XBRL
Financial data goes interactive
v/Martin Juul Møller og Henrik Grønnegaard
Medlemsmøde i DIRF – 17.05.2011
Agenda
Hvad er regnskabsreguleringens krav?
Hvorfor XBRL?
Hvad er XBRL?
Hvordan bruges XBRL i praksis?
Hvilke overvejelser bør en virksomhed gøre sig?
Hvad er perspektiverne for årsrapporten på sigt?
Hvordan kommer man videre?
2
© 2011 Deloitte
Hvad er
regnskabsreguleringens
krav
3
© 2011 Deloitte
Requirements in Denmark
Mandatory submission of Annual Reports in XBRL
Accounting Class
Mandatory for:
Comments, etc.
Class B
Financial periods ending
31.01.2012 or later
Transitory rule: Enbloc
mapping of note information
Class C
Financial periods ending
31.12.2012 or later (at the earliest)
Class D
Financial periods ending
31.08.2013 or later (at the earliest)
Taxonomy expected finished at
the end of 2011 based on IFRS
• Law enacted 7 April 2011
‒ Only annual reports
• Expected that reporting to SKAT and Danmarks Statistik in time can be done in XBRL as well
‒ Two solutions offered by DCCA: Regnskab Basis and Regnskab Special
• Regnskab Basis: A simple Annual Report can be prepared manually in a template developed by DCCA
• Regnskab Special: Annual Report in XBRL and PDF is prepared and submitted by company/auditor
• Danish taxonomies for Class B and C including consolidated accounts are ready
• Taxonomy for Class D is under development
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© 2011 Deloitte
Requirements in Denmark
Mandatory submission of Annual Reports in XBRL
What shall be submitted?
• PDF-document with the Annual Report as approved at the general
assembly
• XBRL Instance Document containing all the information in the Annual
Report tagged to the Danish XBRL taxonomy from the DCCA
‒ No audit requirements
How can it be submitted?
• Using the ”Regnskab Basis”-solution from DCCA (Only class B)
• Manual upload using NEM ID / digital signature
• System-to-system solution
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© 2011 Deloitte
Hvorfor XBRL?
6
© 2011 Deloitte
Google’s 10-K filing
Income statement
© 2010 Deloitte Touche Tohmatsu
What’s wrong with paper-based or PDF filing?
•The meaning of data can be confusing:
•
Is it in thousands or millions? (For Google even in billions?)
•
Euros or Dollars? What kind of Dollars?
•Definitions can look the same but might have different meanings
•
“Profit” or “Pro-forma profit”
•Although a human-being can read and understand it, a computer can not
•As soon as data is on paper or in PDF, it cannot be reused easily
•Who’s asking for the data? What is the data definition?
© 2010 Deloitte Touche Tohmatsu
Using computer languages to exchange data
What can XML offer?
•Structured exchange of data, based on well-described data definitions
•Used to structure, store, share and present data across software
platforms
•XML is flexible…
too flexible for reporting
<revenue>23650563</revenue>
Example of XML
<Revenue>23650563</Revenue>
How to model a business fact?
Revenue $ 23,650,563
<Turnover>23650563</Turnover>
<Revenue value=“23650563” />
<Fact ID=“Revenue” value=“23650563” />
© 2010 Deloitte Touche Tohmatsu
XBRL offers more guidance than XML
•eXtensible Business Reporting Language
•“Dialect” of XML; with restrictions and extra functionality
Google Inc.
Form 10-K
(in thousand, except per share amounts)
XBRL Instance Document
<identifier scheme=“http://www.sec.or/CIK”>
<identifier>Google</identifier>
1288776</identifier>
<identifier>Google</identifier>
<us-gaap_SalesRevenueNet
<Revenue unitRef=“USD”
<Revenue
<RevenueunitRef=“USD”>
unitRef=“USD”
unitRef=“USD”
<Revenue>23650563</Revenue>
contextRef=“I-2009-E”>
contextRef=“I-2009-E”>
23650563
contextRef=“I-2009-E”>
<us-gaap_SalesRevenueNet
unitRef=“USD”
contextRef=“I-2009-E”>
23650563</Revenue>
23650563000</Revenue>
23650563</Revenue>
23650563000
contextRef=“I-2009-E”>
23650563000</Revenue>
</us-gaap_SalesRevenueNet>
23650563000
</us-gaap_SalesRevenueNet>
Collection of facts
We prepare our Consolidated Financial Statements in accordance
with accounting principles generally accepted in the U.S.
© 2010 Deloitte Touche Tohmatsu
Hvad er XBRL?
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© 2011 Deloitte
What is XBRL?
XBRL is a language for the electronic communication of business and
financial data which is revolutionising business reporting around the
world. It provides major benefits in the preparation, analysis and
communication of business information. It offers cost savings, greater
efficiency and improved accuracy and reliability to all those involved in
supplying or using financial data.
