xbrl implementation for financial reporting to the office of company registar
DESCRIPTION
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.TRANSCRIPT
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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
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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 !!!