Transcript PowerPoint 프레젠테이션 - XBRL International

8th XBRL International Conference (Seattle, WA)
XBRL
PILOT
PROJECT
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K O S D A Q S t o c k M a r k e t I n c . Nov. 4, 2 0 0 3
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8th XBRL International Conference
XBRL PILOT
PROJECT
I N
K O S D A Q
I : KOSDAQ
01. Introduction
02. Comparison Among Asia’s New Markets
03. Global Status
II : XBRL Pilot Project
01. Introduction
02. Taxonomy for Korean Companies
03. Transformation of SGML filings to XBRL
04. Web & Excel-based Analysis Tools using XBRL
05. What XBRL offers
III : Assignments
8th XBRL International Conference
XBRLPILOTPROJECT
I : KOSDAQ
01. Introduction
- Provides an investor-friendly environment providing capital for SMEs
and IT venture businesses, serving as the marketplace
for new and diverse opportunities.
- Referred to as the “Nasdaq of Asia”
- 100% fully automated trading system
- Top of the world in On-line Trading
- WWW.KOSDAQ.COM
8th XBRL International Conference
XBRLPILOTPROJECT
I : KOSDAQ
02.Comparison Among Asia’s New Markets
Daily Trading Value (US$ mil.)
( End of November 2002 )
2,000
1,750
1,500
1,250
1,011
1,000
750
341
500
125
250
0
KOSDAQ
Note:
(1)
JASDAQ(1)
Japan
14
GRETAI(2)
(2) Taiwan (3)
Singapore
SESDAQ(3)
(4) Hong
Kong
24
GEM(4)
8th XBRL International Conference
XBRLPILOTPROJECT
I : KOSDAQ
03.Global Status
(US$ bil.)
Ran
k
No. of Listed
Companies
Rank
Accumulated
Trading Value
Rank
Market Cap.
1
TSX
Toronoto(3,621)
1
NYSE (7,146)
1
NYSE (10,114)
2
Nasdaq(3,324))
2
Nasdaq (5,035)
2
Nasdaq (2,746)
3
Spanish
Exchanges(3,198)
3
London (2,589)
3
Tokyo (2,644)
4
LONDON(2,692)
4
Tokyo (1,421)
4
London (2,110)
14 KOSDAQ(866)
14
KSE (326)
15
KSE (256)
16
20
KOSDAQ(234)
36
KOSDAQ(33)
KSE(686)
* WFE Sep. 2003(companies), July.2003 (Trading Val, Market Cap)
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
01.Introduction
PROJECT
OVERVIEW
Contractor : Samil (PwC), UB Matrix Korea (UB Matrix USA)
- Personnel : Accounting Consultants (Local : 5 , Foreign : 1)
Engineer (Local : 3, Foreign : 5)
- Software : Taxonomy Builder, Universal Studio, Web Analyzer
(UB Provided), Oracle, JSP, Excel
- Period
: July 28th ~ Nov. 10th 2003 (15 weeks)
- Samples
: 15companies (5-year Financial Statements)
Outcome : XBRL Products
- Commercial & Industrial Korean GAAP(K-GAAP) Taxonomy
Establishment
- Web and Excel-based Investor Analysis Tool
- Technical Experiment on the Internet
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
01.Introduction
BACKGROUND
Nasdaq launched XBRL Pilot Project in 2001
- In Korea, FSS, KSE, KOSDAQ have established SGML-based
E-disclosure Infrastructure (DART in Korea, EDGAR in USA) for
Financial Reporting since 1999
Benefits to KOSDAQ’ & Listed companies
- Establish on Standardized Financial Statements with simpler
process for listed companies  Increase Market Transparency
- Provide fast and enhanced financial statements and
empowered analysis tool for investors around the world
 Increase Equity funding with Investors Trust
KOSDAQ
-PwC
-UB Matrix
Standardized
Financial Statements
Simpler
Process
Fast & Enhanced
Financial Statements
& Analysis Tools
Investor
Trust
COMPANIES
INVESTORS
Investment
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
01.Introduction
GOAL
Establish K-GAAP Taxonomy
- Approval from XBRL International
- XBRL adoption around Korean Companies in Financial Reporting
Increasing Market Transparency
