operate most efficiently, information about public companies must be understandable, accessible, accurate and, most importantly, trusted by market participants. In the current state of information access, there are multiple problems in making this level of clarity, accuracy and public trust a reality.
This document provides an introduction to XBRL (eXtensible Business Reporting Language), which is an open standard for electronic business reporting that allows data to be tagged and exchanged. It discusses how XBRL uses XML schemas called taxonomies to define reporting elements, and instance documents to share tagged data based on those schemas. The goal of XBRL is to standardize business reporting so data can be more easily compared and aggregated for regulatory purposes.
Cartesis whitepaper xbrl bob eccles _liv watson copyWorkiva
This document discusses how the eXtensible Business Reporting Language (XBRL) is driving enhanced business reporting. XBRL allows companies to prepare, publish and share financial and business information in a standardized, digital format. It helps close gaps in reporting completeness and quality. While adoption of XBRL is growing, its benefits require a performance management system and may not provide an immediate return on investment. As a global standard, XBRL aims to improve transparency in financial reporting.
XBRL provides benefits for businesses exchanging financial information. It allows for both broad access to data (reach) and detailed, timely data (richness). XBRL uses open standards like XML, which lowers costs compared to proprietary formats. Metadata and business rules are key concepts - metadata provides structure and meaning for data, while business rules automate validation and workflows. Overall, XBRL enables automated exchange of high-quality financial data between businesses, regulators, and other parties in a consistent, cost-effective manner.
Extensible business reporting language xbrl a new dimension in financial r...Sara Porras
Enofe, A., & Amaria, P. (2011). EXTENSIBLE BUSINESS REPORTING LANGUAGE XBRL: A NEW DIMENSION IN FINANCIAL REPORTING. International Journal Of Business, Accounting, & Finance, 5(1), 78-90.
Tomado de: Base de datos Universidad Javeriana Business Source Complete (EbscoHost)
XBRL (eXtensible Business Reporting Language) is a freely available electronic language for financial reporting that provides an XML-based framework for creating, exchanging, and analyzing financial information. It allows companies to prepare financial statements digitally so that information can be rendered in multiple formats like printed reports, websites, and regulatory filings without reentry of data. The benefits of XBRL include more efficient financial reporting, automated analysis of data, and lower costs of preparing and distributing financial information.
1. The XBRL-Enabled Company Emerges
XBRL, also known as interactive data, is a global, open standard that was
developed for the electronic communication of business and financial
information. Hitachi believes the potent forces of globalization, transparency,
and competition will induce companies worldwide to adopt XBRL. Interactive
data will initially be implemented for financial reporting, compelled by both
government fiat and XBRL's commanding advantages. Longer term, the
adoption of interactive data in the financial sphere will spur its widespread
use in companywide activities like manufacturing, procurement, sales, and
human resources.
What Is XBRL?
XBRL (eXtensible Business Reporting Language) is a global, open standard that offers
major advantages for the preparation, analysis, and exchange of business information. Its
key characteristic is an identifying tag for each data item. This tag is often compared to the
barcode now seen on all products.
The tagging of data provides additional information that makes an item much more
meaningful. In XBRL, a number isn't simply, say, 1,700,356. It's budgeted sales of
$1,700,356 for the North America segment of the Consumer Products division for the third
quarter of 2006. In other words, descriptive elements such as currency unit, time period,
reporting unit, and status (i.e., budget versus actual) become part and parcel of the item
itself.
Thus, with XBRL, there's no confusion between Hong Kong dollars and US dollars.
Duplicate names for the same reporting unit – say, Human Resources and Personnel –
don't appear in your reports. A fiscal year ended March 30, 2006, isn't referred to as
FY2005 in one place and FY2006 in another. And results already reported are always
shown as actual, never forecast.
2. XBRL Offers Extraordinary Advantages
XBRL serves as a Rosetta Stone that allows information to be easily transferred between
any internal or external system. Interactive data provides extraordinary benefits for users,
including:
• Numerical accuracy, as XBRL can both calculate and verify;
• Much faster, real-time preparation of reports;
• More efficient, accurate, and relevant searches;
• Platform independence, which enhances data interchange;
• Far fewer inconsistencies in terminology and data formatting, substantially reducing
manual intervention;
• Information that is entered once but can be delivered in many formats, such as a
printed financial statement, an HTML document for a website, or a filing for the
SEC's EDGAR system;
• Less expensive and more accurate analysis;
• Free availability and no royalties, both obvious advantages to Enterprise Resource
Planning (ERP) and Extract, Transform, and Load (ETL) solutions;
• Time and cost savings from fixing manual audit trails, improving data quality,
reducing "spreadsheet sprawl" that introduce error, and avoiding data that is difficult
to extract from native applications.
