XBRL and the Effect on Financial Reporting

By Bruce H. Nearon

The demand for timely, accurate and transparent business reporting continues to ramp up, but so do the cost, complexity and turnaround times associated with this vital business function. Probably the most significant obstacle to meeting the demand has been the lack of a common language to channel information around disparate platforms and reporting systems—until XBRL. This broadly encompassing technology can help span these gaps and provide a seamless, reliable and efficient flow of information, while improving data integrity and reducing cost.

XBRL (eXtensible Business Reporting Language) is an XML-based standard for defining and communicating complex financial information in corporate business reports. It electronically tags financial data so that it may be freely exchanged between multiple software systems on different computer platforms. XBRL enhances the usability and transparency of financial information reported under existing accounting standards, simplifies disclosure and allows companies to communicate financial information more readily and dynamically via the Internet.

A global consortium, www.xbrl.org, of over 170 leading companies, associations and government agencies oversees the development and specification of XBRL. It is a royalty-free, open specification that can be used by any software vendor or organization involved in the financial information supply chain.

A Nov. 20 continuing professional education evening presentation organized by the New York State Society of CPAs’ Technology Assurance Committee will provide a simple overview of XBRL covering the following issues:

Date: Thursday, Nov. 20
Time: 5:30 p.m. to 6:00 p.m.: registration, networking, free sandwiches and soft drinks; 6:00 p.m. to 8:30 p.m.: CPE session
Presenter: Campbell James Pryde, KPMG LLP
Location: NYSSCPA headquarters, 530 Fifth Ave. (between 44th and 45th Streets), fifth floor, New York City

About the Presenter

Campbell James Pryde is a partner in the risk and advisory practice for KPMG LLP’s Northeast region. Mr. Pryde has spent 12 years working with financial services organizations assessing technology risk and system implementations. His clients include international banks, broker/dealers and insurance companies based in the Northeast.

Mr. Pryde is a member of the U.S. Domain Group of the XBRL U.S. Jurisdiction producing the XBRL U.S. GAAP Taxonomy. He coordinates KPMG resources and contributes to design decisions of the XBRL U.S. GAAP Taxonomy. In addition, he serves on the XBRL International Domain and Specification committees for XBRL.

Additional Information

This NYSSCPA/Foundation for Accounting Education CPE evening technical session is $45 for NYSSCPA members and $50 for nonmembers to qualify for three hours of CPE credit. A $25 additional walk-in fee will be charged to those who register at the door.

At the session you will get the chance to network with the profession’s and the industry’s IT leaders. Advance registration is recommended because seating is limited.

For additional information, contact Gary E. Carpenter at 315-487-4567 or gcarpenter-cit@worldnet.att.net or Bruce H. Nearon at 973-403-6955 or bnearon@jhcohn.com.

For more information on the Technology Assurance Committee, visit www.nysscpa.org, click on the Find Committees tab on the left-hand side of the page and then scroll down to the Technology Assurance Committee link.

Registration

To register: contact FAE at 212-719-8383 or 800-537-3635 or visit the Society’s website at www.nysscpa.org (you will need your Society member number to register). Go to the Technology Assurance Committee homepage and select “11/20/03—XBRL and the Effect on Financial Reporting” located under the Evening Technical Session banner.

Acknowledgments

J.H. Cohn LLP and Carpenter Information Technologies, Inc., helped provide the funding and resources for the sandwiches and soft drinks, marketing and publicity, and administration of this event.