xbrl implementation for financial reporting

Aayush ShresthaComputer Engineer

Chief of Design @ nLocate Pvt. Ltd.

Aayush@nLocate.com

XBRL Implementation for

Financial Reporting

• Introduction• Background

• Problem Statement and Motivation

• Introduction to XBRL

• Looking at an XBRL Document

• Benefits of adopting XBRL

• System developed for assisting adoption

• System Overview

• Demo of web based XBRL Generator

• Demo of Excel based XBRL Generator

• Information gained from XBRL documents

• What the future looks like

Overview

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Introduction

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• XBRL Implementation Financial Reporting to Office Of Company Registrar (OCR)

• Built a prototype of a system that covered Generation, Storageand Analysis of XBRL documents

• Awarded Best Implemented Project Award by Institute of Engineering, Tribhuwan University

Background

Introduction

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• Everything of stacks of paper

• Digital but not computable

• Lack of a defined common standard

• Not readily available

• Redundancy and Inconsistency

• Valuable Data, Major concern for stakeholders

Motivation

Introduction

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• eXtensible Business Reporting Language

• Dialect of XML for business and financial data

• Taxonomy & Instance documents

• Internationally accepted

• IFRS and GAAP

XBRL : A Global Standard

Introduction

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WHY?

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• Manageable and always available.

• Machine Readable and Computable Information

• A common standard across the country

• No more redundant works.

• Prevent Frauds

• Valuable Information for stakeholders

Benefits

Introduction

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HOW?

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Overall System

System Description

Instance CreatorRepository

Financial Statements

XBRL Submit

Analytics XBRL open data access

Companies

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Creating XBRL Document of Financial Reports using our instance creators

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Web Based Instance Creator

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Excel Based XBRL Generator

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Macro Program on ExcelTo generate XBRL

Creating Financial DocumentsIn Excel as usual

Manual mapping of IFRStaxonomy

What can we do from those XBRL files?

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Repository Mgmt for XBRL documents

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Public Access to public financial documents

Analysis from XBRL Documents

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Listing top companies by different parameters

Analysis from XBRL Documents

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Analyzing a company’s performance over the years according to some parameter

Analysis from XBRL Documents

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Comparison between companies according to some parameter

Analysis from XBRL Documents

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Use xQuery to make complex queries according to need

XBRL Implementation Process in Nepal

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• Change policies and culture.

• Adapt to new technology.

• Impose new laws and requirements.

• A couple years at least.

What’s Needed?

Conclusion

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• Lawmakers, Engineers, Chartered Accountants and stakeholders working hand in hand.

• Localization of Taxonomy in accordance with NAS

• Imposing policies for requirement and maintenance of reports in XBRL format by government

• Getting our taxonomy accepted by XBRL International

How we get there?

Conclusion

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THANK YOU !!!

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Aayush Shresthaaayush@nLocate.comaayushonweb@gmail.com