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Aayush ShresthaComputer EngineerChief of Design @ nLocate Pvt. [email protected]
XBRL Implementation for
Financial Reporting
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• 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, Storage and 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 Creator Repository
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
Macro Program on ExcelTo generate XBRL
Creating Financial DocumentsIn Excel as usual
Manual mapping of IFRStaxonomy
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What can we do from those XBRL files?
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Repository Mgmt for XBRL documents
Public Access to public financial documents
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Analysis from XBRL Documents
Listing top companies by different parameters
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Analysis from XBRL Documents
Analyzing a company’s performance over the years according to some parameter
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Analysis from XBRL Documents
Comparison between companies according to some parameter
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Analysis from XBRL Documents
Use xQuery to make complex queries according to need
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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
