Simplex Presents an Implementation Solution for SEC’s VFP Participants at the XBRL Conference Hosted by the University of Kansas
LOS GATOS, Calif. & LAWRENCE, Kan.–(BUSINESS WIRE)–University of Kansas (KU) organized a conference on XBRL on 11th and the 12th of May 2007 in Lawrence, Kansas. This is as part of an ongoing mission of University of Kansas (KU) Ernst &Young (E&Y) Center for Auditing Research and Advanced Technology (CARAT). The CARAT mission is to conduct and disseminate state of the art research in auditing and advanced technology to the academic and professional communities. The 2007 International Conference on XBRL: Taxonomies and Assurance was co-sponsored by Ernst & Young LLP and KU-CIBER (Center for International Business Education and Research).
“We are taking a collaborative approach to creating commercial-grade, GAAP-compliant taxonomies in our contract with the Securities & Exchange Commission and we expect to have completed the deliverables of the primary financial statements and the footnotes to the financials by Q4 2007”
Initiating the sessions, Dr. Bill Fuerst, Dean of KU School of Business and Mr. Bruce Snyder, Partner of Ernst and Young welcomed the participants.
Mr. Mark Bolgiano, President and CEO of XBRL US, Inc, an industry-driven non-profit consortium dedicated to the adoption and implementation of XBRL, opened the session with a report on the XBRL US GAAP Taxonomy project. “We are taking a collaborative approach to creating commercial-grade, GAAP-compliant taxonomies in our contract with the Securities & Exchange Commission and we expect to have completed the deliverables of the primary financial statements and the footnotes to the financials by Q4 2007,” said Mark.
In separate sessions of the conference, Dr. Raj Srivastava, Director of E&Y CARAT program gave an overview of various activities of CARAT. The speakers noted and supported the emerging global acceptance of XBRL, an “Extensible Business Reporting Language” as a standard for reporting & consumption of business data.
Mr. Jay Chandran, Senior Partner, Simplex Data Technologies, California, demonstrated the implementation framework that the company has developed for providing a comprehensive service to companies that wish to participate in the SEC’s XBRL Voluntary Filing Program (VFP). The presentation highlighted the collaborative and interactive nature of the Simplex workflow.
“Our framework is specifically designed to smooth the learning curve for late adopters, who face growing challenges as they start the XBRL filing process. We have developed a collaborative workflow process where we work closely with the client so they can communicate their financial story in their own way using XBRL,” said Jay.
“The presentation by Simplex provided valuable insight into the practical aspects of participating in the SEC’s VFP. It showed how Simplex’s software and process addresses some of the concerns related to consistency and auditing of tags as raised by a research paper that did a mock audit of an existing XBRL filing,” said Dr. Srivastava. “It was good to see a mix of theory and real-world practice,” he added.
During the session, Dr. Srivastava also presented his work on developing an intelligent agent call FRAANK (Financial Reporting and Auditing Agent with Net Knowledge) which fetches 10Ks and 10Qs of public companies from the SEC Edgar database, parses them and tags them using XBRL 2.1 taxonomy. For more information on FRAANK visit http://www.eycarat.ku.edu.
The conference covered other important topics including the assurance on XBRL documents, information quality contained in XBRL documents and XBRL research opportunities. The other speakers at the conference include the following: Prof. Efrim Boritz and Mr. Won No of the University of Waterloo, Prof. Matthew Bovee of the University of Vermont, Ms. Roopa Chandrasekhar of University of Nebraska-Lincoln, Mr. Eric Cohen of PriceWaterhouseCoopers LLP (PWC), Mr. Donald Geiger of US Department of Treasury, Prof. Glen Gray of Cal State Northridge, Mr. Neal Hannon of Financial Accounting Foundation, Prof. William McCarthy of Michigan State University, Prof. Rob Nehmer of Oakland University, Mr. Jan Pasmooij of Royal NIVRA, The Netherlands, Mr. Paul Penler of Ernst & Young LLP, Mr. Daniel Roberts of Grant Thornton LLP, Prof. Saeed Roohani of Bryant University, Mr. David Steier and Gianluca Garbellotto of PWC, Prof. Zane Swanson of Emporia University, Liv Watson of EDGAR Online, and Ms. Qian Wang of the University of Kansas.
About Simplex Data Technologies:
Simplex, a member of XBRL-US consortium, offers XBRL consulting, training and conversion solutions to companies that wish participate in the SEC’s XBRL filing program. Simplex has developed TagEzee(TM) and TagAudit(TM) that it uses to create instance documents, create taxonomy extensions and review tags. The solutions are XBRL specification 2.1 compliant. For more information, please visit www.simplexdtech.com
About E&Y CARAT at the University of Kansas:
CARAT is the Center for Auditing Research and Advanced Technology at the University of Kansas sponsored by Ernst & Young. CARAT’s mission is to conduct and disseminate state of the art research in auditing and advanced technology that is of value to the academic and professional communities. For more information, please visit http://www.eycarat.ku.edu/
About XBRL-US, Inc.:
XBRL US, the US jurisdiction of XBRL International, is a non-profit consortium representing the business information supply chain including accounting firms, software companies, financial databases, financial printers and government agencies. Its mission is to support the implementation of XBRL through the development of taxonomies relevant for use by US public and private sectors, working with a goal of interoperability between sectors, and by promoting adoption of XBRL through the collaboration of all business reporting supply chain participants. XBRL International is a non-profit consortium of approximately 450 organizations worldwide working together to build the XBRL language and promote and support its adoption.
XBRL (Extensible Business Reporting Language) is a royalty-free, open specification for software that uses XML data tags to describe financial information for public and private companies and other organizations. XBRL benefits all members of the financial information supply chain by utilizing a standards-based method with which users can prepare, publish in a variety of formats, exchange and analyze financial statements and the information they contain. Some of the world’s leading accounting, financial, government and software organizations are involved in the adoption and use of XBRL in the U.S