XBRL Riding The Next wave

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From Financial Reporting to Business Decision Making, find out how your organization can use XBRL

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XBRL Riding The Next wave

  1. 1. XBRL Riding the next waveFrom Financial Reporting to Business Decision Making Gautam Mahanti IRIS Business Services LimitedXBRL XXVYokohama
  2. 2. XBRL Evolution: Past Present and FutureXBRL XXVYokohama
  3. 3. But now its time to bite the bullet… • XBRL is regulatory reporting – If tomorrow the regulator stops demanding reports in XBRL format, how many Enterprises would continue to adopt the standard? • XBRL is too complex and technical – How many Business users actually understand XBRL • XBRL is actually an overhead to my existing data – How many Business users actually feel that XBRL is adding value to their business operationsXBRL XXVYokohama
  4. 4. Organizations are Operating with Blind Spots!! 52% of users don’t have confidence in their information 59% of managers miss information they should have used 42% of managers use wrong information at least once in a weekSources: Accenture 2009 Managers Survey and AIIM 2010 Survey XBRL XXV Yokohama
  5. 5. So is there is a business case when… • XBRL goes beyond financial reporting – Data is made available to business users on demand for business decision making • The myth around ‘XBRL’ being complex is dropped – XBRL is just another way of structuring my data and there is nothing technical about it • XBRL ensures a greater trust in the data – XBRL makes the data clean, consistent and contextualXBRL XXVYokohama
  6. 6. Making this work… Analysis REAL TIME XBRL’ise Financial Reports GL Business Intelligence AUTOMATED and Analytics Dashboards External files Layer External SCHEDULED Internal SOURCE DATA NORMALISED DATA CONSUMPTIONXBRL XXVYokohama
  7. 7. How does GL help… XBRL GL, the Global Ledger Framework can represent all ERP detailed data; it’s much more than General ledger • Ability to track data at a granular level – Receivables • By Party • By Location • By Value • By Maturity Date • Normalize data from multiple sources to a standard Chart of Accounts • Build traceability until the source • Making data available for any BI tool to consumeXBRL XXVYokohama
  8. 8. Accountants Integrated Engine (Beta Release) End to end Financial Reporting Consolidation Multi GAAP Reporting • Server based, Enterprise class edition • Multi source data integration, ERP integration • Configurable to company’s legal and organizational structure • Works with financial and non financial data, leverages XBRL GL • Add on modules for Financial consolidation and Multi GAAP reporting • BI integration for reporting and analyticsXBRL XXVYokohama
  9. 9. iAXE : An overview… Global ledger taxonomy Country specific FR taxonomies Cost Accountant XBRL GL Trial Data XBRL FR XBRL FR ERP Extraction XBRL Balance Mapping Reporting Instance Engine Mapper Generator instance Balance sheet,P&L Consolidation Engine XBRL FR XBRL FR Country specific Instance XBRL Reporting Generator instance Mapper Trail Extensions Templates, Annotations formulas, comments Balance enabler editor IFRS Transforming Engine Consolidation XBRL FR XBRL FR XBRL Engine(IFRS) Reporting Instance instance Mapper GeneratorXBRL XXVYokohama
  10. 10. Configure: Mimic the organizations legal structureXBRL XXVYokohama
  11. 11. Workflow: Role wise authorizationXBRL XXVYokohama
  12. 12. Connect: Source data uploadXBRL XXVYokohama
  13. 13. Normalize: Map user elements to std GLXBRL XXVYokohama
  14. 14. Connecting GLs and Extend GLXBRL XXVYokohama
  15. 15. Connecting GL to FRXBRL XXVYokohama
  16. 16. Decision Making: Reports and DashboardsXBRL XXVYokohama

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