Assurance for Digital Reporting
Workshop 2.1.1
November 15, 2006
1
Assurance for Digital
Reporting
Your panel’s challenge:
•
Regulators and the public
–
–
–
•
digital information will have the same assurance and integrity as today’s
paper report.
If assurance is not provided, it could hinder the adoption of digital
reporting as a tool for electronically exchanging information.
If the accounting profession is not able to provide assurance, other
parties could step in.
Regulators
–
•
demanding auditors to provide assurance on electronic filings of
financial statements.
Governments
–
•
are asking the profession to deal with audit and assurance issues
related to electronic filings and provide the assurance needed by users.
Additionally,
–
XBRL, can facilitate a more efficient and effective audit by providing a
consistent method of capturing and interrogating business information.
This not only enhances audit delivery but also creates new service
opportunities.
2
Assurance for
Digital Reporting
Your panel:
Jan Pasmooij – Netherlands
–
Royal NIVRA
•
•
–
Manager IT Knowledge Centre
Chair IIN
Chair XII-XBRL_Assurance Working Group<AWG>
Christian Dreyer – Switzerland –
–
Tertium datur AG
Jim Sylph – USA-Canada
–
Executive Director _Professional Standards- IFAC
Your chair
Bill Swirsky – Canada –
–
–
–
Vice President – CICA
Chair XBRL_Canada
Vice-Chair XBRL_International
3
Assurance for
Digital Reporting
Bill Swirsky _ Canada
–
Opening comments on XBRL and the Challenge to the Panel
Jan Pasmooij – Netherlands
–
–
–
Issues of technology – XBRL
Challenges to assurance – technology’s realities
Call for action
Christian Dreyer – Switzerland
–
–
what the users want
what the users assume
Jim Sylph – IFAC/IAASB
–
–
the standards setters agenda
responding to a call to action?
Open discussion from the floor
•
Are there questions? Concerns?
Bill Swirsky – Canada
•
closing comments- CICA
4
• XBRL International
– Assurance Working Group
• Chair – Jan Pasmooij
• Vice- Chair – Bill Swirsky
5
6
7
Standards Board (XSB)
Governance
Board of Advisors
Organizational Resources
- Staff
- Subject matter consultants
8
9
Facts
Cash and Cash
Equivalents
$35,000
Definition, Content, and Presentation
XBRL Taxonomy
<element name="CashCashEquivalents"
id="cust_CashCashEquivalents"
type="xbrli:monetaryItemType"
substitutionGroup="xbrli:item"
nillable="true"
xbrli:balance="debit"
xbrli:periodType="instant"/>
Reporting
XBRL Instance
<cust:CashCashEquivalents
decimals="0"
contextRef="End2004"
unitRef="CAD">
35000
</cust:CashCashEquivalents>
XSLT Style Sheet
<xsl:for-each select="//cust:CashCashEquivalents">
<xsl:if test="@contextRef[.='End2004']">
<xsl:value-of select="format-number(current(), '###,###')"/>
</xsl:if>
</xsl:for-each>
10
The corporate reporting supply chain
XBRL
External Reporting
Processes
Business
Operations
Interna
l
Financi
al
Report
ing
Externa
l
Financi
al
Reporti
ng
Financial
Publishers
and Data
Aggregators
Companies
Participants
Trading
Partners
Management
Accountants
Investme
nt,
Lending,
Regulati
on
Auditors
Software Vendors
Economic
Policyma
king
Investors
Central
Banks
Regulators
11
The corporate reporting supply chain
XBRL
External Reporting
Processes
Business
Operations
Interna
l
Financi
al
Report
ing
Externa
l
Financi
al
Reporti
ng
Trading
Partners
Management
Accountants
Economic
Policyma
king
Financial
Publishers
Central
Capital
Markets
Investors
and Data
Banks
•Regulators
Aggregators
• Analysts
•Investors
C-Suite
.Companies
CEO
. CFO
Participants
Investme
nt,
Lending,
Regulati
on
Auditors
Auditors
Software Vendors
Regulators
12
Assurance for
Digital Reporting
And now to your panel of
• Technologists
• Experts
• Commentators ….
13