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.
http://www.xbrl.org/
Essential XBRL
In short, XBRL is about:
• A taxonomy defining concepts and structure
• An instance document containing facts
XBRL
Instance
5.340
Profit
Taxonomy
XBRL uniquely tags financial and non-financial facts
C o n so lidated
fin an cial statem en ts
Entity Deloitte
C o n so lid ate d b alan c e sh e e t as o f 3 1 M ay 2 0 0 9
Fact
( bef or e r es ult appr opr iation)
A sse ts (in € thous ands )
31 M ay 2008
31 M a y 2009
N ote
Work IP
Value 33,347
F ix e d a sse ts
Intangible fix ed as s ets
[1]
19,050
21,584
Tangible fix ed as s ets
[2]
50,213
56,851
F inanc ial fix ed as s ets
[3]
2,135
4,463
82,898
71,398
Work in진행
Werk
Produção
작업이
uitvoering
progress
em curso
工作进度
C u rre n t a sse ts
W ork in progres s
R ec eivables and prepay m ents
[4]
33,347
46,297
158,668
186,000
2,170
20,749
C as h and c as h equivalents
212,764
234,467
284,162
317,365
L ia b ilitie s (in € thous ands )
N ote
G ro u p e q u ity *)
[5]
7,150
8,150
P ro visio n s
[6]
12,737
8,137
L o n g -te rm lia b ilitie s:
[7]
116,595
118,920
147,680
182,158
284,162
317,365
S ubordinated loans S tic hting F inanc iering D eloitte *)
C u rre n t lia b ilitie s a n d a ccru a ls
[8]
31 M a y 2009
31 M ay 2008
[ ] The figures betw een brac k ets refer to the c orres ponding notes on the s pec ific item s of the c ons olidated balanc e s heet.
*) The group equity and the s ubordinated loans repres ent the group’s c apital bas e € 123,745 (31 M ay 2008 € 127,070), s ee note 7.
14
Unit
Euro
Date
31/5/09
Example XBRL document
Google instance
XBRL helps to standardize data, without the need to
standardize systems
Corporate
Reporting
Taxonomy
Reporting
definitions
Data
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ALIGNMENT
External
requirements
XBRL adds value to many areas in business reporting
Streamline internal and external disclosure management
• Report to multiple regulators and stock exchanges
• Prepare board reports and management reporting packs
• Increase transparency and comparability
Accelerate M&A consolidation process
• Easy transfer information between organisations
• Consistent classification of reporting data
Improve internal control
• Eliminate human intervention and re-keying of data
• Consistency in terminology and data definitions
• Numerical accuracy as XBRL can also calculate and verify
Integrate internal and external systems through XBRL GL
• Share data on a transaction level
• Improve data quality through system-to-system feeds
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XBRL is key enabler for semantic standardization in finance
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© 2011 Deloitte
A wide range of disclosures are supported by XBRL
XBRL mandates
• Stock exchanges: China, India, Italy
• Basel II reporting: Spain, Belgium,
Poland, France, Spain
• Statutory: Australia, Belgium,
Singapore
• Tax: UK, Japan
• Central banks: USA, Japan, India
Standard Business Reporting
Initiatives around the globe
• Australia
• Netherlands
• New Zealand
• Poland
Topics
• Tax, Statistics, Statutory
• Credit risk
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XBRL voluntary
• EU Reform of Financial Markets
Regulation
• Stock exchanges: South Africa,
South Korea
• Statutory: Germany, Denmark,
Ireland, Sweden, Canada
• Basel II: most EU countries
• Micro credit & insurance
Trends
• Sustainability Reporting
(Global Reporting Initiative)
• XBRL Global Ledger
(transaction level)
Hvordan bruges
XBRL i praksis?
20
© 2011 Deloitte
XBRL instance approaches
Tagging
Ad-hoc creation of an instance document with source data (e.g. Word document) by
marking the values with XBRL codes and adding contextual information manually (date,
currency, etc.)
 generate XBRL instance fast; not reusable
Positional mapping
Setting up a repeatable process by marking positions in a document with XBRL codes (e.g.