Perhaps the most important, if most mundane, benefit of XBRL is the elimination of data
re-keying. With XBRL, a single piece of information never needs to be retyped as it flows
through the organization and to external audiences, like regulators and auditors.
Data re-entry is not only a slow, tiresome, unproductive, and unfulfilling task for staff. It
also results in a surprisingly high number of errors that significantly impair data integrity.
XBRL Is Attractive to Users at All Levels
The advantages of XBRL are substantial for financial information users at every level.
These include U.S. government agencies, governments overseas, large companies, small
companies, security analysts, auditors, and individual investors.
U.S. Government
Government agencies have numerous incentives to encourage XBRL implementation. In
the wake of the Enron scandal, financial regulators like the SEC have accelerated filing
deadlines, decreasing the interval between period-end and submission dates. Agencies
are also under pressure to identify more quickly filing errors. Their staffs are being asked
to spend more time analyzing data, and less time manipulating it. Under the Sarbanes-
Oxley Act (SOX), for example, SEC employees are required to review the financial
statements of every public company once every three years.
XBRL adoption by government agencies is gaining momentum. In 2005, the Federal
Deposit Insurance Corporation (FDIC) mandated that banks submit their call reports
(quarterly financial statement filings) in XBRL. It was the first large-scale adoption of
interactive data in the United States.
3. The results were impressive:
• 100% of the submitted data added up correctly, compared with just 70% previously;
• The case load of each analyst could be increased, from 450-500 to 550-600;
• Agencies received the data sooner and could publish it immediately. Previously,
publication took several days;
• In the first quarter of adoption, the number of audit flags dropped dramatically, from
33% to 5%.
Such successes will encourage other government agencies to adopt interactive data
for filing requirements.
Governments Overseas
Interactive data enjoys similar appeal to government entities worldwide. As a global data
format, XBRL eliminates the language barriers of international reporting and ensures
consistent data, regardless of the country of origin. Thus XBRL is becoming the de facto
standard for defining, exchanging, and storing financial information by regulators and stock
exchanges in nations as varied as South Africa, Abu Dhabi, and Brazil.
In Europe, central banks are adopting XBRL for Basel II (COREP) reporting, which is used
for computing solvency ratios for the Continent's financial institutions. The Dutch Tax
Office collaborated with several of the nation's other agencies to find duplicate requests for
information and simplify the information demanded of taxpayers. This work resulted in a
huge decrease in data points, from 180,000 to 4,000. And in the UK, plans have been
announced to make XBRL mandatory for filing of tax returns, which includes full financial
statements, from March 2010.
In Asia, Japan provides an excellent example of the advance of XBRL. In February 2006,
the BOJ introduced a data transfer scheme based on XBRL technology that gathers
monthly balance sheet data. The next month, the Financial Services Agency (similar to the
SEC) issued a plan that would require disclosure documents filed through EDINET (similar
to EDGAR) to be prepared in XBRL beginning in 2008. The following month, the Tokyo
Stock Exchange stated its commitment to XBRL and said that it too would introduce an
XBRL reporting system.
Securities Analysts
Securities analysts at the big investment houses evaluate thousands of companies in
dozens of countries. Research staff must often plow through company PDFs, text files,
and even paper to extract financial information, with the substantial possibility of human
error.
The corporate scandals of a few years ago have led to the downsizing of equity research
departments at these institutions. There are far fewer sell-side analysts, and there's much
pressure to streamline operations and reduce data manipulation. When XBRL becomes
the international data standard for financial reporting, investment banks will be able to
obtain and use data easily for both intra-country and cross-border analysis.
4. Meanwhile, global fund managers have an ever-expanding universe of stocks to cover, as
poor countries become emerging economies and emerging economies become developed
nations. But with fewer sell-side analysts, fund managers must depend on in-house staff to
do more research on more names. In this environment, portfolio managers are eager to
reduce data manipulation and eliminate data re-entry.
Large Multinationals
Several trends point to the increased adoption of XBRL by large multinationals:
• They must deal with enormous amounts of business data, both internally and
externally generated.
