XBRL

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					XBRL
eXtensible Business Reporting Language
What is XBRL?
   An open standard (free of license fees)
   Conceived about a decade ago (1998)
   For collecting, analyzing, and publishing financial
    statements and reports (οικονομικζσ καταςτάςεισ και
    χρθματοοικονομικά ςτοιχεία)
   The idea behind XBRL is:
    Instead of treating financial information as a block of
    text - as in a standard internet page or a printed
    document - it provides an identifying tag for each
    individual item of data.
   And since it is XML-based, XBRL is computer readable.
Simple Explanation
   It enables unique identifying tags to be applied to items of financial data
    (such as ‘net profit’)
   Tags more than simple identifiers, they provide a range of information
    about the item, such as whether it is a monetary item, percentage or
    fraction.
   XBRL can show how items are related to one another. It can represent how
    they are calculated.
   It can also identify whether they fall into particular groupings for
    organizational or presentational purposes.
   XBRL Taxonomies, are the dictionaries which the language uses.
   These are categorization schemes which define the specific tags for
    individual items of data (such as "net profit").
   National jurisdictions have different accounting regulations, so each may
    have its own taxonomy for financial reporting.
   A special taxonomy has also been designed to support collation of data
    and internal reporting within organizations. This is the GL taxonomy.
Simple Example
Representing…
CURRENT ASSETS
  Assets Held for Sale 100,000
  Construction in Progress, Current 100,000
  Inventories 100,000
  Other Financial Assets, Current 100,000
  Hedging Instruments, Current (Asset) 100,000
  Current Tax Receivables 100,000
  Trade and Other Receivables, Net,Current 100,000
  Prepayments, Current 100,000
  Cash and Cash Equivalents 100,000
  Other Assets, Current 100,000
Current Assets Total 1,000,000
Uses & Benefits of XBRL
   GAAP, IFRS, Banking taxonomies
   Internal reporting within organizations (General Ledger taxonomy)
   Mutual Fund Risk Return, Schedule of Investments, Corporate Social Responsibility, Listed
    Company taxonomies

   Benefits
       Reporting cost reduction
       Facilitates regulatory compliance with IFRS for listed companies and SMEs
       Enforces data credibility, improved accuracy, reliability and comparability
       Easier for investors to analyze a public company's financial information
       Lenders require commercial borrowers to provide periodic financial statements, XBRL significantly
        reduces the amount of time lenders must spend in both collecting and using the information
       “Better, faster, cheaper” data to organizational decision-making
   Beneficiaries
       Those who collect business data including governments, regulators, economic agencies, stock exchanges,
        financial information companies
       Those who produce or use it including accountants, auditors, company managers, financial analysts,
        investors and creditors
       Accountancy software vendors, the financial services industry, investor relations companies and the
        information technology industry
Who is behind XBRL?
   An international non-profit consortium of approximately 550 major
    companies, organizations and government agencies, including:
       National Banks
       Consulting and S/W companies like CapGemini, PwC, Accenture, Atos
        Origin, Deloitte, IBM, KPMG, Microsoft
       Ministries and NSIs (i.e. Instituto Nacional de Estadística (INE) & STATEC)
       Government and non-profit organizations
   Committee of European Banking Supervisors, CEBS, reporting to ECB,
    promotes the usage of XBRL (COREP/ FINREP XBRL Project) for
    solvency ratio reporting from credit institutions and investment firms
    under future EU capital requirements regime based on BASEL II.
   Panagiotis Voulgaris, from the Bank of Greece, participates in the
    core team of the COREP project
XBRL landmarks
   On May 15, 2008 the SEC (US Securities and Exchange
    Commission) adopted a rule for all companies to file
    their annual and quarterly reports in eXtensible
    Business Reporting Language (XBRL) on a staged basis
    over the next three years
   Under the proposal, the 500 largest companies
    (including foreign firms that use US GAAP) will begin
    filing XBRL attachments with their annual reports early
    2009. They will be followed a year later by
    approximately 1,700 additional companies in 2010,
    while all remaining smaller companies and foreign
    issuers that use IFRS will submit XBRL in 2011
Who uses XBRL?
   The Securities and Exchange Commission in the US,
    banking supervisors in Europe to stock exchanges in
    Asia Pacific
   8,000 banks in the US submit quarterly reports to the
    Federal Deposit Insurance Corporation (FDIC) through
    an XBRL data collection system
   A dozen European countries, and the Bank of Japan,
    among others, to collect regulatory filings from banks
   The Tokyo Stock Exchange collects its Earnings Digest in
    XBRL format from 80 percent of listed companies
How the XBRL is going global
   China, Singapore, South Korea, Israel and Japan have mandated
    public financial disclosures to be submitted in XBRL.
   Companies and financial institutions in the Netherlands can now use
    XBRL-tagged data to report their financial data to dozens of Dutch
    authorities resulting in significant administrative savings.
   The government of Australia has embarked on a multimillion dollar
    project that is projected to save Australian businesses nearly $1
    billion in reporting costs by leveraging XBRL.
   The XBRL Spain jurisdiction is supporting the expansion of XBRL
    throughout Ibero-American countries.
   The Global Reporting Initiative is testing an XBRL-based mechanism
    for reporting economic, environmental and social performance
    indicators.
XBRL opportunities
   The recession had as a consequence the demand for
    greater transparency from banks and financial
    institutions with respect to declaring their assets
   Η ECB ςτα πλαίςια του ςυμφώνου τθσ Βαςιλείασ ΙΙ και με
    βάςθ τα χρθματοδοτοφμενα ζργα τθσ COREP παροτρφνει τισ
    κεντρικζσ τράπεηεσ των χωρών τθσ Ευρωηώνθσ να
    αναπτφξουν και να υιοκετιςουν ςχιματα καταχώρθςθσ-
    παρακολοφκθςθσ των μθνιαίων καταςτάςεων των
    εμπορικών τραπεηών που εποπτεφουν, ςφμφωνα με το
    πρότυπο XBRL.
   http://www.slideshare.net/xbrlplanet/xbrlglobal-adoption-
    20090731
XBRL competition
   Hellastat A.E. sponsor themselves as the only Greek
    company that uses XBRL
   Hellastat have already implemented the schema of Ε.Γ.Λ.Σ.
    (Ελλθνικό Γενικό Λογιςτικό Σχζδιο) in XBRL v2, and
   Have already developed an Integrated Business Information
    System (IBIS) which is based on XBRL, is inline with the credit
    risk management criteria of Basel II
   Hellastat holds the largest on-line database of electronic
    (XBRL) financial statements for Greek companies and they
    already provide XBRL services to the National Bank of
    Greece, Interamerican, Reuters and others
Related Products
   Oracle XBRL Vault
     Builton Oracle Database
     Solution for collecting, validating, storing and analyzing
      XBRL documents
     Integrated components
       XBRL Repository
       XBRL Analytics Support
       UBMatrix XBRL processing engine
       UBMatrix Taxonomy Designer

				
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posted:9/6/2011
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