What you need to know about XBRL

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• What you need to know about XBRL!

May 13, 2009
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Todays Objectives

• What you need to know about XBRL
• XBRl progress in India
• XBRL at the U.S. Securities Exchange Commission
• Creating XBRL Filings for the SEC Mandate
• XBRL for Investor Relations

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XBRL eXtensible Business Reporting Language

• XBRL is ..perhaps the most revolutionary change
  in financial reporting since the first
• general ledger
• - Accounting Today
• "Technology is fueling a radical change in the
  way that business and individuals
• receive, process, and interact with data.
• Christopher Cox, Chairman, Securities Exchange
  
• 11/22/2009 Commission, USA

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What is XBRL?

• XBRL (eXtensible Business Reporting Language)
• ? XBRL is Tagged Data (Meta-Data - Machine
  Readable)
• Standard way to communicate business and
  financial information
• Defined by meta-data set out in taxonomies which
  capture the definition of individual reporting
  concepts and the relationships between them.
• XBRL - The Bar Code of the Business Reporting
  World.
• XBRL International
• Not-for-profit consortium of approximately 500
  companies and agencies worldwide working together
  to build the XBRL language and promote and
  support its adoption.

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(No Transcript)
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Inside XBRL

• Multi dimensional financial data representations
• Financial reporting vocabularies (taxonomies)
• Aliases and other definition relationships
• Mathematical relationships between concepts
• Structure for authoritative policies and guidance

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Todays Objectives

• What you need to know about XBRL
• XBRl progress in India
• XBRL at the U.S. Securities Exchange Commission
• Creating XBRL Filings for the SEC Mandate
• XBRL for Investor Relations

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XBRL in India
IRIS is awarded project to convert the historical
filings of US Companies into XBRL format
Corpfiling XBRL based filing platform adopted
by BSE and NSE
2006
1998
2009
XBRL is Born
2005
2007
ICERS IRIS XBRL based filing platform was
developed for BSE
India becomes a provisional jurisdiction of XBRL
International
RBI launches IRIS XBRL based filing platform for
Capital Adequacy Returns
ICAI develops XBRL taxonomy based on Indian GAAP
(built by IRIS)
Corpfiling IRIS XBRL based filing platform is
made mandatory by SEBI
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Todays Objectives

• What you need to know about XBRL
• XBRl progress in India
• XBRL at the U.S. Securities Exchange Commission
• Creating XBRL Filings for the SEC Mandate
• XBRL for Investor Relations

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XBRL at the SEC
SEC XBRL Voluntary Filing Program 120 companies
including Infosys Technologies Ltd
1. SEC XBRL Final Rule Released for all Public
companies
IDEA Interactive Data Electronic Applications
1996
2009
XBRL is Born
2005
2006
2008
1998
Electronic Data Gathering, Analysis and Retrieval
System (EDGAR)
Rating Agencies Tagging Rating Changes
US Central Bank and FDIC Mandate XBRL Filings
2. SEC XBRL Final Rule Released for all Mutual
Funds Jan 1, 2010
All Spanish Public Companies Mandated to File XBRL
All Chinese Public Companies Mandated to File XBRL
Electronic submissions are governed by
Regulation S-T, in conjunction with the EDGAR
Filer Manual
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Timing of When the XBRL Rule Applies
Large accelerated filers using US GAAP
worldwide public common equity float above 5
billion applies for fiscal periods ending
on or after 15 June 2009
All other large accelerated filers using US GAAP
applies for fiscal periods ending on or after 15,
June 2010
All remaining filers using US GAAP, includes
smaller reporting companies Foreign Private
Issuers (FPI) using IFRS . Applies for fiscal
periods ending on or after 15 June 2011
Phase 1 15 June 2009
Phase 2 15 June 2010
Phase 3 15 June 2011

• Large Accelerate Filers Exchange Act Rule 12b-2
  generally defines large accelerated filers as
  an issuer that has common equity held by
  unaffiliated persons with value of at least US
  700 million has been subjected to the Exchange
  Acts periodic reporting requirements for at
  least 12 months, has files at least one annual
  report and is not eligible to use the disclosure
  requirements available to smaller reporting
  companies for its periodic reports.
• Accelerated Filers Worldwide public float is
  defined as the aggregated worldwide market value
  of the voting and non-voting common equity held
  by non-affiliated as of the last business day of
  the second fiscal quarter of the companys most
  recent completed fiscal year (i.e. the same
  measure used to determined accelerated filers
  statues) That is, a calendar year filers with
  determined its eligibility for the first phase-in
  group using its worldwide public float measured
  at 30 June 2008.
• Fiscal Period For the first Form 10-Q (or
  for the Foreign Public Issuers, their first form
  20 F or 40-F, if applicable) for the period
  ending after the specified transition date.

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SEC XBRL Rule Highlight

• The XBRL documents must comply with the updated
  SEC EDGAR Manual which contains over 200 rules
• Companies that do not meet the required rules
  deemed not current with their Exchange Act Report
• The XBRL documents are required to be posted on
  the companys website on the same day they are
  submitted to the SEC

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XBRL Filings
Input
Output
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XBRL Excel
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Todays Objectives

• What you need to know about XBRL
• XBRl progress in India
• XBRL at the U.S. Securities Exchange Commission
• Creating XBRL Filings for the SEC Mandate
• XBRL for Investor Relations

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Creating XBRL Filings for SEC
Company Report
Map Taxonomy Tags with Line Items
Create New Tags
Create company specific relationships
US GAAP Taxonomy
Validation

• XBRL 2.1 Validations
• SEC Edgar Manual
• Validations

• 15,000 Elements

Company Instance Document
Final Document for Submission
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What could be tagged in a footnote?