• Their regulatory burdens are growing. Overseas, demands for transparency and
improved corporate governance are raising the regulatory bar. In the U.S.,
companies must dedicate more resources to the requirements of the regulatory
regime dictated by Sarbanes-Oxley.
• Competition from BRIC (Brazil, Russia, India, and China) corporations is mounting.
U.S., European, and Japanese firms cannot compete on labor, so they must exploit
their advantage in advanced information technology.
• The pace of business is accelerating. Management teams are in desperate need of
correct, actionable data as quickly as it becomes available.
Smaller Companies
The downsizing of equity research departments noted earlier has had major ramifications
for smaller listed firms. Fewer analysts means fewer companies get covered. The
Independent Research Network reports that about 33% of all US public companies with
analyst coverage have two or fewer analysts following them, and approximately 42% of all
public companies have no analyst coverage at all.
No analyst coverage means lower share prices and less liquidity, which translates into a
higher cost of capital. Companies that can reduce the cost to analysts by adopting XBRL
will have a better chance of being covered.
Individual Investors
XBRL is the language of financial democracy. The EDGAR system made SEC filings
widely available to all investors. Now XBRL promises to make financial statements easy to
download and analyze.
These benefits are especially important for the small investor, who has always been at a
disadvantage to institutional investors. The dismal economics of sell-side research could
easily expand that gap, since big institutions will always have the resources to do the
research they need. The easy availability of accurate data that's simple to manipulate
makes it much easier for small investors to level the playing field.
5. XBRL will also make it easier for individuals to buy mutual funds, the preferred investment
vehicle of small investors. The prospectuses that lay out all the details and risks are too
long and difficult for the average person. In response, the SEC is taking steps to provide
one-page summaries of mutual funds' key data in XBRL. These can also be drilled for the
more detailed information required by more sophisticated investors and financial
professionals.
Auditors
An old joke among auditors is that their CPA credential really stands for "cut, paste, and
attach." Even in the computer age, auditors spend an inordinate amount of time getting
company data into their work papers and government reports. This is true of some key
areas like tax compliance, which is often nominally integrated in the company's systems
but frequently demands much manual re-entry.
Moreover, auditors face increased regulatory burdens, such as the SOX requirement that
they report on the reliability of management's assessment of internal control. They are
therefore eager to spend less time on data manipulation and more time on analysis.
Automated data transfer, tailored search, "enter once, format many," and many other
advantages of XBRL have special relevance to the audit profession.
XBRL Will Be the Data Standard of Financial Reporting
As we've seen, the adoption of XBRL will initially be in the financial arena, driven by both
government fiat and the needs of users ranging from the smallest investor to the largest
multinational. This momentum will be greatly accelerated by globalization that encourages
universal data standards. In the field of financial reporting, that standard will be XBRL
The XBRL-Enabled Company
Although XBRL is extensible business reporting language, it's mostly been used for
financial reporting. Interestingly, XBRL was originally named eXtensible Financial
Reporting Markup Language (XFRML). Early on, however, its proponents recognized that
the potential of interactive data extended far beyond 10-K's and call reports, and its name
was changed.
We believe that this vision of XBRL as a business reporting language will be realized, and
that XBRL will be widely adopted for everyday company activities. Its use will extend
beyond the financial function to encompass sales, manufacturing, procurement, and
human resource operations. Both the business and IT cases for the implementation of
XBRL throughout the organization are compelling. They are reinforced by the increasing
importance of internal control and the expansion of worldwide M&A.
6. The SOX Effect
Spurring the drive to enterprise-wide adoption of XBRL is an enhanced internal control
regimen, as required by SOX and encouraged by the movement toward greater
transparency.
Under SOX, CEOs and CFOs are now required to evaluate the adequacy of the
company's internal control over financial reporting (ICOFR) using suitable criteria. The
SEC specifically mentions the COSO (Committee of Sponsoring Organizations of the
Treadway Commission) framework as fulfilling these requirements. Accordingly, COSO
has become the de facto standard for assuring ICOFR.
COSO defines internal control as a process that ensures:
• Effectiveness and efficiency of operations.
• Reliability of financial reporting
• Compliance with applicable laws and regulations
Notably, this is the same definition used by CPAs in conducting their attest function in
external audits. Although ICOFR itself is not so broadly defined, these objectives are
clearly essential to a successful internal control system. They require a broad, integrated,
company-wide approach that extends from raw material procurement to revenue
recognition.
