Semantics in Finance: XBRL and the Future of Financial Reporting
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The document summarizes a presentation about eXtensible Business Reporting Language (XBRL) given by Liv Watson from XBRL International. XBRL is a specification that builds on XML to allow for structuring of financial data sets and describing relationships between business concepts. It aims to increase efficiency, transparency and comparability in financial reporting. While XBRL adoption is growing, challenges remain regarding modeling financial information in XBRL taxonomies. Liv Watson has over 25 years of experience in bridging technology, accounting and business reporting and is a leader in the XBRL community.
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Semantics in Finance: XBRL and the Future of Financial Reporting
- 1. Semantics in Finance December 8th, 2011 - 11am EST Presented by: Liv Watson Chief Product Officers, XBRL International, Inc.
- 2. About Extensible Business Reporting (XBRL) International What is XBRL. • XBRL International is a not-for- • XBRL Specification profit consortium of over 600 • Taxonomies (developed by the companies and agencies worldwide market place) working together to build the XBRL technology standard and promote and support its adoption. • XBRL builds on top of the internationally-accepted eXtensible Markup Language (XML) specification allowing for structuring data sets. • XBRL provides (through an XLink language specification) an ability to describe relationships between business concepts appearing in business reports. www.xbrl.org
- 3. Business Reporting Process and Participant Stakeholders Processes XBRL < CSR & ESG Data > XBRL Financial Statements Suppliers & Subsidiaries GL, the Journal Taxonomy and and Non-Financial Non-Financial XBRL Data Integrated Reporting Internal External Investment, Business Economic Business Business Lending, Operations Policymaking Reporting Reporting Regulation < Financial Data > Participant Stakeholders Financial NGOs, Community Groups, Publishers Central Companies Investors and Data Banks Associations Aggregators Trading Management Auditors Regulators Partners Accountants Software Vendors Source: XBRL International, Inc.
- 4. XBRL Adoption Source http://www.xbrlplanet.org/
- 5. “The adoption of eXtensible Business Reporting Language (XBRL) for financial reporting holds great promise as a source of efficiency, transparency, and comparability in the delivery of financial information.”
- 7. Modeling and XBRL Source: www.xbrl.org/sites/xbrl.org/files/i mce/XBRL2010Initiatives.pdf www.xbrl.org
- 10. Liv Apneseth Watson Chief Product Officer and Founder, XBRL International. Inc. . Member of the Board of Directors, MediaTenor Liv has over 25 years of experience, in finding Member of the Board of Directors, Institute of innovative ways to bring together Management Accountants (IMA) technology, accounting and financial and business Member of IFRS Foundation XBRL Advisory Council reporting. Vice Chair of the Institute of Management Accountants Working globally with leading market XBRL Working Group regulators, accounting associations and Founding member of the XBRL International Steering institutions, Ms. Watson has traveled to over 80 Committee Member countries presented XBRL to a wide range of audiences from international standards bodies to Fortune 1000 Past Vice Chair of XBRL International Membership Working companies and speaks with authority about its Group benefits, potential applications, and broad adoption. Past Vice Chair of XBRL International, Inc. Liv authored one of IMA's most successful CPE courses Past Chair of the XBRL US Adoption Committee "Accounting System Technology for the 21st Century". Past Vice Chair of the XBRL US Jurisdiction She has also published several articles for international Advisory Board Member – University of Southern Indiana publications and journals including Harvard Business Advisory Board Member – University of Albany, New York Review, Strategic Finance. She has also writes a Advisory Board Member - International Journal of monthly column of financial and business reporting Disclosure and Governance Editorial trends for CPA2Biz. She is the co‐author and contributor author to several of books including “XBRL for Dummies” and Governance, Risk, and Compliance Handbook published by Wiley.
Notes de l'éditeur
- The financial sector has its own set of special needs when it comes to managing dataand information. Driven by large amounts of information, the need for quick access todata, privately and securely, financial institutions need to be able to make decisionsquickly, to allocate resources and most of all, to please customers and maximizeshareholder value.Semantic technology can apply the same standards inside the organization to not onlymake data and information easy to find and share, but also extend the technology tohelp better manage relationships with customers and take advantage of the valuableinformation about the company available outside the firewall. Semantic intelligence isable to find and identify information that allows financial institutions to minimize theirexposure to risks, and it provides early identification and analysis of consumersentiment, market trends and competitor information—and it uncovers this data notonly from within an organization’s network, but also from the most unstructuredcorners of the Web.