XBRL International Inc. (A Nonprofit Corporation)REPORT ON FINANCIAL STATEMENTSPERIOD FROM 2001-10-01 (COMMENCEMENT OF OPERATIONS) TO 2002-06-30 |
Report of Independent Public Accountants |
| To the Steering Committee |
| XBRL International |
| We have audited the accompanying statement of financial position of XBRL INTERNATIONAL, INC. (A Nonprofit Corporation) as of June 30, 2002, and the related statements of activities and cash flows for the period from October 1, 2001 (commencement of operations) to June 30, 2002. These financial statements are the responsibility of the Corporation's management. Our responsibility is to express an opinion on these financial statements based on our audit. |
| We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. A audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. |
| In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of XBRL International, Inc. as of June 30, 2002, and the changes in its net assets and cash flows for the period from October 1, 2001 (commencement of operations) to June 30, 2002, in conformity with accounting principles generally accepted in the United States of America. |
| /s/ J.H. Cohn LLP |
| Roseland, NJ 2002-10-21 |
Statement of Financial Position | |||
2002-06-30 | |||
| ASSETS | |||
| Dues receivable | $245,167 | ||
| Co-sponsorship conference fees receivable | 26,069 | ||
| Total | $271,236 | ||
| LIABILITIES AND NET ASSETS | |||
| Liabilities | |||
| Accounts payable | $65,008 | ||
| Unearned dues | 109,584 | ||
| Due affiliate | 80,847 | ||
| Total liabilities | 255,439 | ||
| Net assets - unrestricted | 15,797 | ||
| Total | $271,236 | ||
| See Notes to Financial Statements. | |||
Statement of Activities | ||||||
PERIOD FROM 2001-10-01 (COMMENCEMENT OF OPERATIONS) TO 2002-06-30 | ||||||
| Changes in unrestricted net assets: | ||||||
| Support and revenue: | ||||||
| Dues income | $208,777 | |||||
| Co-sponsorship conference fee | 13,625 | |||||
| Total Support and Revenue | 222,402 | |||||
| Expenses: | ||||||
| Program services: | ||||||
| Salaries and benefits | 54,840 | |||||
| Meeting expense | 6,695 | |||||
| Professional and commercial fees | 85,120 | |||||
| Supporting services - legal and accounting fees | 59,950 | |||||
| Total expenses | 206,605 | |||||
| Changes in unrestricted net assets | 15,797 | |||||
| Net assets, beginning of period | 0 | |||||
| Net assets, end of period | $15,797 | |||||
| See Notes to Financial Statements. | ||||||
Statement of Cash Flows | ||||||
PERIOD FROM 2001-10-01 (COMMENCEMENT OF OPERATIONS) TO 2002-06-30 | ||||||
| Operating activities: | ||||||
| Change in net assets | $15,797 | |||||
| Adjustments to reconcile change in net assets to net cash provided by operating activities: | ||||||
| Changes in operating assets and liabilities: | ||||||
| Dues receivable | (245,167) | |||||
| Co-sponsorship conference fees receivable | (26,069) | |||||
| Accounts payable | 65,008 | |||||
| Unearned dues | 109,584 | |||||
| Due affiliate | 80,847 | |||||
| Net increase in cash and cash equivalents and net cash provided by operating activities | 0 | |||||
| Cash and cash equivalents, beginning of period | 0 | |||||
| Cash and cash equivalents, end of period | $0 | |||||
| See Notes to Financial Statements. | ||||||
NOTES TO FINANCIAL STATEMENTS | ||
|---|---|---|
| Note 1 - Organization: | ||
| XBRL International, Inc. (the "Corporation") is a global consortium of over 170 of the world's leading companies, associations and government agencies devoted to developing and promoting the adoption of eXtensible Busienss Reporting Language ("XBRL") as a global standard. The Corporation is developing XBRL for the preparation and exchange of business reports and data.XBRL is an XML-based framework that allows businesses to prepare, exchange and analyze financial statements and the information they contain. | ||
| Note 2 - Summary of significant accounting policies: | ||
| Accounting method: The accompanying financial statements are prepared on the accrual basis of accounting. | ||
| Use of estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. | ||
| Dues income: Dues are recognized as support and revenue during the applicable membership period. | ||
| Co-sponsorship conference fee income: The Corporation co-sponsors with international countries to achieve networking, educational and outreach goals. The sharing agreemeent is 80% to the Corporation and 20% to the jurisdictional country unless otherwise stated. | ||
| Income taxes: The Corporation is exempt from Federal income tax under Section 501(c)(6) of the Internal Revenue Code. | ||
| Note 3 - Related party transactions: | ||
| The Corporation receives one-third of the US-XBRL membership dues collections as organizational support from the American Institute of Certified Public Accountants (the "AICPA"). Approximately $102,000 of such dues are included in dues income for the period from October 1, 2001 (commencement of operations) to June 30, 2002. The Corporation has not established a separate bank account and, therefore, all transactions flow through the AICPA. Expenses for the period from October 1, 2001 (commencement of operations) to June 30, 2002 approximate $190,100 and consist of salaries and benefits, meeting expense, professional and commercial fees and legal fees.At June 30, 2002 the Corporation owed the AICPA approximately $81,000. | ||
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