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Welcome to the Investor Services and College & University Business Libraries (CUBL) Sections of SLA Business & Finance Joint Program Speakers: Rita Ormsby and Louise Klusek, The William & Anita Newman Library, Baruch College, CUNY and Courtney Cowgill, Chief Financial Officer and Corporate Treasurer of Oceanic Exploration Company Sponsored by Ebsco Information Services and InfoCurrent June 5, 2007 Denver Colorado

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  • 1. Welcome to the Investor Services and College & University Business Libraries (CUBL) Sections of SLA Business & Finance Joint Program Speakers: Rita Ormsby and Louise Klusek, The William & Anita Newman Library, Baruch College, CUNY and Courtney Cowgill, Chief Financial Officer and Corporate Treasurer of Oceanic Exploration Company Sponsored by Ebsco Information Services and InfoCurrent June 5, 2007 Denver Colorado
  • 2. What is XBRL? XBRL? XBRL, c'est quoi? Wat is XBRL? QU ES XBRL? Vad r XBRL? is a question being asked around the world
  • 3. Baruchs Center for Corporate Integrity has sponsored several sessions on XBRL
  • 4. Slides from recent XBRL conference at the University of Kansas are available
  • 5.
  • 6. XBRL and Financial Reporting SLA Investment Services Section College & University Business Libraries (CUBL) Section June 5, 2007
  • 7. Todays Overview
    • What is XBRL?
    • The SEC and XBRL
    • XBRL in Use
    • The Future
  • 8. What is XBRL?
    • eXtensible Business Reporting Language
    • Metadata for financial statements
    • Based on approved taxonomies
  • 9. Using XBRL Data
    • View and manipulate
      • Ask what if questions
      • Construct graphs
      • Compare companies against peers
      • View information in any language
      • Change currency
      • View under different accounting conventions
  • 10. XBRL International
    • Consortium of over 2000 accounting firms, corporations, government entities, academic institutions
    • Facilitated by American Institute of Public Accountants
    • Promotes the development and use of XBRL
  • 11. SECs Standard Setting
    • $ 54 Million to improve EDGAR
    • Complete taxonomies for all industries by September 2007
    • Build improved analytical tools
    • Mandate filing with XBRL
  • 12. The SEC Program Today
    • Voluntary XBRL Filing Program
      • originally 17, now 30 companies
    • Executive compensation data tagged
      • beginning 2Q, 2007
  • 13. SEC Voluntary Filing Program
    • 3M Company Anadarko Petroleum Automatic Data Processing Altria Group, Inc. Bowne & Co. Inc. Brazilian Petroleum Corp. Bristol-Myers Squibb Comcast Corporation Commonwealth Edison Crystal International Travel Group, Inc. The Dow Chemical Company EDGAR Online Inc. Exelon Corporation Exelon Generation Co
    • Fastenal Co. Ford Motor Company Ford Motor Credit Company General Electric Company Gol Intelligent Airlines, Inc. Infosys Technologies Microsoft Corporation Old Mutual Capital, Inc. PECO Energy Company PepsiCo, Inc. Pfizer, Inc. R.R. Donnelley & Sons South Financial Group, Inc. United Technologies
    • Xerox Corporation XM Satellite Radio Holdings
  • 14. SEC Financial Report Viewer
  • 15. The FFIEC Program
    • FFIEC requires quarterly Call Reports filed in XBRL (October 2005)
    • Over 8,200 banks report to Central Data Depository at www.FFIEC.gov/FIND/
    • Validation and accuracy improved
  • 16. Investment Company Institute
    • XBRL taxonomy for Risk/Return Summary (N-1A) (released January 2007)
    • Proposal to join the SECs voluntary filing program (submitted March 2007)
  • 17. XBRL Around the World
    • Taxonomy Development
      • US GAAP
      • IFRS (International Financial Reporting Standards)
      • COREP (Common Reporting)
      • National GAAP
        • Complete in Japan, Germany, Korea & Sweden; Under development in Canada, China, Ireland, New Zealand, Spain, Thailand & UK
  • 18. Canadian Securities Administrators
    • Voluntary filing program to start May 2007
    • Uses Canadian GAAP taxonomy
    • XBRL Canada Blog at http://www.zorba.ca/xbrlblog.html
  • 19. XBRL Pilot Programs
      • Japan FSA & Tokyo Stock Exchange
        • Full financial statements for all listed companies in 2008
      • National Bank of Belgium
        • Commerical & industrial companies to file beginning April 2007
      • Shanghai Stock Exchange
  • 20. Other XBRL Users
    • EDGAR Online I-Metrix
    • XBRL for Earnings Releases
    • Sustainability Reports GRI G3
    • Tax Returns UK-HMRC and Dutch Tax Authority
    • CEBS Basel II Reporting
  • 21. The Future
    • Change in marketplace for SEC based fundamental data
    • More accurate, broader, more effective and less expensive research coverage
            • Gartner, September 28, 2006
  • 22. Steps for Librarians
    • Keep abreast of SEC moves
    • Test free SEC tools
    • Talk to your data vendors
  • 23. Thank You Louise Klusek, Assistant Professor, Newman Library, Baruch College, City University of New York [email_address]