Xbrl implementation for financial reporting to the office of Company Registar


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Financial Reports need to be submitted annually to the Office of Company Registrar (OCR) by companies registered in the country and OCR archives them. The reports are subject of interest for stakeholders from different sectors. Currently, companies file printed documents, and there is the issue of availability of the reports and computability on reports. So, there is urgent need of digitization and standardization for open data initiative by OCR.

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  • Instance Creator : Two Types.- Excel Macro- Based on web formsRepository- used to archive xbrl filings- admin panel to manage submissions, analytics engine and open data access
  • Takes spreadsheet data to generate xbrl file.can generate xbrl from ANY KIND OF financial document.Needs domain expert
  • Each term has to be explicitly mapped by an expert on XBRL and IFRS.
  • web form based instance creator is easier to use as the technical aspects are kept abstract from the user. But it is currently limited to balance sheet only.
  • Data is filled into the form. We have maintained a dictionary that maps local terms to IFRS terms which can be easily managed and extended from our admin section.,
  • This is  snapshot of the output XBRL from our instance creators which as you can see is well validated.
  • The XBRL generated is submitted to our repository via web interface.The repository is capable of handling huge amount of files.The authenticated users and admin will be able to generate reports and analytics based on the data.Public will get access to open xbrl data. They can search and download raw xbrl files according to fiscal year.
  • During the development and testing process, we have created over 200 valid xbrl files from our instance creator.For experimentation, we took real world financial data from around 10 companies over a period of 5 years provided by OCR.Currently, over 50 xbrl files with real data are archived in our repository.
  • The result that we got can be seen in the dashboard.We can see aggregated stats like total number of companies and xbrl files submitted.We can also monitor recently uploaded files.
  • Advanced Filter search allows us to perform specific queries according to the Type of Company, various Financial Terms and their values.In this particular example, we have shown a list of banks whose assets were greater than 10 lacs in the year 2065.
  • With the data, visualizations were generated that showed useful information like Overall growth of a company, The health of company at given time,Comparisons between companies.And so on…These results are particularly very useful for concerned stakeholders.
  • We can also make more specific queries from xQuery executer in our dashboard
  • The core of the project was to develop a prototype that could support OCR and Nepal Government in XBRL adoption in Nepal.The tool can create valid XBRL document from financial statement and maintain them at repositoryEfficient repo and hadle large dataAnalytics for stakeholder can provide more information they seekPublic data
  • Limitations : Required expert in Finanicil knowledgeSoftware are proprietary and no reachable expert
  • Adoption of XBRL in Nepal requires large numbers of stakeholders like OCR members, CA, local companies, regulaories.The process of adoption is not instant but incremental requiring 4 levels of block tagging.
  • Xbrl implementation for financial reporting to the office of Company Registar

    1. 1. Final Year Project Presentation IOE, Pulchowk Campus 29th August, 2013 XBRL Implementation for Financial Reporting to the Office of Company Registrar
    2. 2. • Aayush Shrestha - Roll No. 16202 • Ashok Basnet - Roll No. 16205 • 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 2
    3. 3. • Introduction • Background and Existing Systems • Introduction to XBRL • Goals and Objectives of Project • System Description • Results • Conclusion • Summary • Limitations and Future Enhancements Overview 3
    4. 4. Introduction 4
    5. 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 5
    6. 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 6
    7. 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 7
    8. 8. System Description 8
    9. 9. Overall System System Description Instance Creator Repository Financial Statements XBRL Submit Analytics XBRL open data access Companies 9
    10. 10. Instance Creator – MS Excel based System Description Mapping Engine Reference taxonomy Financial Statements XBRL file Domain Expert Mapping Definitions • Macro program on MS Excel • Wide coverage • Needs Domain Expert 10
    11. 11. System Description Sample Financial Document 11
    12. 12. System Description MS Excel Based Instance Creator 12
    13. 13. System Description Explicit Mapping of Local Terms 13
    14. 14. Instance Creator – Web Form based System Description Financial statements Web Form Mapping Engine Validation XBRL output Reference Taxonomy • Easier to create XBRL Document • Limited to Balance Sheet (for now) 14
    15. 15. System Description Web Based Instance Creator 15
    16. 16. System Description Mapping Dictionary Management 16
    17. 17. System Description XBRL Output (validated) 17
    18. 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 form Public XBRL files 18
    19. 19. Results 19
    20. 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 20
    21. 21. Results Dashboard 21
    22. 22. Results Advanced Search Options 22
    23. 23. Results Analytics and Reports 23
    24. 24. Results xQuery Executer 24
    25. 25. Conclusion 25
    26. 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 26
    27. 27. • Lack of resources and reachable experts. • 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 27
    28. 28. • Huge number of stakeholders • Requires research and resources • Localizations of IFRS in context of Nepal. • Full adoption in 4 levels of block tagging • Our project can be developed to serve this process Conclusion XBRL Adoption in Nepal 28
    29. 29. • Web based instance creator to support more types of financial statements • Advanced analytics Conclusion Future Enhancement 29
    30. 30. THANK YOU !!! 30