35mm slide base presentation template

1
HOMER A. BLACK Endowed Fellowship
Fund     Professor Homer Black provided
leadership for the Florida State University
Accounting Department for almost 35 years. Homer
served as Chair of the Accounting Department and
taught thousands of students who have become
CPAs. Many of those students used the classic
Black and Champion accounting textbook in their
studies. Homer and his spouse Clara currently
live in Tallahassee, and continue to participate
in Florida State University events. It is likely
that you will see them at a home football or
basketball game. They enjoy traveling
extensively worldwide. Homer and Clara value
their family, friends, and church.   To honor
Homer, an endowed fellowship fund has been
established in his name. The fund will provide
fellowships to a number of Master of Accounting
students at Florida State University, on an
annual basis. The fund will be endowed, meaning
that the principal will remain in perpetuity and
the earnings will be used for fellowships.
2
XBRL Putting Financial Information on the Web
Bill Hillison April 25, 2006
3
AICPA Testifies to Congress on XBRL

• March 30, 2006 (SmartPros) Barry Melancon,
  president and CEO of the American Institute of
  CPAs, on Wednesday testified before Congress on
  the need for eXtensible Business Reporting
  Language (XBRL), a new financial reporting model
  that gets information into the hands of investors
  faster.

4
SEC Stance
Registrants may voluntarily furnish XBRL data in
an exhibit to specified EDGAR filings under the
Securities Exchange Act of 1934 and the
Investment Company Act of 1940. There have been
a number of firms volunteer to experiment with
XBRL filings.
5
Organizations Supporting the Development
6
XBRL Extensible Business Reporting Language

• XBRL is a universal new economy language for
  business information, reporting, and analysis.
• It is currently being developed to meet the needs
  of digital storage and Internet communications.
• It is free in the sense that it need not be
  licensed for use.

7
How Does XBRL Compare to Other Languages?

• HTML is the language that opened up the Internet.
• XML is the next step to using the Internet for
  business.
• IBM, Microsoft and other ERP product suites
  heavily reliant on XML
• XBRL is a unique use of XML. Facilitates, but
  does not change, financial reporting.
• Provides benefits to all members of the supply
  chain.

8
Why XBRL?

• Financial reports on the Web today were designed
  for access by humans and not for pre-programmed
  access by computers.
• Current reports are electronic replications of
  paper documents.
• XBRL provides self-describing data structures
  enabling users to more efficiently access and use
  the information contained within the reports.
• The use of XBRL over the Web will enable access
  by intelligent devices facilitating analysis and
  access by human operators.

9
Example of HTML (Internet Language)
ltH1 ALIGN"CENTER"gtAGAlt/H1gt ltH2
ALIGN"CENTER"gtMeeting Noticelt/H2gt ltPgtnbsplt/Pgt lt
P ALIGNLEFT"gtltBgtPlease Attend!lt/Bgtlt/Pgt HTML
uses a tagging system to format information.
10
Simple Example of XBRL Tagging
ltitem type"currentAssets.receivablesNet"gt140889lt
/itemgt ltitem type"currentAssets.inventoriesNet"gt
220900lt/itemgt ltitem type"currentAssets.prepaidEx
penses"gt1120lt/itemgt
XBRL uses tags to represent meaning that can be
mapped into databases, filings, reports,
spreadsheets or any other format.
11
A More Comprehensive Example
12
Update
What users see is not different from today
13
XBRL Overview
This is the Tagged Information
Taxonomy Defines Meaning of Tags
This is so that We Know What the Codes Mean
14
Some Attributes of XBRL
It is Open Source and Free Tags can be user
defined, but for global financial reporting, we
need a dictionary or agreed-on Taxonomy Regulato
rs world wide are taking steps to incorporate
XBRL into reporting
15
Potential XBRL Applications

• XBRL for Financial Statements - financial
  statements of all sorts.
• XBRL for Taxes - tax returns which are filed and
  information exchanged for items which end up on
  tax returns.
• XBRL for Regulatory Filings - specifications for
  the large number of filings required by
  government and regulatory bodies.
• XBRL for Accounting and Business Reports -
  management and accounting reporting created by
  your accounting system.
• XBRL for Transaction Data uniform recording and
  storage.
• XBRL for Authoritative Literature - a standard
  way for describing accounting related
  authoritative literature by the AICPA, FASB, ASB,
  and others.

16
Steps to the Future

• Develop New Taxonomies for Other Uses (See Next
  Slide).
• Incorporation of XBRL into current accounting
  application packages such as ACCPAC, Peachtree,
  and into ERPs (SAP has applications).
• Educate users.
• Develop more applications.

17
Roadmap for Financial Reporting Taxonomies
Future