• RDE expense was 6,107 million in 2006, 5,842
  million in 2005 and 5,874 million in 2004.
• The company incurred expense of 5,682 million in
  2006, 5,379 million in 2005 and 5,339 million
  in 2004 for scientific research and the
  application of scientific advances to the
  development of new and improved products and
  their uses, as well as services and their
  application. Of these amounts, software-related
  expense was 2,842 million, 2,689 million and
  2,626 million in 2006, 2005 and 2004,
  respectively. Included in the expense was a
  charge of 7 million and 1 million in 2006 and
  2005, respectively, for acquired in-process RD.
• Expense for product-related engineering was 425
  million, 463 million and 535 million in 2006,
  2005 and 2004, respectively.

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What could be tagged in a footnote?
RDE expense was 6,107 million in 2006, 5,842
million in 2005 and 5,874 million in 2004. The
company incurred expense of 5,682 million in
2006, 5,379 million in 2005 and 5,339 million
in 2004 for scientific research and the
application of scientific advances to the
development of new and improved products and
their uses, as well as services and their
application. Of these amounts, software-related
expense was 2,842 million, 2,689 million and
2,626 million in 2006, 2005 and 2004,
respectively. Included in the expense was a
charge of 7 million and 1 million in 2006 and
2005, respectively, for acquired in-process
RD. Expense for product-related engineering was
425 million, 463 million and 535 million in
2006, 2005 and 2004, respectively.
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Interactive Data Electronic Applications
IDEA will ensure that the SEC continues to stay
ahead of the needs of investors, said Chairman
Cox. This new SEC resource powered by
interactive data will give investors far faster,
more accurate, and more meaningful information
about the companies and mutual funds they own.
IDEAs launch represents a fundamental change in
the way the SEC collects and publishes company
and fund information and in the way that
investors will be able to use it.
Aug. 19, 2008
Source http//www.sec.gov/news/press/2008/2008-17
9.htm
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Todays Objectives

• What you need to know about XBRL
• XBRl progress in India
• XBRL at the U.S. Securities Exchange Commission
• Creating XBRL Filings for the SEC Mandate
• XBRL for Investor Relations

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What can XBRL do for investors and analysts?

• Packages explanatory contextual information
  around each data point
• Makes data more granular, more extractable
• Provides a common framework of definitions
• Improve the accuracy, quality and transparency of
  corporate information
• Enables easier comparison of multiple companies
• Reduces reliance on normalized data

http//www.cfapubs.org/doi/pdf/10.2469/ccb.v2009.n
3.1
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What can XBRL do for investor relations?

• Improve the accuracy/quality of your own
  financial information in the marketplace
• Reduce errors in the information reported
• Improve the ability to compare and benchmark your
  financials with peer companies
• Let you tell your story in your own words

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Why will XBRL benefit you?
I must state unequivocally that the purpose of
introduction of XBRL is not to catch errant
companies. In fact, with XBRL, companies will not
make errors in their reporting if they are able
to implement XBRL within the organization
effectively, -Swaminathan, CEO of IRIS
Business Services
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Never Fear, IRIS is Near !!!

• Skype xbrl.help, mail xbrl.help_at_irisindia.net or
  call 67231000
• Helpdesk open 9 am 6 pm Mon Fri
• Queries will be directed to XBRL specialists

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Coming to a Book Store Near You Soon!
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THANK You
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IRIS XBRL

• A leading information and Indias first XBRL
  solutions company
• IRIS is one of the founder companies of XBRL
  India part of XBRL India Jurisdiction
• Created the Taxonomy for Institute of Chartered
  Accountants of India, soon to be adopted by
  India.
• XBRL compliant end to end corporate e-filing
  solution for the BSE and NSE
• XBRL compliant Bank Reporting solution for Indian
  Banks reporting to The Reserve Bank of India

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XBRL SOLUTIONS FROM IRIS

• IRIS offers solutions built around its three
  product lines

Enable Data Conversion to XBRL Format, From any
Non Structured or Structured Format
XBRL Based Electronic Reporting Platform for
Regulatory Reporting Information Exchange
XBRL Based Electronic Reporting Platform for
Regulatory Reporting Information Exchange
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XBRL Services

• Outsourced Data Conversion Services
• IRIS has a team of trained analysts that can
  create your financial reports in XBRL Format.
• The analysts have worked with US GAAP, IFRS and
  Indian GAAP Accounting Standard/Taxonomy
• Taxonomy Development Consulting
• The IRIS XBRL team comprises technology
  professionals chartered accountants to provide
  consulting service to develop Taxonomies
• IRIS has developed the Indian GAAP Taxonomy
  (currently a exposure draft) the BASEL II
  Taxonomy
• IRIS is working on developing a taxonomy for a
  Stock Exchange in Africa

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About The Speaker

• Liv Watson
• Member, Board of Directors,IRIS Business
  Services Private Limited
• As one of the founding members of XBRL, I have
  been involved in XBRL for more than 10 years. I
  have seen the organization evolve from a small
  group of companies to an international
  organization supported by the worlds leading
  accounting, technology, financial services and
  regulatory agencies.