Transcript Slide 1
Assurance for Digital Reporting Workshop 2.1.1 November 15, 2006 1 Assurance for Digital Reporting Your panel’s challenge: • Regulators and the public – – – • digital information will have the same assurance and integrity as today’s paper report. If assurance is not provided, it could hinder the adoption of digital reporting as a tool for electronically exchanging information. If the accounting profession is not able to provide assurance, other parties could step in. Regulators – • demanding auditors to provide assurance on electronic filings of financial statements. Governments – • are asking the profession to deal with audit and assurance issues related to electronic filings and provide the assurance needed by users. Additionally, – XBRL, can facilitate a more efficient and effective audit by providing a consistent method of capturing and interrogating business information. This not only enhances audit delivery but also creates new service opportunities. 2 Assurance for Digital Reporting Your panel: Jan Pasmooij – Netherlands – Royal NIVRA • • – Manager IT Knowledge Centre Chair IIN Chair XII-XBRL_Assurance Working Group<AWG> Christian Dreyer – Switzerland – – Tertium datur AG Jim Sylph – USA-Canada – Executive Director _Professional Standards- IFAC Your chair Bill Swirsky – Canada – – – – Vice President – CICA Chair XBRL_Canada Vice-Chair XBRL_International 3 Assurance for Digital Reporting Bill Swirsky _ Canada – Opening comments on XBRL and the Challenge to the Panel Jan Pasmooij – Netherlands – – – Issues of technology – XBRL Challenges to assurance – technology’s realities Call for action Christian Dreyer – Switzerland – – what the users want what the users assume Jim Sylph – IFAC/IAASB – – the standards setters agenda responding to a call to action? Open discussion from the floor • Are there questions? Concerns? Bill Swirsky – Canada • closing comments- CICA 4 • XBRL International – Assurance Working Group • Chair – Jan Pasmooij • Vice- Chair – Bill Swirsky 5 6 7 Standards Board (XSB) Governance Board of Advisors Organizational Resources - Staff - Subject matter consultants 8 9 Facts Cash and Cash Equivalents $35,000 Definition, Content, and Presentation XBRL Taxonomy <element name="CashCashEquivalents" id="cust_CashCashEquivalents" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" nillable="true" xbrli:balance="debit" xbrli:periodType="instant"/> Reporting XBRL Instance <cust:CashCashEquivalents decimals="0" contextRef="End2004" unitRef="CAD"> 35000 </cust:CashCashEquivalents> XSLT Style Sheet <xsl:for-each select="//cust:CashCashEquivalents"> <xsl:if test="@contextRef[.='End2004']"> <xsl:value-of select="format-number(current(), '###,###')"/> </xsl:if> </xsl:for-each> 10 The corporate reporting supply chain XBRL External Reporting Processes Business Operations Interna l Financi al Report ing Externa l Financi al Reporti ng Financial Publishers and Data Aggregators Companies Participants Trading Partners Management Accountants Investme nt, Lending, Regulati on Auditors Software Vendors Economic Policyma king Investors Central Banks Regulators 11 The corporate reporting supply chain XBRL External Reporting Processes Business Operations Interna l Financi al Report ing Externa l Financi al Reporti ng Trading Partners Management Accountants Economic Policyma king Financial Publishers Central Capital Markets Investors and Data Banks •Regulators Aggregators • Analysts •Investors C-Suite .Companies CEO . CFO Participants Investme nt, Lending, Regulati on Auditors Auditors Software Vendors Regulators 12 Assurance for Digital Reporting And now to your panel of • Technologists • Experts • Commentators …. 13