fujitsu interstage xwand solvency ii reporting in xbrl - are you ready for changes? fqs poland -...
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FUJITSU Interstage XWand
Solvency II Reporting in XBRL - Are you ready for changes?
FQS Poland - Center of Excellence of Interstage XWand for EMEA region
Agenda
Fujitsu at Glance XBRL introduction Solvency II reporting vs Interstage XWand Suite
Desktop tools, Development engine
XBRL components Summary Value added
Copyright 2014, FUJITSU LIMITED2
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Fujitsu at a Glance
Headquarters: Tokyo, Japan Established: June 1935 Consolidated revenue: US$47 billion Employees: Over 170,000 worldwide Sales and support operations in over 100 countries Fujitsu Limited shares are listed on: the Tokyo Stock
Exchange, as well as the Osaka, Nagoya and London exchanges
Leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services.
We use our experience and the power of ICT to shape the future of society with our customers.
Copyright 2014, FUJITSU LIMITED
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Fujitsu’s XBRL Expertise
Leadership in XBRL Consortium Europe, Spain, Finland, Poland, US, Australia and Japan Chaired XBRL 2.1 Specification Working Group in 2003 At-large member - Intl Consortium Member of Best Practice Board Participation in European Filing Rules WG and XBRL European Business Register (xEBR)
Leading XBRL Specification Efforts Specification – XBRL 2.1/2.0 Best practices – FRTA, FRIS Conformance Suite Dimensions, LRR Latest activities – Formula, Versioning, Rendering
Leading XBRL tools provider 200+ downloads / month Extensive experience with designing and implementing XBRL based solutions (US SEC,
SBR Australia FSA Japan, Tokyo Stock Exchange)
Copyright 2014 , FUJITSU LIMITED
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Fujitsu’s Center of Excelence for Interstage XWand
R&D
SoftwareProduct
Development
SalesSupportConsu-
lting
Copyright 2014, FUJITSU LIMITED
XBRL
Basic concepts and trends
6 Copyright 2014, FUJITSU LIMITED
First a Quick (and Loose) Definition
XBRL is a standardised way of creating and using business reports in XML. It allows regulators to specify the financial facts they require through the use of taxonomies (sets of data definitions/rules). This ensures consistency across all of the submitted documents (instance documents) and aids the internal processing of the information contained in those documents.
7 Copyright 2014, FUJITSU LIMITED
XBRL Terminology
Taxonomy - A set of rules which describes the information which is required to be in the report Includes financial elements (fixed assets, cash on hand...) Describes relationships between the financial elements Can be based on existing taxonomy, e.g. Solvency II,
COREP/FINREP, IFRS, GAAP, etc. Usually defines validation rules Can provide visualization template for report
Instance Document - A document created by combining actual financial data with the taxonomy Pilar III Report (insurance), Call Report (to stock exchange),
Balance Sheet, Financial Liquidity Report (banking), Contains actual financial data
Can provide custom visualization of report (Inline XBRL)
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XBRL adoption throughout the world
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XBRL adoption and application increasing worldwide Steady adoption by regulators and public institutions, followed by corporations and investors
Key XBRL projects and Drivers in UE
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EBA The European Banking Authority recommend the use of XBRL as it will lead to greater harmonization of IT formats with
the adoption of XBRL COREP/FINREP taxonomies . The first quarterly reporting period is Q1 2014
EIOPAThe European Insurance and Occupational Pensions Authority (EIOPA) is currently developing harmonized Solvency II Quantitative Reporting Templates. Roadmap and guidelines for the preparatory phase
10 Copyright 2014, FUJITSU LIMITED
Key XBRL Taxonomies
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COREP/FINREP taxonomy for banking sector Solvency II taxonomy for insurance and pension funds IFRS taxonomy US GAAP taxonomy - financial reporting taxonomy GRI taxonomy for non financial reporting
Global Ledger taxonomy
xEBR taxonomy (draft exist)
Copyright 2014, FUJITSU LIMITED
European legislation
12 Copyright 2014, FUJITSU LIMITED
Reduce the Report Burden
Submission completed in one
stepInterstage
XBRL PlatformInterstage
XBRL Platform
Verification rules
Verification rules
InterstageXBRL Platform
InterstageXBRL Platform
Repeated many times
Filers
CorrectionCorrection
Inte
rsta
ge X
Wan
dCo
nven
tiona
l
Regulators
Filers RegulatorsVerification
rulesVerification
rules
VerificationVerification
VerificationVerification Batch Verification
Batch Verification
Common Rules
Submission
Corrections Requested
Submission
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XBRL Mandatory Reporting
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Filer/Submitter
COREP/FINREP
Solvency II
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Solvency II Reporting in XBRL vs XWand – Products Portfolio
Copyright 2014, FUJITSU LIMITED
Standard Workflow
Regulator
Filer/Submitter
DPM Sheet
Business Template Sheet
1.taxonomy generation
2. HC/TL/FL generation
4. review
3. open
5. excel form generation
7. input excel form
FormulaLinkbase
TableLinkbase
Taxonomy Excel Form
6. deliver
value assertion9. submit
8. openSheet IC
XBRLInstance
valid data
XBRLInstance
Server side checkcheck data
create instance...
16 Copyright 2014, FUJITSU LIMITED
XBRL Solutions Portfolio
XWand SuiteIntegration Components
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The Proven Competence
Adopted by more than 100 customers in over 41 countriesAdopted by more than 100 customers in over 41 countries
Copyright 2014, FUJITSU LIMITED
Tax OfficesCompany RegistersBureau of Statistics
Financial Supervisory Authorities
SoftwareVendors
Ministry National BanksFilers/SubmittersStock Exchanges
SBR Projects
Interstage XWand
Copyright 2014, FUJITSU LIMITED20
XBRL Solutions – Portfolio
Tools for development of Taxonomies Tools for operations on Instances Analytical tools for Instances Data mapping tools Software Development Kit – XBRL API Integration components
Components for automation of common operations withing existing environments
Components for building web pages with integrated XBRL viewer/editor
Total solutions Submission portals Raportado – Large scale enterprise Business Reporting Solution
Copyright 2014, FUJITSU LIMITED22
Additional Integration Components
Integration with 3rd party solutions Web services Command-line tools Development libraries MS SharePoint components MS SQL Server data providers
Customization and System Integration
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Sample Submission Platform
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XWand Summary
Copyright 2014, FUJITSU LIMITED
Advantages Over Competitors
High performance validation engine Optimize for large instance documents and complex
formulas Proper benchmarking using production taxonomies and
validation rules (no tests data generation)
Early delivery to support comming changes of XBRL specification Beta releases available for long-term customers
Network of local Centers of Excellence and support engineers Fujitsu has supporting offices and consultants in every
EU country34 Copyright 2013, FUJITSU LIMITED
Why partnering with Fujitsu
FUJITSU Advantages The XBRL leading vendor Proven by experiences, actual solutions in use
• Best Practice Template• Professionals who work around the world
Rapid custom-made development• Less programing• Ease of integration
Customer Benefits Everything you need can get all at once Challenging the XBRL, reducing the risk to fail in project Saving more costs than hand made system Improving alignment between business side and IT side
36 Copyright 2013, FUJITSU LIMITED
Interstage XWand – Value Added
37 Copyright 2014, FUJITSU LIMITED
For more information please contact
Sławomir SkrzypekBusiness Development Director - BI
Parkowa 11 Street 30-538 Krakow, Poland
Tel.: (+48 12) 429 43 45Mobile: (+48) 606 298 596
E-Mail: xbrl@fqs.pl
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