Transcript Slide 1

Accountancy Profession
Adding Value With XBRL
Barry Melancon, CPA
President and CEO
American Institute of Certified Public Accountants
The AICPA …
 The Professional organization for CPAs,
with more than 350,000 CPAs in both
corporate management / finance and
CPA firms
 Mission:
Provide CPAs with the resources,
information, and leadership that enable
them to provide valuable services in the
highest professional manner to benefit the
public as well as employers and clients
The Accountancy Profession is
committed to:
 Core values of –
 Integrity
 Objectivity
 Competence
 “Proactively” protecting the public interest
 An efficient and effective global capital
market through better information
AICPA and the CPA Profession’s
Commitment to XBRL
 Vision and leadership
 Invested in and supported XBRL
 Invested in the US Taxonomies – crucial to
US market adoption
 Support XBRL International with people
and infrastructure
 Recognized from the beginning the need
for interdisciplinary collaboration
The business reporting
supply-chain
Processes
Business
Operations
XBRL
Participants
Internal
Financial
Reporting
Externa
l
Financi
al
Reporti
ng
XBRL
Investment,
Lending, and
Regulation
XBRL
Collaboration is
KEY!!!
Financial
Publishers
and Data
Aggregators
Companies
Trading
Partners
Management
Accountants
Auditors
Software Vendors
Investors
Regulators
Why XBRL?
Fundamental transformation in the way business
reporting information will be exchanged,
aggregated, and analyzed
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Improve communication with investors
More efficient data aggregation
Improved analysis
More efficient creation of business reports
Better markets through better information
A critical enabler to the Enhanced Business Reporting
Consortium
Barcode has done for product
distribution …
Efficiency
Savings
Quality
… what XBRL is doing for business
reporting
The business reporting
supply-chain
Who Benefits?
Processes
Business
Operations
XBRL
Internal
Financial
Reporting
Externa
l
Financi
al
Reporti
ng
XBRL
XBRL
Financial
Publishers
and Data
Aggregators
Companies
Participants
Trading
Partners
Management
Accountants
Investment,
Lending, and
Regulation
Auditors
Software Vendors
Investors
Regulators
The business reporting
supply-chain
CPA’s Role in XBRL
Processes
Business
Operations
XBRL
Internal
Financial
Reporting
Externa
l
Financi
al
Reporti
ng
XBRL
XBRL
Financial
Publishers
and Data
Aggregators
Companies
Participants
Trading
Partners
Management
Accountants
Investment,
Lending, and
Regulation
Auditors
Software Vendors
Investors
Regulators
Major AICPA commitments to
Enhancing Business Reporting
 Improving audit quality
 Stronger internal controls and effective corporate
governance
 Detecting and preventing fraud
 Leading the way towards improved business
reporting
XBRL can play a key role in each
of these efforts
Better information leads to better management… better governance… better markets
Call to Action
 Now is the time for CPAs to act! The
tools are ready!
 Participate in the SEC Voluntary Filing
Program
 Take XBRL to the private company
sector. XBRL is not just for public
company reporting.
Looking into the Crystal Ball …
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SEC voluntary filing program takes off
Companies and banks start to talk in XBRL
CPAs opine on XBRL documents
Better and more analysis
Business sectors adopt – lending, tax, etc.
EBR + XBRL = value of financial information
grows
 Enhancing business reporting in ways we
can’t yet imagine …
The World Counts on …
The Global Accounting Profession
Accountancy Profession
Adding Value With XBRL
Barry Melancon, CPA
President and CEO
American Institute of Certified Public Accountants