Report on global adoption of unified
accounting and reporting standards and
the very latest from the IASCF
 Kurt Ramin
 Chairman (Emeritus), XBRL International, Advisor (IASCF)
 London, 51.512 / 0.094
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November 22, 2007
Financial Reporting Goes Global
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http://www.oracle.com/openworld/2007/keynotes.html
XBRL at IASC Foundation
Mission & Objectives
The Mission of the IASC Foundation XBRL Team is to provide
users an IASCF developed XBRL taxonomy for consistent
adoption and implementation of IFRS standards
The objectives are to:
 Deliver the XBRL Taxonomy with the same quality, in the same languages
and at the same time as the paper version
 Encourage the XBRL implementation wherever IFRS is used
 Make sure the Intellectual Property (IP) is protected and respected
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Agenda
1. Introduction, Organization, History
2. What’s happening over the last year?
3. Update on global IFRS adoption
4. IASB’s future plans and how the very latest will
impact the accounting profession
5. What challenges does the future hold for
reporting standards?
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704 pages
Part I: Origins
Part II: 1973-1987
Part III: 1987-2000
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Document (16).pdf
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465 pages
From 1966 to 1973
1973 to 1995
1995 to 2001 (IOSCO,
SEC)
 The New Structure
(Trustees, full time
Board, localization of
standards and use of
technology)
 References, Index,
Acronyms, Pictures
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IASB and IASC Foundation
 IASB is made of 14 members making the
Standards and has the technical expertise
 IASC Foundation is providing the context to
achieve the Board mission
 Others:
 Standards Advisory Council (SAC)
 IFRIC
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Roadmap to Convergence
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Norwalk agreement, October 2002
Roadmap: reconciliation by 2009 or earlier
Memorandum of understanding, February 2006
Seek progress in areas identified (11 areas)
Principles based – new framework
SMEs will play a major role
Taxonomies: XBRL GL, SMEs, IFRS, US GAAP
(Definition rich)
 SEC Roundtable, March 6, 2007
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2. What’s happening - 2007
 New Standards
 New IFRICs
 New Publications
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2007
 New Standards – NO new standards!, but lots of
DP’s, Exposure drafts – and comment letters!
 New IFRICs – just a couple
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New Publications
--eifrs
Education – Conferences (Zurich, Singapore)
Translations
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2513 pages
IASCF Constitution
Preface to IFRS
Framework
Due Process Handbook
IFRSs 1 to 8
IASs 1 to 41
Interpretations
Glossary of terms
Index
Standard, BC, IG
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2007 Spanish
and Localized
Editions of IFRS
40 languages
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Principle:
Principle based standards
Principles
Financial Reporting Goes Global
Rules
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FASB Codification
Overview
Organizing authoritative US-GAAP by topic
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Objective and Status
 Integrate and topically organize all relevant accounting
guidance issued by the U.S. standard setters
 FASB, AICPA, EITF, SEC.
 The codification draft is expected to constituents in 2007
for an extended verification period
 The objective of the verification process is to ensure that the
codification accurately reflects existing U.S. GAAP
 Once the Board addresses constituent comments, the
codification will become the single authoritative source of U.S.
GAAP and will supersede all existing standards
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Topical Structure
 Topics represent a collection of related
guidance in the following hierarchy:
 Topic > Subtopic > Section > Subsection
 Each topic is organized into one of four areas:
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General principles and objectives
Overall financial reporting presentation,
Transactional and financial statement accounts,
Industry.
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Subtopic Sections
 Sections are consistent from one subtopic to the next.
 In the list that follows, topic numbers are represented by XXX,
subtopic numbers by Y; section numbers are the actual numbers:
1.
2.
3.
4.
5.
6.
7.
8.
9.
XXX.Y.00—Status (References to standards affecting the subtopic)
XXX.Y.05—Overview and Background
XXX.Y.10—Objectives
XXX.Y.15—Scope and Scope Exceptions (if any)
XXX.Y.20—Topical Definitions / Glossary
XXX.Y.25—XBRL Definitions
XXX.Y.30—Recognition (assumes an asset/liability conceptual
framework)
XXX.Y.35—Initial Measurement (assumes an asset/liability
conceptual framework)
XXX.Y.40—Subsequent Measurement (assumes an asset/liability
conceptual framework)
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Subtopic Sections, cont.
9.
10.
11.
12.
13.
14.
15.
XXX.Y.45—De-recognition (assumes an asset/liability
conceptual framework)
XXX.Y.50—Other presentation matters (B/S classification,
cash flow, EPS, taxes, etc.)
