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Say it in XBRL & the World will Listen

Say it in XBRL & the World will Listen. Haksu Kim, CFA & CPA Reuters America. 11 th XBRL International Conference April 27, 2005. XBRL for Investment Community. Not Creating New Information Enhance Quality of Data thru XBRL Efficiency Effectiveness. Measurement of Quality. Accuracy

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Say it in XBRL & the World will Listen

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  1. Say it in XBRL & the World will Listen Haksu Kim, CFA & CPA Reuters America 11th XBRL International Conference April 27, 2005

  2. XBRL for Investment Community • Not Creating New Information • Enhance Quality of Data thru XBRL • Efficiency • Effectiveness

  3. Measurement of Quality • Accuracy • Exactness • Completeness • Consistency for Comparison • By Sector • By Country • Worldwide • Timeliness

  4. Document Preparation Using XBRL • Standardization of data items • Fast and effective delivery • Convenient access to individual data items  Automation from preparation to usage of data

  5. Fundamental Data in Reuters 1. Sourcing Documents TXT, HTML, PDF, hard copy 2. Compiling Data Manual and Seasonal 3. Processing for Analytics 4. Delivery of Analytics

  6. 1. Sourcing Documents Hard Copy • Costly for Collection • Costly for Storage • Limited for Redistribution • Need to Covert it in an Electronic Format • Economical for Collection  Timeliness • Economical for Storage • Economical for Redistribution • Sharing Among Global Offices TXT, HTML, PDF XBRL • Economical for Collection  Timeliness • Economical for Storage • Economical for Redistribution • Sharing Among Global Offices

  7. 2. Data Compiling Hard Copy • Time-Consuming for Manual Process • Costly from Errors, Inconsistency • Costly for No Search Capability • Still time-consuming process • Difficult for any significant automation • Marginal benefits from Search Capability TXT, HTML, PDF • Possibly Complete Automation  Timeliness • Neutral to (Foreign) Languages XBRL

  8. 3. Processing for Analytics • No Audit Trail back to the source document Hard Copy • Limited Audit Trail back to the source • No improvement in consistency • of account titles TXT, HTML, PDF • Complete Audit Trail • Consistency in reported definition of line • items by sector/by country • (Not yet in consistency among countries) XBRL

  9. Limitation with XBRL • Divergence in Reporting Formats among Companies • Not All Data Items are in Taxonomy • Quantitative Data • Qualitative Data • Divergence in Accounting Standards in Different Countries • Lack of Efforts by Regulatory Authorities

  10. XBRL to be Successful • Enrich Taxonomy • In-depth of Data Items • Hierarchical Relationship among Data Items • Flexible for Future Development • Convenient Software Tools • Preparers • Users • Support from Regulatory Authorities • Stock Exchanges • Industry Associations

  11. Collective Efforts for Improvements • Diverse Groups for Taxonomy Development • Accessible by Various Software • For Data Processing • For Conventional Uses • IFRS for EU Member Countries

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