Finance 2.0

Finance 2.0
How XBRL Disrupts the Value Chain of Financial
Reporting and Primes it for More to Come

Rated PG

The Challenge
To capture the beneﬁts of moving ﬁnance from
manufacturing mode to an integrated model

Overview

What is XBRL?
Efﬁcient format & delivery
Semantic Finance - the way forward
What now?

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Q3 2008

EUR Mio

Net (un)realised gains from
-1424
ﬁnancial instruments at fair value

Q3 2008

EUR Mio

-1424

Data

Q3 2008
Meta-
EUR Mio

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Data

It’s all about tagging!
Q3 2008
Meta-
EUR Mio

-1424

Data
Information

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An information pyramid

Data


Information

Data

Knowledge

Information

Data

XBRL in short

eXtensible Business Reporting Language
web standard derived of XML
disaggregates unwieldy information packages into
constituent semantic elements
separates technical and business speciﬁcations
open, royalty-free property of XBRL International

More XX‘s

Taxonomies
container of business logic
comparable to chart of accounts, but more
available for IFRS, US GAAP, many more
Extensions

Global reach

Central organisation XBRL International
Many local jurisdictions
local awareness
locally relevant taxonomies
quick adoption in many countries: USA, China, India,
Japan, NL, Germany, France

XBRL in Switzerland
founded in 2008
„Provisional Jurisdiction“ of XBRL International
members from academia, accountancy, ﬁnancial
analysis, preparers etc
next event 22 October with kick-off for Swiss GAAP
and OR taxonomies
xbrl-ch.ch

Key principles of an XBRL
framework

User awareness lacking
9%

high in EMEA at 66%! 32%
59%
CFA Institute works on
raising awareness

Up-to-date awareness
Aware
Not aware

First: Disclosure neutrality

Core taxonomy should be predeﬁned by current
ﬁnancial reporting standards, including GAAP and
other regulatory disclosure and reporting requirements.

Second: Limited extensions

Taxonomy extensibility should maintain the level of
data comparability as deﬁned by GAAP and other
regulatory requirements.

Third: Going global

Ultimately, companies should deliver required ﬁnancial
reports to regulators using the established XBRL
framework

Fourth: Open Source

The general public should have equal access to the
XBRL tagged information

Fifth: Co-operation

Regulators should develop the necessary infrastructure
and protocol to ensure the timely updating of the
established XBRL framework as outlined in the
preceding four key principles

Semantic Finance?
A Trojan rabbit about to invade ﬁnance

What is the Semantic Web?
The Semantic Web is ...
a vision for a future web of meaning
not separate, but an extension of the current web
a way for machines to better process & understand
data
a web on which machine reasoning can become
ubiquitous and powerful
describes a set of standards, ML & tools

Manual labour going strong
18%

37%

Manual extraction high
among specialist
34%
analysts
11%

Entirely manual
Mostly manual
Entirely 3rd party
Mostly 3rd party

Disruptive innovation?

worse performance near-term
different value proposition
cheaper, simpler, smaller, and more convenient
launched in new or insigniﬁcant markets
leading customers do not want it at ﬁrst

Sustaining innovation?

better performance of established products
measured along historically established
mainstream dimensions
may be radical or discontinuous, but still
sustains established ﬁrms

Price discovery, ca. 1920

Valuation Expecta- Valuation Expecta-
concepts tions concepts tions
Bid Ask
Fundamental Fundamental
Information Information


Valuation Expecta- Valuation Expecta-
Bid Ask
concepts tions concepts tions

Fundamental
information


Expectations Bid Ask Expectations

Valuation Fundamental
concepts information

Cognitive Surplus
Mio hours spent

Cognitive Surplus
1,000,000
Mio hours spent

100,000

10,000
Mio hours

1,000

100

10

1
creating Wikipedia watching TV global p.a.

What now?
utilisation through 3rd
party (BB, Reuters)
tools on http://
www.xbrl.org/Tools/
funds example at sec
xbrl for dummies
work with XBRL CH

Finance 2.0

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