cell D51 in Excel equals IFRS_profits for current year)
 relatively easy to set up and reuse; difficult to maintain
Keyword mapping
Setting up a repeatable process by linking own accounts or database records to XBRL
codes (e.g. Chart_of_accounts_profits equals IFRS_profits)
 more effort to set up; but results in controlled environment
© 2010 Deloitte Touche Tohmatsu
Instance creation – tagging
C o n so lidated
fin an cial statem en ts
Entity Deloitte
C o n so lid ate d b alan c e sh e e t as o f 3 1 M ay 2 0 0 9
Fact
( bef or e r es ult appr opr iation)
A sse ts (in € thous ands )
Value 33,347
31 M ay 2008
31 M a y 2009
N ote
IFRS_WorkInProgress
F ix e d a sse ts
Intangible fix ed as s ets
[1]
19,050
21,584
Tangible fix ed as s ets
[2]
50,213
56,851
F inanc ial fix ed as s ets
[3]
2,135
4,463
Unit
Euro
Date
31/5/09
82,898
71,398
C u rre n t a sse ts
W ork in progres s
R ec eivables and prepay m ents
[4]
33,347
46,297
158,668
186,000
2,170
20,749
C as h and c as h equivalents
212,764
234,467
284,162
317,365
L ia b ilitie s (in € thous ands )
N ote
G ro u p e q u ity *)
[5]
7,150
8,150
P ro visio n s
[6]
12,737
8,137
L o n g -te rm lia b ilitie s:
[7]
116,595
118,920
147,680
182,158
S ubordinated loans S tic hting F inanc iering D eloitte *)
C u rre n t lia b ilitie s a n d a ccru a ls
[8]
31 M a y 2009
31 M ay 2008
Tag number with XBRL concept and provide contextual information manually.
284,162
317,365
[ ] The figures betw een brac k ets refer to the c orres ponding notes on the s pec ific item s of the c ons olidated balanc e s heet.
*) The group equity and the s ubordinated loans repres ent the group’s c apital bas e € 123,745 (31 M ay 2008 € 127,070), s ee note 7.
Instance creation – positional mapping
C o n so lidated
fin an cial statem en ts
Entity Deloitte
C o n so lid ate d b alan c e sh e e t as o f 3 1 M ay 2 0 0 9
Fact
( bef or e r es ult appr opr iation)
A sse ts (in € thous ands )
Value 33,347
31 M ay 2008
31 M a y 2009
N ote
IFRS_WorkInProgress
F ix e d a sse ts
Intangible fix ed as s ets
[1]
19,050
21,584
Tangible fix ed as s ets
[2]
50,213
56,851
F inanc ial fix ed as s ets
[3]
2,135
4,463
Unit
Euro
Date
31/5/09
82,898
71,398
C u rre n t a sse ts
W ork in progres s
R ec eivables and prepay m ents
[4]
G ro u p e q u ity *)
P ro visio n s
46,297
186,000
2,170
20,749
C as h and c as h equivalents
L ia b ilitie s (in € thous ands )
33,347
158,668
N ote
212,764
234,467
284,162
317,365
31 M a y 2009
Map cell to XBRL concept and
provide contextual information.
Mapping can be reused to create
instance documents.
L o n g -te rm lia b ilitie s:
C u rre n t lia b ilitie s a n d a ccru a ls
31 M ay 2008
[5]
7,150
8,150
[6]
12,737
8,137
116,595
118,920
147,680
182,158
284,162
317,365
[7]
S ubordinated loans S tic hting F inanc iering D eloitte *)
[8]
Positional mapping
[ ] The figures betw een brac k ets refer to the c orres ponding notes on the s pec ific item s of the c ons olidated balanc e s heet.
*) The group equity and the s ubordinated loans repres ent the group’s c apital bas e € 123,745 (31 M ay 2008 € 127,070), s ee note 7.
Cell C14
Instance creation – keyword mapping
Output data
<account>A100</account>
<date>2009/05/31</date>
<value>33347</value>
Entity Deloitte
Fact
IFRS_WorkInProgress
Value 33,347
Mapping table
A100
=
Unit
Euro
Date
31/5/09
IFRS_WorkInProgress
Map account code and contextual
information to XBRL concepts.
Mapping can be reused to create
instance documents.
Standard Business Reporting – A company perspective
Administration
Chart of accounts
Mapping
Danish Taxonomy
Credit risk reporting
Annual report
Tax return
Sub ledger
© 2010 Deloitte Touche Tohmatsu
Hvilke overvejelser
bør danske
virksomheder gøre
sig?
26
© 2011 Deloitte
How to approach the XBRL requirements in the short run
Different approaches to preparation of XBRL instance documents:
1.
2.
3.
Outsource the preparation of XBRL Instance Documents to third parties based
on the ”paper version” of the Annual Report?
Prepare the XBRL Instance Documents yourself based on the ”paper version”
of the Annual Report?
Integrate XBRL in the preparation of the Annual Report?
Different approaches to meeting the requirements in the XBRL taxonomy:
1.
2.
3.
Participation in the development of the Danish XBRL taxonomy for Class D?
Adjust the ”paper version” of the Annual Report to the requirements in the
XBRL taxonomy?
Making company specific extensions to the XBRL taxonomy?
Other considerations
1.
2.
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First movers – Pro and cons?
Attract attention to the company’s financial reporting?
