Use of xbrl in registries and news on applicable technological developments bernice quek

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Use of xbrl in registries and news on applicable technological developments bernice quek

  1. 1. BizFinx : Business Financials in XBRL BERNICE QUEK Accounting and Corporate Regulatory Authority, Singapore 1
  2. 2. 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 2
  3. 3. XBRL Revamp  Built on XBRL experience  Consortium consists of Deloitte, IRIS and CrimsonLogic  Launched on 3 March 2014 (www.bizfinx.gov.sg) 3
  4. 4. XBRL Revamp Consumers Preparers Increasing the breadth and depth of XBRL data Facilitating preparation and filing of XBRL data Collect what consumers of financial statements want for analysis Burden and effort required by preparers to provide the data in XBRL 4
  5. 5. 5 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
  6. 6. BizFinx Portal 6
  7. 7. Preparation Tool 7
  8. 8. BizFinx Portal 8
  9. 9. Validation Engine 9
  10. 10. BizFinx Portal 10
  11. 11. Value Of XBRL Data  Dynamic financial analysis for business decisions  Financial indicators available for free data analysis 11
  12. 12. Value Of XBRL Data 12
  13. 13. Value Of XBRL Data 13
  14. 14. 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 14
  15. 15.  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 15 Examples of XBRL Usage in ACRA 15
  16. 16. 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 16
  17. 17. Business Analytics - Singapore Financials Direct 17
  18. 18. Business Analytics – Financial Strategic Intelligence Reports 18
  19. 19. Mobile Apps Potential 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) 19
  20. 20. 20 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
  21. 21. BIG Data  Massive volume  Structured and unstructured data  Different sources  Difficult to process using traditional database and software techniques
  22. 22. Realising the Technology Solution 22  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
  23. 23. Thank you 23

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