XXX.Y.55—Disclosure
XXX.Y.60—Implementation guidance and illustrations
XXX.Y.65—Relationships (references to other topics or
subtopics that may be of relevance. For example, the Interim
Reporting topic may have discussions of LIFO reserves as
the object of an illustration or example. In such cases, the
relationships section would refer to that material.)
XXX.Y.70—Transition and Open Effective Date Information
XXX.Y.75—Links to Grandfathered Material
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ED IFRS for SMEs
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ED 254 pages (IG 80 p. BC 48 p.)
Definition (no public market – 50 people)
Stand alone document
Based on concepts and principles of full IFRS
Topics omitted (Price level, interim, EPS,
segment, simpler option)
 Recognition and Measurement (FI, GW and
impairment, less FV for agriculture)
 Frequency for updates
 Respond by November 30, 2007
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Possible Simple Format (per period)
Sort statements (Net:
assets-liabilities)
Four statements and aligned/
related Disclosure:
1. People
2. Fixed Assets
3. Product (Flow)
4. Financial (Flow)
5. Communication
1. Statement of Financial Position
2. Cash Flows
3. Recognized Income and
Expense for Period
4. Statement of Changes in
Equity-NET (including to
owners)
Add Related Disclosure:
(People, Fixed Assets, Product,
Financial, Communication)
(Information Flow)
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3. Global adoption
 World Standard Setter’s Meeting
 Organizational Changes
 Latin America and Columbia
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World Standard Setters Meeting
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September 24, 25 in London
40 Nations participating (Iran, Israel….
 Agenda
1. Welcome Sir David Tweedie, IASB Chairman
2. Adoption and Implementation of IFRSs (Australia,
China, Japan, Canada, Korea, India, Mexico)
3. US GAAP/IFRS Convergence Update
4. Implementation and Enforcement of IFRSs
5. SMEs
6. Other special topics (Framework, presentation of
Financial Statements, Fair Value Measurements)
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IFRS adoption in Latin America
 Required
 Costa Rica, Guatemala,
Honduras, Nicaragua,
Panama, Venezuela
 Permitted
 El Salvador, Mexico,
Paraguay, Peru
 Future
 Brazil (2010), Chile (2009)
 Ecuador (2008)
 Uruguay ???
 Columbia????
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XBRL International Jurisdictions
NO
SE
FI
NL
IASB
CA
LU
DE
DK
CZ
PL
RU
HU
SI
UK
AT
IE
US
BE
TR
ES
PT
GR
FR
IT
CH
VZ
Established
Jurisdictions
Provisional
Jurisdictions
UA
LB
CN
IL
JP
KR
IN
MT
TW
HK
AE
CO
SG
BR
Focus in 2008
ZA
Projects
Ongoing
Ibero-América
AU
NZ
AR
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Tagging of Financial Data
RFID Radio
Frequency
Identification
NFC
Near Field
Communication
<CurrentAssets> 5329000000 </CurrentAssets>
<CurrentAssets contextRef="End_2004" unitRef="EUR">
5329000000 </CurrentAssets>
Unit
Context
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Tomorrow’s Financial and Business Reporting Supply Chain
Business
Events
Entities
Data Aggregators
Users
Electronic
input:
Electronic bank
statements
Electronic
invoices
System
Credit cards
XBRL
XBRL
XBRL GL
Scanning
Regulators
ERP
XBRL
Management
Reports
XBRL
External
Reports
Commercial
XBRL
Others
Paper
Proprietary
Software
Proprietary
Software
Proprietary
Software
Proprietary
Software
Assurance
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3. Impact on the Accounting Profession
(Political and technical)
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US SEC (task forces)
FEI (Casey speech)
PIOB (Audit)
Europe (EFRAG and parliament)
Capital Markets (stock exchanges)
Large software companies (SAP/Oracle)
Data aggregators (Thomson/Reuters)
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1
2
3
4
Also in IFRS
Convergence
Multi-language
No stress
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4. Challenges – Future - Reporting
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Conventional Standards (Concepts)
Technology
Localization
Currencies and Capital Markets
Legal
 Read my Blog! (or contact me)
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http://blog.hitachixbrl.com/2007/09/05/financial-reporting-reform-and-xbrlpart-i/
http://blog.hitachixbrl.com/2007/09/12/financial-reporting-reform-and-xbrlpart-2
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XBRL: It’s Unstoppable
<Questions/>
<name>Kurt Ramin</name>
Kurt Ramin:自中世纪的意大利僧侣发明
<position> Emeritus Chairman, XBRL International
Steering Committee</position>
<email>[email protected]</email> 51 30 44 N 0 05 41 W
XBRL: Transforming Financial and Business Reporting
Financial Reporting Goes Global
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Financial Reporting goes Global XBRL and International