- Provide standard Financial Statements through XBRL
- Empower investors by providing analysis tools
Frontier in XBRL Technology in Korea
- Kosdaq is the first organization to recognize the value of XBRL
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
01.Introduction
PROCESS
Samil (PwC)
UBMatrix (UBMatrix USA)
1. Define & Establish Korean
GAAP Taxonomy
2. Provide Taxonomy Builder Tool
4. Confirm XBRL Instance Outcome
3. Establish & Validate XBRL
Instance (Korean/English)
<VALIDATION FROM THE PROJECT>
- EDGAR Analyst Financial
Standards Review
- Validation of extracted
Financial Information
- Business Evaluation Model of SMEs
5. Save in Document Repository
6. Apply EDGAR Analyst analysis
Program to the WEB
8. Hold related Seminars
7. Develop Excel Analytics
& Apply to the WEB
10. PR to foreign securities houses
& Investment Companies
9. Apply outcomes to EDGAR Analyst
Project Review & Follow-up Planning
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
APPROACH
E-disclosure System
Standardized Financial reporting system using E-disclosure
(based on SGML)
SGML Based
Financial Statements
Listed
COMPANIES
FSS
KOSDAQ
(KSE)
INVESTORS
via Internet
* Financial Statements of FSS
APPROACH
K-GAAP TAXONOMY
INDUSTRY EXTENSION
OF K-GAAP TAXONOMY
- Besides Standard Accounts, FSS includes Accounting Practices
(approx. 3,000 accounts)
- Industry (Finance, Non-Finance)
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
APPROACH
Issues and Considerations
How to approach building K-GAAP Taxonomy
in line with Global Financial Statements?
1. US GAAP, IAS
(FSS)
APPROACH
K-GAAP TAXONOMY
INDUSTRY EXTENSION
OF K-GAAP TAXONOMY
TAXONOMY
ARCHITECTURE??
2. FSS
(US GAAP, IAS)
REFER TO FSS (*2)
* Dr. Walter Hamsher’s Suggestion
- Accounts Hierarchy from FSS
- Label, References from US GAAP, IAS
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02. Taxonomy for Korean Companies
APPROACH
3Phases
Phase 1. K-GAAP Taxonomy
(Korean Standards)
- K-GAAP Taxonomy Definition/Establishment based on
Korean Companies Accounting Principles
Phase 2. Extended FSS Taxonomy
(Commercial & Industrial)
– In actual industry accounting practices -over 3,000acccounts
were used, FSS element Extension
Phase 3. Company Extension
APPROACH
K-GAAP TAXONOMY
EXTENDED
FSS TAXONOMY
– Naming and defining up to the level of Individual Company’s
User defined Accounts(excluded in FSS Accounts Schema)
* In general, individual companies expand and apply lower level accounts
when standard Taxonomy is defined, however, in Korea FSS account
schema has already included the level of industry.
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
for Korean Standards
Framework
01 Chart of Accounts
02 Notes
03 GAAP References
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
NEXT >
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
for Korean Standards
01 Chart of Accounts
Accounting Review
Technical Review
Standardized Accounting Structure
Guided by Korean Companies
Accounting Principles
XBRL adoption skill in accordance
with international standardized
accounting principles
- Korean Companies Accounting
Principles
- XBRL Specification
& Taxonomy Builder Skill
- Refer to IAS, US GAAP
- IAS, US GAAP Taxonomy Schema
& Structure
- Consideration with FRTA
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
Label, Description
Element, Attributes
CoA including Commercial & Industrial in accordance with Korean
Companies Accounting Principles with the consideration of
International Standards.
