Regional

XBRL Asia (Asian-Oceanian) Roundtable Joint Statement

(May 23, 2013, Suzhou, China) -- The 4th XBRL Asia Roundtable was held in Suzhou during which cooperation and coordination of XBRL in the region was discussed and the establishment of an organization, XBRL Asia (tentatively named), was proposed.  The proposal was jointly supported by XBRL Australia, China, India, Japan, Korea and Singapore.


The participants have recognized that:

  1. The region (Asian-Oceania region), as an important engine for global economic growth, has played and will continue to play an important role in response to the international financial crisis and in restoring the global economy.  XBRL jurisdictions in the region shall, in the public interest, coordinate their positions and strengthen cooperation with constituents to contribute to the capital and financial markets transparency as well as facilitate business reporting in the region.
     
  2. In recent years, many jurisdictions in the region have adopted or applied the Extensible Business Reporting Language and many others are also preparing to introduce XBRL.  In the context of increasingly globalized information technology, XBRL jurisdictions in the region have continued and will continue to cement relationships.  It is appropriate for XBRL jurisdictions in the region to consider establishing a mechanism more systematic and institutional to discuss problems, share experiences in applying XBRL and make a contribution to a set of high quality global XBRL specifications issued and maintained by XBRL International (XII).
     
  3. The region features a large population, abundant resources, as well as co-existing developed and emerging economies.  A regional coordination in participations in XII’s specifications development will help the XII to realize the various kinds of requests relating to technical and specification matters in the region and enhance the XII’s leadership as a global IT standard development organization.

 

In view of this, participants discussed issues related to enhance cooperation and coordination of XBRL in the region and the possible establishment of XBRL Asia (tentatively named).  Participants agreed that further dialogue and negotiations are needed in establishing a more robust mechanism, such as XBRL Asia, to promote the application of XBRL in the region, share XBRL application experiences among jurisdictions and members of the region, facilitate improved transparency in business reporting, coordinate positions of jurisdictions and members in the region in participations in XII’s specification development and support XII’s effort to establish a set of high quality global XBRL specifications.

Mr. Mike Willis, the representative of XII, acknowledged and Mr. Olivier Servais, director of XBRL activities of the International Accounting Standards Board (IASB), applauded the proposal of establishing XBRL Asia.

XBRL Detailed Tagging Task Force 2012 - Call for Participants

(17 April 2012) -  Call for listed IFRS filers to participate in a voluntary XBRL Detailed Tagging Task Force - Applications due 30 April

Together with the Industry Practice Project, the IFRS Foundation is establishing a task force to examine detailed XBRL tagging in IFRS financial statements, and is looking to work directly with preparers from public companies from different industries and regions. [1] The Foundation is re-initiating this task force as a follow-up to the Detailed Tagging Task Force (DTTF) that was set up last year and which proved to be very successful and mutually beneficial.

Companies interested in participating in the task force are invited to express their interest in writing to Olivier Servais, Director of XBRL Activities, IFRS Foundation, 30 Cannon Street, London EC4M 6XH, United Kingdom; orby email to oservais@ifrs.org

The IFRS Foundation will accept applications until 30 April.

Objectives
The aim of the task force is for public companies[2] to produce fully-tagged XBRL financial statements and selected footnotes using the 2012 IFRS Taxonomy.
The task force will be a means for the IASB XBRL team to engage directly with filers and obtain feedback on the ease of use and completeness of the IFRS Taxonomy. Your input is very important as it will contribute to the setting of a high quality taxonomy that meets the needs of all stakeholders.

Participants
The IFRS Foundation is seeking participation from preparers of financial statements for public companies who report in IFRS. Participation from companies operating in all industries and geographical regions are welcome.

Time line
Companies interested in participating in the task force should express their interest by 30 April. Task force participants will be chosen and notified by 7 May. The first meeting of task force participants will take place on 14 May by teleconference.
It is expected that participating companies will have or gain sufficient knowledge to be able to produce detailed XBRL filings by the end of October, which is when the initiative will be completed.

Process
Participating companies will:
Examine the main statements and major sections within the notes to the financial statements - such as operating segments, share-based payments, property, plant and equipment - and the corresponding parts of the IFRS Taxonomy that relate to disclosures within those sections, with support and feedback from the IFRS Foundation XBRL Team.
Apply IFRS Taxonomy tags to financial statement disclosures either in Microsoft Excel or Word or directly in XBRL, again with support and feedback from the IFRS Foundation XBRL Team.
Generate an XBRL file using their preferred software.

Resource requirements
Participants will be expected to examine each of their financial statement note disclosures in detail, to undertake the tagging process and to share the results of this work with other participants via fortnightly one-hour conference calls and two one-day meetings which will take place in London.

Benefits for participating companies
Although participating companies will retain ultimate responsibility for preparing the XBRL filings, they will be working directly with the authors of the IFRS Taxonomy who will provide assistance throughout the XBRL tagging and document creation process on tagging and disclosure choices;
Compliance with filing rules and regulatory requirements; Filing review and rendering.
Participating companies will also be able to share and learn from the filings and from the experiences of other participants.

What software should be used?
The IFRS Taxonomy 2012 has been developed and tested using a number of XBRL tools. However the IFRS Foundation does not recommend or endorse particular products. The IFRS Foundation XBRL Team is familiar with most XBRL products that are currently available on the market and is therefore happy to work with the software tools chosen by participating companies.
Will the filings be made public?
All information and filings will remain confidential, and will not be shared without the consent of participating companies. However, the IFRS Foundation encourages participating companies to publish their filings.

Contact details
Companies interested in participating in the task force are invited to express their interest:
in writing to Olivier Servais, Director of XBRL Activities, IFRS Foundation, 30 Cannon Street, London EC4M 6XH, United Kingdom; or
by email to oservais@ifrs.org
The IFRS Foundation will accept applications until 30 April.


[1] The Industry Practice Project focuses on activity specific disclosure whereas the Detailed Tagging Detailed Task Force considers financial disclosures that are common across all activities.
[2] Intentionally, we shall only interact with issuers, neither with service companies nor with software vendors

XBRL Mandated in US Child Welfare Fund Reporting

U.S. President Obama signed the Children and Family Services Innovation and Improvement Act, H.R. 2883, which specifically references XBRL.

The text of the new law is here: http://thomas.loc.gov/home/gpoxmlc112/h2883_rds.xml

The data standardization provision is in Section 105 which amends the Social Security Act to require the Secretary of the Department of Health and Human Services to designate common data elements and common data reporting standards to govern the reports that states must submit to the Federal government on how they spend child welfare funds that they receive from the Federal government.  The provision expressly requires the Secretary of the Department of Health and Human Services to “incorporate existing nonproprietary standards, such as the eXtensible Business Reporting Language.”

SBR to be Standard Platform for Australia Superannuation Industry

 

Standard Business Reporting (SBR) has been announced as the standard platform for superannuation industry transactions as part of the Stronger Super Reforms.  Specifically, SBR will be used to develop the taxonomy and message structures and XBRL will be used as the standard for information exchange across the superannuation industry in Australia. These standards will be mandated across all member contribution and rollover superannuation transactions and relevant reporting to Government.

Read the full Stronger Super Information Pack.

Read the media release from the Hon Bill Shorten MP, A Better Deal for Super Fund Members.

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