© 2011 Deloitte
Increasing # of required reports and parties
involved
DCCA Mandate - First step to Data Centric Disclosure
Management?
‘Quick fix’
Comply with
1rst deadline
of DCCA Mandate!
Take control
over tagging
Take control over detailed
tagging requirements
Improve
disclosure
management
process
Align in company
reporting process
through XBRL
Redesign the ‘last mile’
to a data centric
disclosure management
process
Connect internal and
external reporting
processes & systems
Roadmap to data centric disclosure management
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A phased approach to Data Centric Disclosure Management
‘Quick fix’
Goal: Be compliant with applicable mandates and first year deadlines
Considerations: in-house or outsource
a. In-house requires software selection
b. Outsourcing requires selection of printer company (outsourcing block-tagging is relatively cheap (< US$ 10,000),
Take control over tagging
Goal: Better control over the transformation process from paper based filing to XBRL filing.
Considerations: in-house or outsource
a. Detailed-tagging is more complex and adds extra constraints to existing deadlines.
b. Even “printer” companies expect companies to produce XBRL filings in-house.
c. Software is readily available to support the process of XBRL filing.
Improve disclosure management process
Goal: Putting data instead of reports at the heart of the disclosure management process
Considerations:
a. Improving the “last mile” of finance (generating compliance reports including filing) leads to more efficiency, less risks, fewer
errors and a speedier process
b. An increasing number of countries have their own XBRL reporting obligations or even a Standard Business Reporting
program, resulting in increasing XBRL requirements for companies
Align in company reporting process through XBRL
Goal: align multiple interfaces between multiple source systems and internal & external reporting
Considerations: using XBRL throughout the information supply chain in and outside the organization will lead to:
a.
b.
c.
d.
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Improved quality, transparency, alignment, speed, efficiency and flexibility
Less risks and errors
Increased standardization and less interfaces
Less dependence from 3rd parties
Hvad er
perspektiverne for
årsrapporten på sigt?
30
© 2011 Deloitte
How will XBRL affect the Annual Reports in the long run?
1.
2.
3.
4.
5.
6.
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Will the users ask for specific informations more than a complete picture?
Will the users still demand the overall ”true and fair view” of the current Annual
Reports?
Will the accounting rules, regulations, etc. have to change?
Will there be more or less information in the Annual Reports / XBRL
documents?
Will the financial information be more industry specific (KPI’s, etc.)?
Will user groups prepare specific XBRL taxonomies or extensions to be used
when reporting to them (e.g. Banks and other financial institutions)?
© 2011 Deloitte
Hvordan kommer man
videre?
32
© 2011 Deloitte
Moving forward – How can we help
1. Training & Awareness
2. Ensuring the quality of XBRL filings
 Organize an XBRL Deep Dive to educate your team on
the impact of XBRL in your organization
Conduct an independent review (agreed-upon procedures)
on XBRL related regulatory filings, checking for example:
 Share XBRL Best Practices on taxonomy design,
process design and implementation
 Selection of appropriate taxonomies
 Learn to understand and extend XBRL taxonomies, like
DK GAAP, IFRS and FINREP/COREP
 Evaluate implementation scenarios, incl. tool selection
 Accuracy and consistency of tagging financial
statements and notes
 Usage of extensions
 Provide latest updates on local and global regulatory
reporting requirements, like the SEC regulation and
filing requirements as stated in the Edgar Filing Manual
 Completeness and validity of XBRL instance documents
and extension taxonomy (labels, calculation,
presentation and corresponding link bases)
3. Implementation services
4. Disclosure Management Roadmap
 Vendor selection (software or service)
 Extending and mapping of taxonomies to financial
statement items
 Deployment of XBRL reporting and filing solutions
 Development and maintenance of XBRL taxonomies
 Align charts of accounts and reporting packs to XBRL
filing requirements
 Implement XBRL enhanced accounting manuals
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 Build the broader business case for both the external
and internal use of XBRL for business reporting
 Conduct Business & Financial Reporting Impact
Assessment
 Design a phased implementation roadmap for the
disclosure management process
Links etc.
Erhvervs- og Selskabsstyrelsen: http://www.eogs.dk/sw69484.asp
IFRS: http://www.ifrs.org/XBRL/XBRL.htm
Dansk XBRL organisation: www.xbrl.dk
Europæisk XBRL organisation: www.xbrl.org\eu
International XBRL organisation: www.xbrl.org
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© 2011 Deloitte
Martin Juul Møller
Partner, Audit
Direct: +45 36 10 32 14
Mobile: +45 25 12 32 14
Email: [email protected]
Henrik Grønnegaard
Director, Audit – National Office
Direct: +45 36 10 36 86
Mobile: +45 23 23 20 25
Email: [email protected]
Deloitte Touche Tohmatsu Limited
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