use of xbrl in registries and news on applicable technological developments bernice quek
TRANSCRIPT
BizFinx : Business Financials in XBRL
BERNICE QUEK
Accounting and Corporate Regulatory Authority, Singapore
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XBRL
Overall direction is to enable:
A pro-enterprise financial reporting environment for businesses in Singapore
A value-enhancing financial information flow to the local and international business community
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XBRL Revamp
Built on XBRL experience
Consortium consists of Deloitte, IRIS and CrimsonLogic
Launched on 3 March 2014(www.bizfinx.gov.sg)
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XBRL Revamp
Consumers Preparers
Increasing the breadth and depth of XBRL data
Facilitating preparation and filing of XBRL data
Balancing the needs of consumers and preparers
Collect what consumers
of financial statements want for analysis
Burden and effort required by preparers to provide the data in XBRL
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Training and help
resources
Experience the value of
XBRL
More time for filing
BizFinx
Preparation Tool
Free preparation tool Offline Auto-tagging Drag and Drop
More time for filing – 1st year of implementation
Free Data Analysis
Free seminars + subsidised courses
Dedicated hotline Dictionary of
suggested synonyms of taxonomy elements
Guides FAQ
Support for Companies
BizFinx Portal
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Preparation Tool
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BizFinx Portal
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Validation Engine
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BizFinx Portal
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Value Of XBRL Data Dynamic financial analysis for business decisions Financial indicators available for free data analysis
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Value Of XBRL Data
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Value Of XBRL Data
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Value Of XBRL Data
Corporate Compliance & Financial Profile (CCFP)
Business Profile Information
Compliance Rating
Key Financial Information (over 3 years)
Balance Sheet
Profit and Loss CCFP Sample.pdf
or
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Surveillance of companies’ financial statements Financial statements with qualified audit opinion Non-compliance with Companies’ Act Trend analysis of company’s performance over years
and comparison against industry benchmarks
Monitoring of delinquent public accountants E.g. non-compliance with accounting standards not
flagged out by the auditor
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Examples of XBRL Usage in ACRA
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Technology Trends
Analytics Promote consumption of XBRL data 2014 XBRL International Conference :
“Better Data For Better Decision”
Mobile Enterprise
Cloud Computing
Big Data XBRL and non-XBRL data
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Business Analytics - Singapore Financials Direct
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Business Analytics – Financial Strategic Intelligence Reports
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Mobile AppsPotential Market Tools to Present Collated Data Mobile applications available in US
From primary statements to specific data elements in the notes for closer examination
Source: XBRL: Putting Intelligence Into Financial Reporting in CPA Singapore Magazine – BRIX a free iphone app (xbrl.us/research/pages/iphone.aspx)
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TRADITIONAL IT
Business Processes BPaaS
Corporate Data DaaS
Applications with Business Logic SaaS
Applications without Business Logic(e.g. database, development tool)
PaaS
Servers and Storage IaaS
CLOUD IT
5 Layers of Cloud Infrastructure-as-a-Service (PaaS)
Virtual machines service accessed over the network providing compute and/or storage capabilities
Platform-as-a-Service (PaaS) Platform software services (e.g. middleware) on which web service based applications can be
built Software-as-a-Service (SaaS)
Application provided as a service with
end user licence Data-as-a-Service (DaaS)
Data or information delivered from the
Cloud as raw data sets or consumed
through an analytics interface Business Process-as-a-Service (BPaaS)
Business services that are aligned to
Business process and associated
measurable business outcomes
Source: XBRL 26 International Conference : Technology and Market Trends
Cloud Computing
BIG Data
Massive volume
Structured and unstructured data
Different sources
Difficult to process using traditional database and software techniques
Realising the Technology Solution
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Data collected by various organizations for various purposes and requirements
Data from different sources brought together in a meaningful way – BIG DATA.
Cloud computing technology and its advantages are being leveraged to bring this all together in a big data mash up to facilitate “Better Data for Better Decision”
Source data from different sources and formats
Integrate and compile
Provide platform to analyse the data
CLOUD BASED SOLUTION
BIG DATA
Thank you
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