XBRL Can Improve Internal Control
In the face of these increased burdens, companies are seeking efficiencies that will
provide more assurance at lower cost. Where possible, they want to eliminate human
intervention, with its costs and possibility for error, in internal control procedures. As
companies adopt XBRL to fulfill financial reporting requirements, they will be eager to
leverage that investment by applying resources to internal control objectives.
The urgency to upgrade and rationalize the internal control function dovetails with the
trend toward business process management (BPM). The primary motivations for BPM are
higher profits and greater efficiency, but improved internal control is a key catalyst. The
traditional focus of management accounting on cost components like materials and labor
atomized information in individual departments. Business processes, as opposed to
business functions or specific applications, emphasize information integration.
XBRL is a key component of the Next-Generation Architecture, which includes Service-
Oriented Architecture (SOA) and Web Services, that will underpin BPM in the future. SOA
provides the overall picture of business processes and workplace flows. Using open
standards, Web Services allow web applications to interact with one another for data
exchange. They can potentially be used by anybody to access, edit, or validate their data,
wherever the data resides and from whatever application it was generated. As an XML
language that is not tied to any proprietary application and has the ability to supply
supporting data, XBRL is ideally adopted to these emerging technologies.
7. Interactive Data Is a Boon to M&A
XBRL is especially useful for the exchange of information in large organizations that store
data in widely varying formats and degrees of granularity. Interactive data allows vital
information to be easily transferred between the disparate internal and external systems
that often occur within large organizations. Given these qualities, XBRL will become a vital
force in accelerating the M&A consolidation process.
The ability to consolidate acquisitions and integrate business systems have
historically presented enormous challenges, reflecting differences in data and account
structures. XBRL can substantially reduce the time and effort required to
integrate new acquisitions if both acquirer and target use the same data standard. In that
preferred state, integration primarily requires consistent classification of the already tagged
information. The large information gathering and consolidation effort that have traditionally
accompanied business combinations would be unnecessary.
XBRL GL Integrates External and Internal Systems
To gain a greater appreciation of how XBRL can strengthen internal control and facilitate
M&A, it's useful to distinguish between two breeds of XBRL. For external users who
primarily require summary financial information, the focus is on XBRL FR (for Financial
Reporting), which can express only a limited amount of detail, such as the unit of currency,
reporting unit, etc. For internal and external users who require highly specific data, the
emphasis is XBRL GL, which can express both financial and nonfinancial information at
the detail level at all stages of the information supply chain.
The GL in XBRL GL originally stood for General Ledger, and you'll still sometimes see that
terminology. But the current, more expansive term of Global Ledger is much more suitable,
because XBRL GL isn't simply a place to collect journal entries. It is a single framework for
standardizing all information of business reporting systems for both internal and external
users. XBRL GL can bring together data from disparate operational, reporting, and
accounting systems and consolidate it through Web Services, high bandwidth networks,
and petabyte storage systems. It is therefore ideal for system integration, consolidation,
data migration, and data archiving.
Since it encompasses both financial and nonfinancial information, XBRL GL can be used
for employee timesheets, purchase order processing, invoicing, and all other elements of
the manufacturing workflow. It can easily transfer unposted and posted information back
and forth from branch offices to consolidating systems. Externally, XBRL GL enables
companies to share data on receivables with their bankers, and inventory levels with their
suppliers.
ERP Versus XBRL
Why can't the vision we've sketched for easy and universal portability of business
information be accomplished through existing ERP systems? The typical ERP system has
inherent limitations for assuring easy transfer of data companywide. Many companies use
several instances of one vendor's products, or mix together products of different vendors.
Importantly, users commonly develop informal spreadsheet-based systems for business
needs that develop after ERP implementation and before updates.
8. Moreover, ERP applications are basically closed systems. They cannot respond to the
challenges posed by the new distributed information environment, where data from
internal and external systems is constantly exchanged, and thus must be easily accessible
and transferable.
XBRL is simply a data standard, and thus XBRL itself is not a replacement for the
infrastructure of ERP systems. Open and royalty free, XBRL can be used successfully
both in conjunction with ERP and as a means for implementing ERP alternatives.
For example, XBRL permits you to enter data once and deliver it in many formats, which
greatly reduces the risk of data error. When you want to generate a report, you just need
to worry about the format, not the data itself. With ERP, data is in proprietary formats that
must be transformed into management information. With ERP systems producing XBRL
code internally or an XBRL conversion program running outside the ERP system,
management reports can be created without messy cut-and-paste techniques.
