XBRL International, Inc.
(A Nonprofit Corporation)

STATEMENTS OF FINANCIAL POSITION
JUNE 30, 2004 AND 2003

(in dollars)

 

 

2004

2003

Assets

   
Cash and cash equivalents
$     459,406
$     261,398
Dues receivable, net of allowance of $12,445 and $2,500
168,377
148,100
Co-sponsorship conference fees receivable
20,322
45,804
Prepaid expenses and other assets

12,527

16,188
Total current assets
660,632
471,490
 

Web site development costs, net of accumulated
      amortization of $30,125 and $15,062

63,938
94,063

Totals
$     724,570

$     565,553

Liabilities and Net Assets



   Liabilities:    

Accounts payable

$       26,564
$       33,323

Unearned dues

113,811
111,665

Due to AICPA

85,454
158,125
Total liabilities
225,829
303,113
 

Net assets - unrestricted

498,741
262,440
 

Totals

$     724,570
$     565,553
  

See Notes to Financial Statements

   
 

 

 

 

 

XBRL International, Inc.
(A Nonprofit Corporation)

STATEMENTS OF ACTIVITIES
JUNE 30, 2004 AND 2003

(in dollars)

 

 

2004

2003

Changes in unrestricted net assets:
Support and revenue:


Dues income
$     342,108
$     321,923
Co-sponsorship conference fee
116,224
87,844
Contributed services
76,589
33,251
Sponsorship Income
38,333

Interest income
5,283

Total support and revenue
578,537
443,018
Expenses:


Program Services:


Salaries and benefits
110,534
77,700
Contributed services
76,589
10,251
Meeting expense
14,547
13,264
Professional and commercial fees
6,262
3,006
Amortization
30,125
15,062
Web site maintenance
27,565
10,356
Tradeshow expense

13,780
Provision for bad debts
12,445

Supporting services:


Legal and accounting fees
13,336
44,526
Consulting fees
27,000

Insurance expense
20,014
7,903
Meals and entertainment
2,589

Sundry
1,230
527
Total expenses
342,236
196,375
 

Change in unrestricted net assets

236,301
246,643
 

Net assets, beginning of year

262,440
15,797
 

Net assets, end of year

$     498,741
$     262,440
  

See Notes to Financial Statements

   

 

 

 

 

 

XBRL International, Inc.
(A Nonprofit Corporation)

STATEMENTS OF CASH FLOWS
YEARS ENDED JUNE 30, 2004 AND 2003

(in dollars)

 

2004

2003

Operating Activities:


Change in unrestricted net assets
$     236,301
$     246,643
Adjustments to reconcile change in net assets to net cash provided by operating activities:


Amortization
30,125
15,062
Changes in operating assets and liabilities:


Dues receivable
-20,277
97,067
Co-sponsorship conference fees receivable
25,482
-19,735
Prepaid expenses and other assets
3,661
-16,188
Accounts payable
-6,759
-31,685
Unearned dues
2,146
2,081
Due to AICPA
-72,671
77,278
Net cash provided by operating activities
198,008
370,523
 

Investing activities - web site development costs


-109,125
 

Net increase in cash and cash equivalents

198,008
261,398
 

Cash and cash equivalents, beginning of year

261,398

 

Cash and cash equivalents, end of year

$     459,406
$     261,398
  

See Notes to Financial Statements

   
 

 

 

 

 

XBRL International, Inc.
(A Nonprofit Corporation)

NOTES TO FINANCIAL STATEMENTS

 

Note 1 - Organization:
XBRL International, Inc. (the "Corporation") is a global consortium of over 250 of the world's leading technology, accounting, financial services and regulatory organizations devoted to developing and promoting the adoption of the eXtensible Business Reporting Language ("XBRL") as global standard.

XBRL is a royalty-free, open specification. It is designed to benefit everyone involved in the preparation or collection of business information by utilizing a platform independent, standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze business reports and the information they contain. It can be used to express a wide range of reports and disclosures for both internal and external reporting purposes. Business reporting includes, but is not limited to, financial statements, financial information, nonfinancial information, general ledger transactions and regulatory filings such as annual and quarterly accounting, tax and industry reports.

