xbrl implementation for financial reporting to the office
DESCRIPTION
XBRL implementation- possibilities, advantages and a prototype. Our Computer engineering final year presentation.TRANSCRIPT
![Page 1: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/1.jpg)
Final Year Project PresentationIOE, Pulchowk Campus29th August, 2013
XBRL Implementation for
Financial Reporting to the
Office of Company Registrar
![Page 2: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/2.jpg)
2
• Aayush Shrestha - Roll No. 16202
• Ashok Basnet - Roll No. 16202
• Sarvagya Pant - Roll No. 16234
• Umanga Bista - Roll No. 16245
• Supervised By :
Dr. Aman Shakya, Deputy Head of DoECE, IOE Pulchowk Campus
• Co-supervised By:
Er. Sansar Jung Dewan, Head of IT Department, Office of Company Registrar,
MoI Nepal
Team Members
![Page 3: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/3.jpg)
3
• Introduction• Background and Existing Systems
• Introduction to XBRL
• Goals and Objectives of Project
• System Description
• Results
• Conclusion• Summary
• Limitations and Future Enhancements
Overview
![Page 4: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/4.jpg)
4
Introduction
![Page 5: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/5.jpg)
5
• Financial Reporting to Office Of Company Registrar (OCR)
• Major concern for Stakeholders
• Problems:• Everything on stacks of paper• Not computable• Lack of a common standard• Not readily available• Redundancy and Consistency
Background
Introduction
![Page 6: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/6.jpg)
6
• eXtensible Business Reporting Language
• Dialect of XML for business and financial data
• Internationally accepted
• Taxonomy & Instance documents
• IFRS and GAAP
XBRL : A Global Standard
Introduction
![Page 7: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/7.jpg)
7
• Initiative of OCR in Nepal to adopt XBRL
• Objectives• Creating tools to generate XBRL documents of
financial reports• Maintaining a data repository of XBRL filings• Demonstrating prospect of XBRL via analytics
generated over XBRL data• Facilitate Open Data Access
Goals and Objectives
Introduction
![Page 8: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/8.jpg)
8
System Description
![Page 9: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/9.jpg)
9
Overall System
System Description
Instance Creator Repository
Financial Statements
XBRL Submit
Analytics XBRL open data access
Companies
![Page 10: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/10.jpg)
10
Instance Creator – MS Excel based
System DescriptionMapping Engine
Reference taxonomy
Financial Statements
XBRL file
Domain Expert
Mapping Definitions
• Macro program on MS Excel
• Wide coverage
• Needs Domain Expert
![Page 11: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/11.jpg)
11
Results
Sample Financial Document
![Page 12: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/12.jpg)
12
Results
MS Excel Based Instance Creator
![Page 13: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/13.jpg)
13
Results
Explicit Mapping of Local Terms
![Page 14: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/14.jpg)
14Instance Creator – Web Form based
System Description
Financial statements
Web Form Mapping EngineValidation XBRL
output
Reference Taxonomy
• Easier to create XBRL Document
• Limited to Balance Sheet (for now)
![Page 15: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/15.jpg)
15
Results
Web Based Instance Creator
![Page 16: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/16.jpg)
16
Results
Mapping Dictionary Management
![Page 17: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/17.jpg)
17
Results
XBRL Output (validated)
![Page 18: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/18.jpg)
18
Repository, Public Access and Analytics
System Description
• XBRL Document submission for authenticated users
• Analytics and Data Visualization for admin and verified users
• Open data access for public users
Repository
Submit acceptedWeb formUser
User Analytics
Web formPublic
XBRL files
![Page 19: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/19.jpg)
19
Results
![Page 20: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/20.jpg)
20
• Generated over 200 valid XBRL Documents
• Real world financial data from around 10 companies (over a period of 5 years)
• Over 50 XBRL documents archived at the repository
Experiment Setup
Results
![Page 21: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/21.jpg)
21
Results
Dashboard
![Page 22: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/22.jpg)
22
Results
Advanced Search Options
![Page 23: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/23.jpg)
23
Results
Analytics and Reports
![Page 24: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/24.jpg)
24
Results
xQuery Executor
![Page 25: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/25.jpg)
25
Conclusion
![Page 26: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/26.jpg)
26
• Creation Of Valid XBRL document from Financial Statements.
• Development of XBRL tool for end users.
• XBRL repository
• Analytics for Stakeholders.
• Contribution to Open Data Initiative.
Summary
Conclusion
![Page 27: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/27.jpg)
27
• Lack of resources and reachable experts.
• Cross-domain issues
• Mapping IFRS terms according to Nepalese Accounting Standards
Limitations:
• Web form only for balance sheet generation.
• No full mapping between IFRS and NAS.
Conclusion
Problem Faced and Limitations
![Page 28: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/28.jpg)
28
• Extension of Web form to support other Financial Statements.
• Localizations of IFRS in context of Nepal.
• Advanced Analytics for Stakeholders.
Conclusion
Future Enhancements
![Page 29: Xbrl implementation for financial reporting to the office](https://reader034.vdocuments.us/reader034/viewer/2022042715/559119d61a28ab8b758b4622/html5/thumbnails/29.jpg)
29
THANK YOU !!!