xbrl implementation for financial reporting to the office of company registar

Final Year Project PresentationIOE, Pulchowk Campus29th August, 2013

XBRL Implementation for

Financial Reporting to the

Office of Company Registrar

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• 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

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• Introduction• Background and Existing Systems

• Introduction to XBRL

• Goals and Objectives of Project

• System Description

• Results

• Conclusion• Summary

• Limitations and Future Enhancements

Overview

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Introduction

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• 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

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• 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

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• 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

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System Description

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Overall System

System Description

Instance Creator Repository

Financial Statements

XBRL Submit

Analytics XBRL open data access

Companies

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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

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System Description

Sample Financial Document

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System Description

MS Excel Based Instance Creator

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System Description

Explicit Mapping of Local Terms

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)

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System Description

Web Based Instance Creator

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System Description

Mapping Dictionary Management

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System Description

XBRL Output (validated)

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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

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Results

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• 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

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Results

Dashboard

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Results

Advanced Search Options

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Results

Analytics and Reports

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Results

xQuery Executer

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Conclusion

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• 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

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• 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

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• 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

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• Web based instance creator to support more types of financial statements

• Advanced analytics

Conclusion

Future Enhancement

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THANK YOU !!!