Note 2 - Summary of significant accounting policies:

Accounting method:
The accompanying financial statements are prepared on the accrual basis of accounting.

Use of estimates:
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Cash and cash equivalents:
The Corporation maintains its cash and cash equivalents with creditworthy, high quality financial institutions. The Corporation considers all cash accounts which are not subject to withdrawal restrictions or penalties, and all highly liquid debt instruments purchased with a maturity of three months or less to be cash equivalents. The Corporation maintains a checking account and a money market account that bears interest at .95% at June 30, 2004. These bank deposits may, at times, exceed Federally insured limits. At June 30, 2004, the Corporation has cash balances in excess of Federally insured limits of approximately $360,000.

Concentration of credit risk:
The Corporation closely monitors the extension of credit to the membership while maintaining allowances for potential credit losses. Membership is located in several countries throughout the world. On a periodic basis, the Corporation evaluates its dues receivable and co-sponsorship fees receivable and establishes an allowance for doubtful accounts based on its history of past write-offs and collections and current credit considerations.

Web site development costs:
The Corporation accounts for costs incurred in connection with the development of its web site in accordance with Statement of Position 98-1, "Accounting for Costs of Computer Software Developed or Obtained for Internal Use" and Emerging Issues Task Force Issue No. 00-2. "Accounting for Web Site Development Costs." Accordingly, all costs incurred in planning the development of a web site are expensed as incurred. Costs, other than general and administrative and overhead costs, incurred in the web site application and infrastructure development stage, which involves acquiring or developing hardware and software to operate the web site, are capitalized. Fees paid to an Internet service provider for hosting a web site on its server(s) connected to the Internet are expensed over the estimated period of benefit. Other costs incurred during the operating stage, such as training, administration and maintenance costs, are expensed as incurred. Costs incurred during the operating stage for upgrades and enhancements of a web site are capitalized if it is probable that they will result in added functionality. Capitalized web site development costs are amortized on a straight-line basis over their estimated useful life.

Contributed services:
The Corporation recognizes contribution revenue for certain contributed services including the services of the President received from the American Institute of Certified Public Accountants (the "AICPA") consistent with an annual agreement dated April 1, 2003, which was renewed for one year on April 1, 2004. The revenue is recognized at the fair value of those services, which included organizational support valued at $76,589 and $10,251 for the years ended June 30, 2004 and 2003, respectively.
During 2003, the Corporation received contribution revenue from an outside source for services relating to the web site development. The fair value of those services was $23,000 for the year ended June 30, 2003.

Dues income:
Dues are recognized as support and revenue during the applicable membership period.

Co-sponsorship conference fee income:
The Corporation co-sponsors with international countries to achieve networking, educational and outreach goals. The sharing agreement is 80% to the Corporation and 20% to the jurisdictional country unless otherwise stated.

Income taxes:
The Corporation is exempt from Federal income tax under Section 501(c)(6) of the Internal Revenue Code.

Note 3: Significant transactions:

The Corporation receives one-third of the XBRL-US membership dues collections as organizational support from the AICPA on behalf of XBRL-US. Approximately $127,000 and $140,000 of such dues are included in dues income for the years ended June 30, 2004 and 2003, respectively. At June 30, 2004 and 2003, the Corporation owed the AICPA approximately $85,000 and $158,000, respectively. Salaries and benefits include approximately $85,000 and $78,000 of charges from the AICPA for payroll and employee benefits for the years ended June 30, 2004 and 2003, respectively.

 

 

 

 

Report of Independent Public Accountants

 
 

To the Steering Committee
XBRL International, Inc.

We have audited the accompanying statements of financial position of XBRL International, Inc. (A Nonprofit Corporation) as of June 30, 2004 and 2003, and the related statements of activities and cash flows for the years then ended. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of XBRL International, Inc. as of June 30, 2004 and 2003, and the changes in its net assets and cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.

/s/  J.H. Cohn

Roseland, New Jersey

August 16, 2004

 


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