HOMER A. BLACK Endowed Fellowship Fund

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 onXBRL • 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) <H1 ALIGN="CENTER">AGA</H1> <H2 ALIGN="CENTER">Meeting Notice</H2> <P>&nbsp;</P> <P ALIGN=”LEFT"><B>Please Attend!</B></P> HTML uses a “tagging system” to format information.

10. Simple Example of XBRL Tagging <item type="currentAssets.receivablesNet">140889</item> <item type="currentAssets.inventoriesNet">220900</item> <item type="currentAssets.prepaidExpenses">1120</item> 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. Schema Defines Properties of Tags XBRL Instance Document Output Stylesheet Defines Presentation Format XBRL Overview This is the Tagged Information Taxonomy Defines Meaning of Tags This is so that We Know What the Codes Mean

14. Some Attributesof 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” Regulators 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. Financial Reporting Standards Across Jurisdictions Illustrative Taxonomy Development Matrix Australia U.K. U.S. IAS Germany Canada US GAAP Done Commercial & Industrial Commercial & Industrial (C&I) Companies (C&I) Companies US GAAP C & I, extended to C & I, extended to Software Companies Software Companies … … … … … … … … Industry Specific Reporting Standards US GAAP C & I, extended to … … … … … … … … … … … … … … … … … … … … C & I, extended to … … … … … … … WIP … … … … … … … … … … … … Media & Entertainment Media & Entertainment US GAAP … … … … … … … … … C & I, extended to … … … … … … … … … C & I, extended to Agriculture Media & Entertainment US GAAP Financial Services Financial Services Companies … … … Companies … … … … … Roadmap for Financial Reporting Taxonomies Future