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Use of xbrl in registries and news on applicable technological developments bernice quek
1. BizFinx : Business Financials
in XBRL
BERNICE QUEK
Accounting and Corporate Regulatory
Authority, Singapore
1
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. XBRL Revamp
Built on XBRL experience
Consortium consists of Deloitte, IRIS and
CrimsonLogic
Launched on 3 March 2014
(www.bizfinx.gov.sg)
3
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
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
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. 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. 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
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
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. BIG Data
Massive volume
Structured and unstructured data
Different sources
Difficult to process using traditional database
and software techniques
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