Introducing XBRL: Decision Making in a Digital Economy

ABSTRACT

This presentation is based on the book Introducing XBRL: Decision Making in a Digital Economy (Prentice Hall; 2001). The presentation provides (I) a global overview of XBRL ("eXtensible Business Reporting Language"), then (II) proceeds to predict the impact XBRL will have on business, government and society.

I. XBRL ("eXtensible Business Reporting Language") is an XML standard that will dramatically improve reporting and analysis, being developed by a consortium of 100 organizations around the world, including software companies, accounting organizations, analysts, investors, regulators, news agencies, central banks and government agencies. XBRL has been called "the most significant development in accounting since the first general ledger." But it’s about more than accounting - it’s about decision-making. At the simplest level, XBRL structures information in a computer standardized way to automate mechanical parts of reporting and analysis. Consequently, XBRL will improve margins and time for decision-making, reduce costs and risks, and significantly impact business models based on business reporting and analysis. For example:

• Controllers in every industry will be able to consolidate and generate financial reports more quickly using XBRL

• Analysts will be able to better evaluate public companies reporting in XBRL

• Subsidiaries around the world will be able to submit tax filings more easily using XBRL

• Companies will be able to produce regulatory reports more cheaply using XBRL

• Risk Managers will be able to better assess risk in XBRL

• Banks will be able analyze a greater number of loan applications in XBRL

• Economists will be able to monitor statistics and economic indicators in XBRL

• Companies will be able to report standardized performance metrics in XBRL

And much more.

II. The presentation then proceeds to predict

1. The Top Ten Effects of XBRL and the Future of Internet Reporting and

2. The Top Ten Killer Applications with XBRL

Evidence to support these projections includes specific examples of XBRL developments and implementations today in Asia Pacific, the Americas and Europe, as well as across industries such as financial services, e-government, software, and investor relations.

For further information about XBRL, please visit www.xbrl.org.