Monday, April 30, 2012

7:30am   Breakfast and Registration

8:00am   Introduction

Ariel Markelevich, PhD, CMA, Associate Professor of Accounting, and Director, Structured Data Lab, Center for Business Complexity and Global Leadership at the Sawyer Business School, Suffolk University

8:15am   Welcome

William O'Neill Jr., Dean, Sawyer Business School

8:30am   Opening Remarks

Mike Willis, XBRL Global Lead Partner, PWC

slides slides

8:50am   Panel Discussion: Current Usage of XBRL Financial Data

Moderator: Mike Willis, XBRL Global Lead Partner, PWC
Panelists include:
Walter Hamscher, IT Manager, Taxonomies and Technology Development - US Securities and Exchange Commission
Suzanne Morsfield, Director of Research, CEASA, Columbia University
Raul Varela, VP of Strategic Initiative, Rivet Software
Christine Tan, Assistant Professor, Fordham University

Panel will address how standardization enables more effective identification and analysis of business information while providing incremental opportunities for process enhancements. Specific focus will be on consuming XBRL and leveraging it within the analytical and reporting processes to improve effectiveness, timeliness and insights. Panelists will discuss expanded 'transparency' of 'as reported data'; identifying and addressing report quality issues; enabling software application features and related analytical process enhancements and insights.

9:40am   Panel Discussion: Auditing of XBRL based Financial Information

Moderator: Lewis Shaw, Chair and Associate Professor, Accounting, Suffolk University
Panelists include:
Ami Beers, Manager, Business Reporting, Assurance and Advisory Services and XBRL, AICPA
Eric E. Cohen, Global XBRL Technical Leader, PWC, Founder of XBRL
Joseph P. Luczka, Director, KPMG
Miklos A. Vasarhelyi, KPMG Professor of AIS, Director RARC, CarLab, Rutgers Business School, Rutgers University

Addressing the accuracy and reliability of XBRL tagging is critical to the usefulness of information tagged in an XBRL format. Panelists will discuss ways that the quality of XBRL files can be enhanced through assurance. The session will cover current guidance available for auditor engagements, experiences of firms involved in engagements on XBRL submissions under the SEC Final Rules on Interactive Data including common procedures performed and typical findings and the future considerations for assurance as more financial information migrates to an electronic format.

slides slides

10:30am   Break

10:45am   XBRL potential impact on Back-Office complexity

Max Mansur, Global Program Manager, SWIFT

Discussion about XBRL for other company disclosures (e.g., dividends, exchange offers, etc.) other kinds of disclosure like corporate actions and how XBRL can improve not only the availability/transparency of information, but also improve the production of such information.

slides slides

11:15   Structured Transparent Data

Hudson Hollister, founder and executive director, the Data Transparency Coalition

Current bills in Congress and initiatives in the legislative branch promise to transform large swaths of the U.S. federal government's public data through the application of open standards, including XBRL, in the near future. Although the initial benefits of such proposals as the DATA Act, the Financial Industry Transparency Act, and the Legal Entity Identifier are easy to predict, the cumulative impact of standardization throughout the government's information architecture will quite likely be transformations and disruptions we have not yet imagined. The Data Transparency Coalition has been organized to educate the government and the public on the reasons why government data should be published in consistent, machine-readable formats and to help the financial and technology industries follow the many new opportunities that standardization may suddenly generate.

11:45am   XBRL and Integrated Reporting

Brad J. Monterio, Managing Director, Colcom Group Inc.
Liv Watson, Director, Global Business Development, WebFilings

Integrated reporting is the next stage in the evolution of corporate reporting. The journey towards integrated reporting begins with integrated thinking and the tone at the top. Learn more about this journey and missing links such as materiality and standardization that must be connected to make this journey complete. XBRL has a role in this process - learn about the latest developments in this session.

slides slides

12:30pm   Welcome

James McCarthy, Suffolk University President

12:40pm   Lunch: Please join us in the Function Room

1:45pm   XBRL and Big Data Analytics: Challenges and Opportunities for Decision Making in Financial Services.

Said Tabet, EMC Corporation

The Financial Services sector, traditionally driven by data intensive processing, is facing a new set of challenges with big data and the adoption of Cloud computing. Financial institutions are collecting growing amounts of information from multiple sources, but have yet to turn that into an opportunity to enable a performance oriented enterprise wide governance, risk and compliance (GRC) strategy. The use of standards such as XBRL and GRC-XML for the classification and tagging of semantic information is crucial if we want to deliver real transparency and traceability.

slides slides

2:15pm   Panel Discussion: Tying the Micro to Macro and Systemic Risk

Moderator: Hamid Benbrahim, VP Applied Complexity, Fidelity Investments
Panelists include:
David Blaszkowsky, OFR
Arnon Rosenthal, Mitre
Said Tabet, EMC Corporation

SEC filing requirements focus mainly on information pertaining to the entity that is making the reporting, such as revenues, expenses, and governance structure. While these data are necessary for investors to better understand what they are investing in, the 2008 financial crisis has shown that these were insufficient. Indeed the fitness of a corporation is increasingly defined by its position within a web of interconnected businesses. This heavy interconnectedness has reached unprecedented levels thanks to complex credit instruments and highly distributed supply chain networks. Without a system level view, the risk profile of a corporation is incomplete. This panel will address the challenges posed by this dilemma to corporations, investors, and regulators.

3:15pm   Break

3:30pm   Current gaps in XBRL

Eric E. Cohen, Global XBRL Technical Leader, PWC, Founder of XBRL

"Someday, a piece of business information, once entered into any computer, anywhere, will never need to be retyped as it flows through the audit information and business reporting supply chain." Where are we in fulfilling our corporate and individual XBRL visions? Has the vision - have the visions - evolved? What have we accomplished? What is needed, and what needs to change, to span the gaps, accelerate the pace and help all of the participants in the business reporting supply chain experience the win-win-win of XBRL. Come discuss the potential next focuses of the stakeholder community interested in revolutionizing the data, processes and rules of business reporting.

slides slides

4:00pm   Think Before You Build: Understanding the Business Requirements

J. Louis Matherne, Chief of Taxonomy Development, FASB

Many data modeling choices have been made without due consideration or appreciation of business requirements or appropriate use cases. In many scenarios this can be difficult to address because the business requirements have not been clearly articulated and there is little data to validate considered approaches. This session will focus on approaches to best mitigate this problem.

slides slides

4:30pm   The Future of XBRL

Olivier Servais, Director of XBRL Activities, IASB Foundation

With over 120 countries adopting IFRS, most of them are implementing with XBRL and the IFRS taxonomy. By interacting closely with those regulators, there are some lessons that have been learned which could serve future projects, including local matters, terms of compliance, extensions, enforcement and interaction with constituents, etc. Now that taxonomies are available and being used, taxonomy providers have new challenges to face in as they seek the expected benefits of XBRL, including the dissemination of data and their proper consumption (tools, analysis...) One of the most important questions we face is, how far are we from the global adoption of XBRL. Will we reach a point when we no longer have to talk about it?

slides slides

5:00pm   Closing Remarks

5:30pm   Reception

7:00pm   Adjourn