WICI was formed in November 2007 and participants include organizations representing companies, analysts and investors, the accounting profession and academia.
The Promoting Parties of WICI are:
- Enhanced Business Reporting Consortium, which was founded by American Institute of Certified Public Accountants, Grant Thornton LLP, Microsoft Corporation and PricewaterhouseCoopers
- European Federation of Financial Analysts Societies
- Japanese Ministry of Economy, Trade and Industry
- Organization for Economic Cooperation and Development
- Society for Knowledge Economics
- University of Ferrara
- Waseda University
The European Commission participates in WICI as an Observer.
WICI is a private/public sector partnership for improving the reporting of intellectual assets and capital and key performance indicators that are of interest to shareholders and other stakeholders. Since wealth creation depends on the most efficient allocation of capital on a risk adjusted basis, the WICI collaboration is aimed at improving capital allocation through better information. Metrics which supplement traditional accounting measures will improve capital allocation decisions both within companies and between investors and companies. The result will be more wealth creation for a better world economy.
On October 16, 2008 WICI released its first version of a comprehensive information framework and XBRL taxonomy to help companies better communicate with their investors and other stakeholders about business strategy and performance. The work on the reporting framework and taxonomy was carried out through the WICI Framework Task Force.
The work in industry-specific key performance indicators is carried out by groups organized as Industry KPI Projects. In both cases, active engagement is solicited from companies, investors, analysts, accountants, stock exchanges, regulators, standard setters, international collaborative organizations, and NGOs.
WICI aims to ensure wide dissemination and active use of the voluntary WICI framework and the industry-specific key performance indicators on a global basis. This requires an active collaboration of the users of capital (companies), the suppliers of capital (investors and banks) and other relevant stakeholders.
WICI Governance Group
Director General, Commerce, Distribution and Industrial Safety Policy, METI (Ministry of Economy, Trade and Industry), JapanSUMITA, born in 1962, graduated from Tokyo University and joined MITI in 1985. He studied in Graduate School for Foreign Service, Georgetown University between 1991 and 1993. After coming back to Japan, he engaged in various tasks including environment policy, energy policy, specific industry policy for software and IT, comprehensive economic policy on corporate tax, corporate disclosure, intellectual assets based management or IPR and FTA/EPA negotiation. METI dispatched him to Brussels between 2009 and 2013 with the function of deepening the tie between EU and Japan. He also worked as the initial chairman of World Intellectual Capital/Assets Initiative (WICI) between 2009 and 2013 and has been working as the board member of the New Club of Paris since 2005, as one of the world leaders in the area of intellectual capital/ assets and innovation.
Yasuhito HANADO left a professor at Graduate School of Commerce and of Asia-Pacific Studies, Waseda University on reaching retiring age in 2012. However he still works for Waseda Intellectual Capital Research Society as a senior adviser. And he is a professor emeritus at Kokugakuin University in Tokyo.
He is in charge of the executive trustee of Knowledge Management Society of Japan and of a trustee of The Japan Academic Society of Investor Relations. In addition, he engages himself in a member of the planning and development committee at Japanese Investor Relations Institute. Presently, he works for SANRIO Co. Ltd. (1st section of TSE) as an outside board member, and both for Idemitsu Kosan Co. Ltd. (1st section of TSE) and Opt Inc. (JASDAQ) as a member of management advisory committee. He joined WICI-The World’s Business Reporting Network as one of Promoting Parties in Japan in 2007.
He graduated in accounting from Graduate School of Commerce, Waseda University. He joins American Accounting Association, National Investor Relations Institute and Japan Accounting Association.
CPA, Partner, Price waterhouseCoopers, Chairman Emeritus,XBRL Intarnational
Mike Willis has more than 29 years of accounting and auditing experience and is a partner with PricewaterhouseCoopers. Mike has served in a number of roles within the XBRL community including Founding Chairman and the elected Chairman of the Board of Directors and the International Steering Committee. XBRL is an international information format standard designed to enhance business reporting supply chain processes benefiting preparers, distributors, aggregators and consumers of this information. XBRL International (http://www.xbrl.org ) is currently composed of more than 640 leading software, accounting and finance companies from 30 countries around the world.
Mike has also played a founding role in the development of national and international consortia working to develop broad corporate reporting frameworks and related taxonomies. He worked along with other founders from Microsoft, the AICPA, and Grant Thornton to form the Enhanced Business Reporting Consortia ("EBRC") outlined here: http://www.ebr360.org/ Subsequently, Mike played an active role in EBRC collaboration with similar organizations around the world to form the World Intellectual Capital Initiative ("WICI"), the world’s business reporting network, a private/public sector collaboration aimed at improving capital allocation through better corporate reporting information. More information on WICI can be found here: http://www.worldici.com
He speaks frequently, publishes papers and blogs on the topic of business reporting. Mike has been interviewed for or published articles in a range of business periodicals on the topic of a more efficient and effective business reporting supply chain including the Harvard Business Review, Financial Times, Business Week, Wall Street & Technology, FEI Magazine, CFO Magazine, Journal of Accounting and CIO Magazine.
Chairman of WICI Europe
Stefano Zambon is Chair of Accounting and Business Economics at the University of Ferrara, Italy. Ph.D. and M.Sc. from London School of Economics, and B.Sc from University of Venice. Director of the “CFO Master Programme” at the University of Ferrara. Visiting scholar at London Business School; ESCP, HEC, and CNAM in Paris; the Universities of Reading, Melbourne, Boston, Metz, Canterbury (NZ), Waseda (Tokyo), Bolzano/Bozen, and the Stern School of Business (NYU). He is a vice-president (conferences) of the International Association for Accounting Education and Research (IAAER). Member of the editorial boards of various international scientific journals. He has published several books and articles in international journals in the areas of management and reporting of intangibles, international financial reporting, and accounting history. He has been the coordinator of a study for the European Commission on the measurement of intangible assets, and an invited key-note speaker at OECD, United Nations, European Parliament, European Commission, and French, Chinese and Japanese Governments’ events on intangibles. He is a founding member of the global network “World Intellectual Capital Initiative” (WICI) as well as of the network “WICI Europe”.
Business Reporting, Assurance & Advisory Services and XBRL
American Institute of Certified Public Accountants
Amy is Director – Business Reporting, Assurance & Advisory Services and XBRL for the American Institute of Certified Public Accountants (AICPA). She staffs the AICPA Assurance Services Executive Committee, which is focused on developing guidance for assurance and related services to improve the quality, relevance and usefulness of information, and on providing thought leadership and recommendations which identify and prioritize emerging trends and market needs for assurance and related services. She is responsible for building awareness and understanding among the AICPA membership of the eXtensible Business Reporting Language (XBRL), a language for the electronic communication of business and financial information. Amy also coordinates AICPA activities related to Integrated Reporting and Sustainability reporting and assurance through collaboration with other organizations around the world that are dedicated to improving the quality and transparency of business reporting, including the World Intellectual Capital/Assets Initiative for which she is currently serving as Chair.
Before joining AICPA, Amy was a Principal of New Business Development with the Timken Company, an international manufacturer of bearings and steel. She graduated Magna Cum Laude from Middlebury College with a Bachelor of Arts degree in International Politics & Economics and French. She has also earned a Master of International Management from Thunderbird, The American Graduate School of International Management and a Master of Business Administration from the Case Western Reserve University Weatherhead School of Management.