The Technology Advantages of XBRL
What technical features of XBRL will contribute to its adoption as the international data
standard for companywide activities?
XBRL is highly extensible, meaning that it can be modified and added to by IT staff and
business analysts to suit their specific requirements. XBRL-enabled solutions provide
methods for normalizing data (ie, eliminating duplicates) across the organization, yet
remain highly interactive with both internal and external systems. With XBRL, developers
can build tools that can be used in a wide variety of systems, with no need to customize
the interface for the company.
The implementation of XBRL for large organizations enables them to:
• Apply business rules to data from disparate sources;
• Gain greater efficiency in applying changes to either data or analysis;
• Enjoy additional transparency and control over enterprise business rules; and
• Perform analysis with a significantly broader pool of data (both from internal and
external sources).
When Will XBRL Be Adopted Companywide in Critical Mass?
It will take several years. For many, the business case for XBRL adoption has not been
fully justified from a cost/resource standpoint. In the early stages, this justification will be
paramount to motivate a move to XBRL.
9. Who Will be the Leading Adopters for Company-Wide Activities?
We believe the leading adopters of XBRL will be those companies that:
• Need to reduce their time for financial analysis and reporting;
• Have multiple divisions that are in a merger/acquisition process;
• Trade on foreign or multinational exchanges ;
• Want to be perceived as leaders in technology adoption;
• Share data with entities that don't have access to their ERP system;
• Assuming security requirements are met, outsource functions to external partners
who not only need to browse, but also access and edit, the corporate data
warehouse.
Hitachi Serves the XBRL-Enabled Company
Hitachi has been a pioneer in the XBRL field. As an interactive data solutions provider, the
Company offers products and services that tag existing data to facilitate ever- changing
business processes It is the ideal partner to provide diverse solution services, software,
and know-how for the adoption of XBRL in any organization.
The Wacoal Experience
Hitachi's worked with Wacoal to adopt XBRL for its accounting system. Our solution
demonstrates the potential of using XBRL for data and business integration.
Wacoal is one of Japan's leading manufacturers of women's apparel. Like many
companies, its IT systems have been added on an ad hoc, as-needed basis. The upshot is
a patchwork of 32 independent legacy systems running on multiple platforms, including
mainframes, minicomputers, UNIX, and PC servers. Many of these systems are more
than 10 years old, and they are disbursed over 36 subsidiaries worldwide. These 32
different business application systems (e.g. purchasing, sales, payrolls, etc.) provided data
to 44 disparate accounting subsystems, also running on multiple platforms.
Wacoal adopted XBRL-GL as a common data format and used Hitachi’s XiRUTE
Journalizing Engine to automate the processing of data (e.g. journalizing, tax calculation,
validation, etc.) from the business application systems to the accounting subsystems that
were consolidated into one system.
Benefits of the New System
The new accounting system was successfully launched in April, 2003, and continues to
streamline operations at Wacoal. It is also the first commercial XBRL-GL implementation
in the world.
The new system has:
• Introduced flexibility into the IT system;
• Improved data quality significantly because of direct system-to-system feeds;
10. • By complying with the XBRL standard, enabled XML compatibility with other data
sources.
Perhaps most important, implementation time was significantly less than with other
alternatives, such as ERP. Because the system tags the data in XBRL-GL, a user can
extract data using standard queries and report writers without special training or system
expertise. Previously, a question about purchasing would need to be routed to a person
who had expertise in extracting data from the purchasing system.
Xinba
Hitachi envisions that XBRL will become the de facto standard for financial reporting and
will be increasingly adopted for companywide information needs. These implementations
demand the development of sophisticated interactive data tools for end-users.
To meet these needs, Hitachi has developed and continually improved Xinba, a
Microsoft® Excel® add-in for easy importing of XBRL datasets and advanced XBRL
analysis. Xinba provides pre-defined as well as customizable templates, avoiding the
tedious productivity killer of cut-and-paste. Xinba also allows you to create customizable
reports and Key Performance Indicator charts. As the adoption of XBRL advances,
Hitachi will continue to develop new offerings and add functionality to existing products to
meet the needs of our customers.
For More Information:
Please contact 1-800-HITACHI or xbrl@hal.hitachi.com