For XBRL Neal Hannon, XBRL Education co-chair, Bryant College.
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Transcript of For XBRL Neal Hannon, XBRL Education co-chair, Bryant College.
For XBRL
Neal Hannon, XBRL Education co-chair, Bryant College
The Dream
• Without a dream, progress is not possible
• Business Reporting in XML
• Tag once, render many
• Reduced time, cost and increased accuracy
The Technology
• US GAAP 1.0 Specification
• Works now – Navision– XBRLSolutions
• Many taxonomies under development– 13 including IAS
The Simplification
• Save as XBRL
• Archives of XBRL Reports
• XBRL Lite – 300 tags for each industry
• Automated tools for customization
The Acceptance Happens When:
• Banks require XBRL
• Governmental agents accept XBRL
• Financial Analysts request XBRL
• Internal users find XBRL facilitates consolidations
Change in the supply chain is powerful
The EDI model The e-business model
The efficiencies driven from / in supply chains are significant. Not all will survive.
Each has an EDI modelthat is costly.
Channel has a common model
The Range of what is under development
today………...
AC
OR
D
AN
X
RosettaN
et
FpM
L
CH
EM
X
HR
CRM
AM
“Horizontals”(Infrastructure)
there are others…..
“Verticals” (Industry Supply Chains)there are others…….
e-business
What is XML?• Published as a recommendation by the W3C (World
Wide Web Consortium) in early 1998.• Uses tags to give context and structure to the content• Provides a common way for disparate systems to
exchange specific information (application integration)
• Provides a means to separate data from style (so a single source can be output for multiple uses)
• Separates data from logic of applications (so that it can be reused for multiple purposes).
e-business
So when will this happen??
A. After I retire.B. Before I retire but too late for me to have to
worry about it.C. Sooner than I want to admit, but I still have
enough time to procrastinate.D. Next five years.E. Next two to three years.F. Never.
e-business
CFO Magazine on Investor Relations
"The explosive growth of the internet is not only changing the way companies conduct their business, it also promises to forever alter the way they communicate business performance. … Information availability may soon determine which companies benefit from market insight and which are hurt by market ignorance.”
- CFO magazine, February 2000.
App to fin rep
Another Quiz?
What word goes in the space?
“_____?____ is the language of business”
“_____?____is the language of e-business”
XBRL - Why
Accounting
XML
The Internet Enablement of
Reporting
XBRL = eXtensible Business Reporting Language
A new economy language for business information, reporting and analysis.
App to fin rep
XBRL Working Model: Planned Specifications
ExternalFinancialReporting
BusinessOperations
InternalFinancialReporting
Investmentand Lending
AnalysisProcessesProcesses
ParticipantsParticipants
AuditorsTradingPartners
Investors
FinancialPublishersand Data
Aggregators
Regulators
XBRL for G/LJournal Entry
ReportingXBRL for
Regulatory Filings
TodayXBRL for Financial
Statements
XBRL for AuditSchedules
XBRL forCredit Filings
XBRL for BusinessEvent Reporting
Software Vendors
ManagementAccountants
Companies
XBRL - What
What software ‘sees’ is the differentiator and drives benefits
(here is an example)..\..\..\Program Files\XBRL Demo\XBRLDemo.xls
So What??…. ‘show me the money’
• Reduces cost to publish information• Significantly reduces cost to use the information• Increases the speed of use and related decisions
• New concepts of using existing financial information….– Virtual documents
– Comparison of all components, including disclosures
– Linkage to ‘related’ topics
XBRL - Why
What might this enable?
• User reporting/analysis on a personalized basis.• Agents monitoring key indicators.
– What is your temperature and blood pressure right now?
• More relevant reporting in the dawning of the ASP/outsourcing environment.– How many routers did Cisco manufacture last year?
• Virtual closings.• Enhanced insights and transparency.• Quicker, Cheaper and faster decisions.
XBRL - Why
The Growing XBRL Family