Stuart Bale, Business Development Manager, MYOB NZ Ltd 1

XBRL and the Client-Accountant Connection

•What do Accountants and Small Businesses really need to get connected?•How can XBRL help today?•Why change from existing systems?

Stuart Bale, Business Development Manager, MYOB NZ Ltd

2

What is the current situation?

• Accountants gather and deliver information on behalf of their clients from IRD and Banks in an electronic format

• Accountants have connectivity with clients through software

• Accountants report interactively with clients through the web

Stuart Bale, Business Development Manager, MYOB NZ Ltd

3

Who will expect XBRL?

• Government Departments– IRD– Companies Office– ACC– Statistics NZ

• Corporate Entities– Insurance companies– Banks– Other financial institutes– NZ Stock Exchange

• Other Regulatory and Compliance Organisations

Stuart Bale, Business Development Manager, MYOB NZ Ltd

4

Why will Accountants need XBRL capability?

• Accountants are positioning themselves as the business advisor

• However, Accountants still have to meet compliance requirements

• Conceptually, XBRL streamlines the delivery of data from and to the Accountant on behalf of their clients

• Efficient data transferral frees the Accountant

Stuart Bale, Business Development Manager, MYOB NZ Ltd

5

How does XBRL deliver?

• Consistent platform with smart technology opens up dynamic exchange of information (HTML, Email)

• Makes the information exchanged more meaningful by providing context

• Creates connections that previously didn’t (or couldn’t) exist

Stuart Bale, Business Development Manager, MYOB NZ Ltd

6

When will XBRL usage be evident?

• Starting to see progress now

• Many tools available to Accountants to assist them

• As demand increases, software vendors will supply

Stuart Bale, Business Development Manager, MYOB NZ Ltd

7

Summary

• Accountants and Small Businesses already have connectivity

• XBRL helps the Accountant to efficiently interact with other entities on behalf of their client