A full financial supply chain XBRL is Coming to Town Paul Snijders Semansys Technologies
A typical XBRL Case • • • XBRL used for holistic solution All participants in reporting chain involved Benefits for preparers and regulators A show case implementation of XBRL Standard XBRL software utilized Deliver Nation wide adoption Taxonomy development XBRL technology Advance XBRL solutions Implement
Partnering for success • How the ‘sales’ process worked • The reporting organizations takes control • A complete reporting chain realized • XBRL implemented nation wide Honored to speak on behalf of: The Customer The Regulator The Supplier
The background • Financial situation of local government not transparent with hidden capital and unclear financial position. • Politicians in Europe demand more control over monetary policy. • No clear European wide reporting standard in use.
Rules set by top EU regulator • EMU reporting (European Monetary Union) to: – European Union (‘Federal Government’) – European Central Bank (‘FED’) • New reporting requirement: – More detail – More frequent – quarterly – Faster – within 30 days after quarter end • To be implemented as of Q 1 2004
Territory: All local Government nt Co n io County-States at rm fo Country In • Impact on whole government and control chain ro l • Rules apply to all local government organizations Cities Semi government org´s
Water boards take the initiative • Semi government, Euro 25 Billion Budget • Water management, dyke control, water quality • 50 of 900 local government orgs in Holland External accounting rules (EMU) 30 days to report 6 months to implement GL Apply rules Customer GL
Composition of solution • Reporting orgs work with Semansys to compose the solution for the complete reporting chain • Complete solution for the reporting entities • ´Sales´ package to regulator ´Selling´ Apply rules XBRL Introduced Customer XBRL Vendor
Model ‘sold’ to Regulator • Some additional ‘convincing’ required • Regulator accepts complete model • ´Sales´ package to regulators on next levels • Introduction to central government Agree ´Selling´ Apply rules XBRL Introduced Finalize model Compose Proposition Regulator Customer XBRL Vendor
Involvement of CPA • XBRL ‘selling’ to CPA Deloitte&Touche (Market share of D&T in local gov. is over 75 % ) • CPA supports Digital Reporting initiative • CPA creates implementation guidelines, check lists and Assurance Method Participate Agree ´Selling´ Apply rules XBRL Introduced Finalize model Compose Proposition CPA Build taxonomy Regulator Finalize model Customer Training/ design Advice XBRL Vendor
SW vendors buy into model • Local Gov. market has 3 major and 6 small GL vendors • Supplier & Regulator ‘sell’ XBRL to SW vendors • Software vendors integrate Semansys’ ready-to-sell Embedded Solution XBRL Assurance method Participate Agree ´Selling´ Apply rules XBRL Introduced Finalize model Compose Proposition Build taxonomy Finalize model Training/ design Advice Approve taxonomy Prepare implementation Execute Project SW vendors CPA Regulator Customer XBRL Vendor
Central Government buys in Ministry of Internal affairs All local government organizations MUST report in XBRL as from 2004. XBRL Deliver Solution Assurance method Implement Audit Participate Agree ´Selling´ Apply rules XBRL Introduced Finalize model Compose Proposition Build taxonomy Finalize model Training/ design Advice Approve taxonomy Prepare implementation Execute Project Prepare receiving Implement Deliver Solution Direct processes
All participants involved Processes General Ledger Internal financial reporting Admin Controllers Receivers Federal Control Orgs Reporting Org’s Reporting Orgs Participants External financial reporting Auditors Software Vendors Regulators EU ECB
The supply chain Auditor XBRL Expertise XBRL Vendor ‘XBRL a Must’ Customer XBRL Taxonomy XBRL Module GL – SW Vendors Regulator Central Gov’
Conclusions • Closed loop solution realized • Proven integral approach • No threshold for direct utilization • Standard software available • Low cost implementation • Direct advantages for preparers and regulator
The truth behind the figures Paul Snijders paul. snijders@semansys. com +31 79 3435 735 www. semansys. com
Скачать презентацию A full financial supply chain XBRL is Coming
d7d82d882c5d3724cb35f85644148247.ppt