Thoughts on the Future
• Research Opportunities • Possible Outcome:
– Improve efficiency and effectiveness of XBRL creation • Process • Taxonomy & Taxonomy Extensions • Tools – Improve efficiency and effectiveness of analysis of financial information – Business Opportunities
Ideas on Research Approach/Process
Research needs to be connected (but not driven by) to how the results may be used
Academic Community
I
Identify Areas of Study
II
Perform Theoretical and Empirical Research
III Perform IV Applied
Research
Valuable Outcomes • Academic
Publications • Deliverables Distributed to Academic Community • Working Prototypes
Obtain input: • Ideas • Feedback • Access to Infor. • Application Ideas
Market and Key Stakeholders
Potential Areas of Research
• General Information
– Who created (EFM vs Self vs Other)? – Approach (Bolt-on, Integrated, …) – Whether grace period is utilized
• Creation
– Compliance with EFM rules & level of SEC comments – Impact of Auditor Involvement
• Consumption
– Comparing between periods for one company and comparing between companies – How auditors can leverage XBRL data
• Other
– Type/rate of companies modifying traditional reporting – Assessment of Guidance (or lack thereof!)
Research Obstacles & Ways Around Them
• Access to information not publically disclosed
– Survey registrants, leverage trade organizations – Aggregated data from Regulators and Acctg. Firms
• Timing of available data
– Focus initially on areas of interest associated with larger companies and lack of industry differentiation and Face of F/Ss
• Funding
– Add’n Sources: Trade Organizations, Government, – Tie in with commercial opportunities (Vendors, Analysts) – Tie in with auditor benefits (Firms)
• Limited results from working in vacuum
– Obtain input from the market (regulators, accountants, …)