- Chart : B/S, I/S, R/E, C/F (approx. 870accounts)
BACK <
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
01 Chart of Accounts
for Korean Standards
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
BACK <
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
for Korean Standards
02 Notes
Reliance
Guidelines
from KASB
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
Best Practice
from Accounting
Firms
Actual
Financial Reports from
KOSDAQ Listed Companies
Notes Standardization for K-GAAP Taxonomy
- 121 type notes (Quantity & Variety)
* 3,000 notes (in general) cannot be completed in this pilot
project(3 mo.’s) and should be continued…
* Notes standardization has encountered unexpected problems
(Various table formats in Korean Notes)
BACK <
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
02 Notes
for Korean Standards
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
BACK <
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
for Korean Standards
03 GAAP References
K-GAAP references which had similar rules with IAS, US
GAAP were reviewed and referenced.
* Rule : statements, opinions, etc.
- K-GAAP Reference based on Standards from KASB.
- IAS References based on standards from IASB.
- US GAAP References based on standards from FASB.
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
BACK <
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
K-GAAP
TAXONOMY
03 GAAP References
for Korean Standards
APPROACH
K-GAAP TAXONOMY
- Chart of Accounts
- Notes
- GAAP References
EXTENDED
FSS TAXONOMY
BACK <
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
EXTENDED
FSS
TAXONOMY
Extension for FSS Industry Practice
- K-GAAP Taxonomy must be extended up to the level of FSS to
connect between K-GAAP Taxonomy and Existing FSS E-disclosure
Financial Accounting Structure.
- General Schema was adopted from K-GAAP, however, in the
extended Taxonomy there was some complications (see below *).
* FSS includes Similar accounts and it can be matched more than
one account in the translation of Korean
* Element posting in Taxonomy Builder accepted English only.
APPROACH
K-GAAP TAXONOMY
EXTENDED
FSS TAXONOMY
* Similar accounts :
- Accounts which has same meaning with two different names
- Accounts with similar meanings with different names
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
02.Taxonomy for Korean Companies
EXTEDED
FSS
TAXONOMY
APPROACH
K-GAAP TAXONOMY
EXTENDED
FSS TAXONOMY
Extension for FSS Industry practice
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
03.Transformation of SGML filing to XBRL
MAPPING
TABLE
Use Mapping Table to Transform SGML Filing into
XBRL Instance
To transform SGML
filing into XBRL
instance
K-GAAP Taxonomy
Korean Standard
Financial Reports
(SGML)
Inherited
schema
Extended FSS
Taxonomy (name)
Mapping
Table
XBRL Instance
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
03.Transformation of SGML filing to XBRL
MAPPING
TABLE
To transform SGML
filing into XBRL
instance
Mapping Table for Transformation
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
04.Web & Excel-based Analysis Tools using XBRL
SYSTEM
ARCHITECTURE
Web View & Excel
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
04.Web & Excel-based Analysis Tools using XBRL
SYSTEM
ARCHITECTURE
Technical Experiments
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
04.Web & Excel-based Analysis Tools using XBRL
ANALYSIS
FUNCTION
Ratio & Financial Statements Analysis
- Growth(9 ratios) Profitability(19 ratios) Stability(17 ratios)
Turnover(8 ratios) Cash Flow(6 ratios) Others(10 ratios)
- B/S, I/S, C/F, R/E
Analysis Methods (Web & Excel)
- Summary of Single company
- Comparison ( Multi-Company One Period, Company-Industry One period,
