Session V: Panel on
“Evolution and Future
Trend for XBRL
Development”
Session Chair: Mary MacBain, President and Director of KSCPAs
8:00– 9:30
Overland Park, KS April 2013
Panel Members
 Efrim Boritz, University of Waterloo
 Eric E. Cohen, PricewaterhouseCoopers LLP
 Herm Fischer, Mark V Systems Limited
 Matthew F Slavin, SEC
 Miklos Vasarhelyi, Rutgers University
Train 3 (westbound) 11:52 PM
Train 4 (eastbound) 5:47 AM
Bring the sounds of Lawrence home with you!
http://www.dblhouse.us/richard/traincam6.htm
http://traincam.camstreams.com/homepage.asp
Enterprise Acceptance
 The evolving use of XBRL within companies
 Compliance
 Internal analysis and benchmarking
 Resistance within companies
 Historical and future cost of compliance
 Who is “responsible” for XBRL within a company?
 Implementations:
 Outsourcing
 Bolt on tools
 Integrated solutions
 How will the implementation of XBRL evolve?
What’s Happening in
Enterprises?
 Compliance with XBRL mandate
 Efficiency in compliance with XBRL mandate
 Efficiency in compliance with SEC requirements
 Benchmarking and additional benefits
 Efficiency in compliance with reporting requirements
as a whole
 Agility and integration using standardization
Resistance
 Change
 Management buy-in
 Simple compliance burden
 Political islands
 Under the influence
Evolution and Future Trends
 Where did we come from?
 Where are we now?
 What are the possible paths forward?
 What are the trends indicating a possible path?
The Story of Our New Language
Personalities, cultures, and politics
combine to create a common,
global language for business
http://www.aicpa.org/InterestAreas/
FRC/AccountingFinancialReporting/X
BRL/DownloadableDocuments/XBRL_
09_web_final.pdf
Where did we come from?
 XFRML, FRTA, FRIS
 Spec 1.0, 2.0, 2.0a, 2.1, errata
 Dimensions, Inline
Original Plans Looked
Deeper
 From “Highlights” of Initial XFRML Steering
Committee, 10/14/99
 “[XFRML] should have its roots in the "Audit
Supply Chain." XFRML as technical standard
for seamless process of exchange across all
audit processes.
 Our opportunity is to address things
internationally at the level below the financial
reporting level since there is more
commonality at that level.”
 This is still the place of XBRL’s Global Ledger
Taxonomy Framework – the detailed
information found in ERP systems.
Independent and
Interoperable Vision
 Application layer
 Tests
 New from old
 Data
13 Years Ago: XBRL 1.0
Processes
Business Reporting Supply
Chain
Financial Reporting
Tax
Business
Operations
Internal
Business
Reporting
External
Business
Reporting
Investment, Sustainability
Economic
Lending, Risk and Controls
Policymaking
Regulation
Banking and other statutory
Other compliance reporting
Participants
Financial
Publishers
and Data
Aggregators
Companies
Trading Management
Partners Accountants
Internal
Auditors
External
Auditors
Investors
Central
Banks
Regulators and Administrators
Software Vendors and Service Providers
Where are we now?
 Focus on projects, not on futures/big vision
 Moving forward by technologists, not domain/Spec
collaboration
 Staff > volunteers
Recommendations
XBRL 2.1 Specification
Dimensions 1.0
Formula 1.0 Specification
Generic Links
Inline XBRL (Rendering) Specification
Registry (for Formula)
Transformation Registry v2 (for Inline HTML)
XBRL Global Ledger Taxonomy Framework
Proposed Edited
Recommendations
Variables 1.0
Match Filters 1.0
Proposed Recommendations
Versioning Specification – Base,
Concept Use, Concept Details, and
Dimensions
Units Registry – Structure, Process
Generic Preferred Label 1.0
Units Registry - Process
Candidate Recommendations
Formula Extension Modules – Instances
Formula Tuples 1.0
Variables-Scope Relationships 1.02
Public Working Drafts
XBRL Steaming EXtensions Module 1.0
Inline XBRL 1.1
Table Linkbase 1.0
Comparability Business Requirements
XBRL Abstract Model 2.0
Versioning for Dimensions
Dimension Filters 1.1
Filling in the Gaps
 Rules
 Process flow
 Risks and controls
Taxonomies
 Financial reporting
 US GAAP, IFRS, Canadian, Japanese, German, UK
 Statutory filings
 US FDIC/FFIEC, Eurofiling Basel II, Solvency II
 Tax filings
 HMRC and …
 Pan-governmental reporting
 SBR: Netherlands, Australia
 Internal integration and reporting
 XBRL’s Global Ledger Framework
 Sustainability and Corporate Responsibility
 GRI G3 and G3.1, CDP
 Integrated/”Joined Up” Business Reporting
Global Agreement
Important Connections
21
SBR
in Australia
Reducing the reporting burden for business
What About the “Competition”?
ANSI X.12
UN/CEFACT ECE
ebXML
UBL
OAGIS
OWL/RDF/Ontologies
UML, model driven design
What are the possible paths
forward?
 Scope
 What IS XBRL anyway?
 Path
 Technical specification
 Areas of semantic meaning
 Collaboration
 Interoperability
 Participants
What are the trends
indicating a possible path?
 Development based on immediate user requirements,
not BRSC scope
 Independence of syntax/formal modelling effort
 What is XBRL if not the XBRL Specification?
 “XBRL is what we say it is”
 Inmates running the asylum