Single-Company Multi Period ) in Financial, Ratio
SCREEN
SHOTS
Web Viewer, EXCEL, Technical Experiments
-- Video Clip (MPEG file)
8th XBRL International Conference
XBRLPILOTPROJECT
II: XBRL Pilot Project
05. What XBRL Offers
SCREEN
SHOT
05-1 Change of Exchange Reporting Objectives (SGML -> XBRL)
05-2 Accounting Global Standards Based on XBRL
05-3 Financial Reporting Process in EXCEL
05-4 Enhancement in Financial Reporting
05-5 Change in Information Analysis (WEB)
05-6 Change in Information Analysis (EXCEL)
05-7 Change in Information Analysis
05-8 Change in Information Logistics
8th XBRL International Conference
XBRLPILOTPROJECT
05-1 Change of Exchange Reporting Objectives (SGML -> XBRL)
SGML
XBRL
Accept Global Standard
(Global Communication)
8th XBRL International Conference
XBRLPILOTPROJECT
05-2 Accounting Global Standards Based on XBRL
SGML / DTD
XBRL / TAXONOMY
Recognition of
Financial Statements &
Easiness of Sharing
Information
Logical
Accounts
Schema
Logical
CofA
Reference, Presentation,
Calculation, Label, Definition
8th XBRL International Conference
XBRLPILOTPROJECT
05- 3 Financial Reporting Process in EXCEL
SGML(restricted,closed)
XBRL(open,Common)
Easy to prepare
Fin’l Statements
8th XBRL International Conference
XBRLPILOTPROJECT
05- 4 Enhancement in Financial Reporting
BEFORE
Financial
System
AFTER
Financial
Reporting
Print out
Supervisory
Org. Report
Outside
Disclosure
Documents
Company
Website
•Reduce Time
& Costs
•Reduce Errors
in re-input
•Compatible
with any S/W
Supervisory
Org. Report
Outside
Disclosure
Documents
Audit Report
XBRL
Company
Website
IRS Report
IRS Report
Other
3rd Party
Documents
Financial
Reporting
Print Out
Financial
System
Other
3rd Party
Documents
Audit Report
8th XBRL International Conference
XBRLPILOTPROJECT
05- 5 Change in Information Analysis (WEB)
BEFORE
AFTER
-Visual Analysis
-Comparison with Companies
-Time Series Comparison
-Industry vs. Industry
(Excel Download)
8th XBRL International Conference
XBRLPILOTPROJECT
05- 6 Change in Information Analysis (Excel)
BEFORE
AFTER
Office 2004 embedded
in XML Functions
8th XBRL International Conference
XBRLPILOTPROJECT
05- 7 Change in Information Analysis
8th XBRL International Conference
XBRLPILOTPROJECT
05- 8 Change in Information Logistics
BEFORE
AFTER
COMPANY
Information Vendors
-Enhanced Information
INVESTORS
COMPANY
• BETTER
• FASTER
• CHEAPER
INVESTORS
(Web, Excel)
8th XBRL International Conference
XBRLPILOTPROJECT
III:ASSIGNMENTS
XBRL International Approval on K-GAAP Taxonomy
- Join XBRL Korea Jurisdiction
(2003.9.29)
- Submit K-GAAP Taxonomy Draft to XBRL Korea Jurisdiction
(2003.10.21)
- As a member of XBRL Korea Jurisdiction, attain XBRL International
approval on K-GAAP Taxonomy (ongoing)
- Co-work with FSS, KSE for Korea Standardization in Working Group
- Announce K-GAAP Taxonomy as Standard Financial Reporting for
Korean Companies with the aid of FSS, KSE & KASB
- Co-operation with FSS to improve E-disclosure infrastructure
from existing SGML to XBRL and XML.
8th XBRL International Conference
XBRLPILOTPROJECT
III:ASSIGNMENTS
NEXT STEP…
- Invite XBRL experts and hold domestic seminars to publicize
Kosdaq Pilot Project (in 2003)
- Presentation of Pilot project during Overseas IR roadshow with
KOSDAQ Listed Companies to attract foreign investors
- Maintain & Expand XBRL information from 15 to 30 companies
* Project consistency with real-time update of financial information
KOSDAQ will be the Eternal Pioneer in XBRL
8th XBRL International Conference (Seattle, WA)
XBRL
PILOT
PROJECT
I
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K O S D A Q S t o c k M a r k e t I n c.N O V 4 ,2 0 0 3
:: thank you