presenter: nick dalton manager, e-business services
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Presenter: Nick DaltonManager, e-Business Services
MINISTRY OF ECONOMIC DEVELOPMENTREPORTING TO THE NEW ZEALAND COMPANIES OFFICE USING XBRL
Contents
Filing statistics and the status of the NZ Companies Register Filing obligations under the Financial Reporting Act The new way to communicate with the NZ Companies Office Our first XBRL initiative – the Annual Return Where to from here with XBRL
The NZ Companies Office and XBRL
Statistics - Internet versus Paper Filings – March 2004
1
New Companies - Mar 04
Manual2%
Online98%
Annual Returns - Mar 04
Manual10%
Online90%
Appointment of Receivers & Liquidators - Mar 04
Manual31%Online
69%
Director Changes - Mar 04
Manual11%
Online89%
Financial Accounts - Mar 04
Manual100%
Change of Name - Mar 04
Manual15%Online
85%
The NZ Companies Office and XBRL
Entity Type Total @ 20 April 2004
Required to file Financial Accounts with Companies Office
NZ Companies 344,549 (approx 9869 under FRA)
Incorporated Societies 22,967 YES
Charitable Trusts 15,189 NO
I & P’s 288 YES
Overseas Companies 1,188 YES
Total Entities on Register
384,181
Statistics - the electronic register
2
www.companies.govt.nz
The NZ Companies Office and XBRL
Other Registers maintained by the Companies Office that require financial information to be registered
Securities Act Register Co-operative Companies Register Building Societies Register Contributory Mortgage Brokers Register Friendly Societies Register Credit Union Register Unit Trusts Register Superannuation Schemes Register
3
The NZ Companies Office and XBRL
Filing Obligations under the Financial Reporting Act 1993
The following companies must register their financial statements with the Companies Office:
Issuers of securities to the public; Overseas companies; Subsidiaries of a company or body corporate incorporated outside New Zealand; and Companies with more than 25% overseas shareholding.
Financial Statements, an auditors report and the prescribed fee of $100 are required to be filed
Must complete financial statements within 5 months of balance date and register within a further 20 days
These filing obligations assist with making financial information transparent to the general public
This legislation is currently under review by MED
4
The NZ Companies Office and XBRL
The new way to communicate electronically with the Companies Office
Government to Business (G2B) connections with MED
Current HTTP searching system being replaced with a G2B XML Web Service based solution
Four phase project: Company Searching Logging Company Changes Annual Return Service Advanced Searching
All products to be developed to be platform, technology and partner independent
5
The NZ Companies Office and XBRL
Our first XBRL initiative – The Annual Return
Development of an Annual Return taxonomy A tool for accounting software providers Reduces compliance costs for accounting software clients to complete filing obligations with the Companies Office A framework will then be established to develop further XBRL initiatives easily as required
6
The NZ Companies Office and XBRL
7
COMPANIES
Accounting Specialists
Bank System
Database
Companies Office
Webserver
Accounting Firms System
Accounting Software
www.companies.govt.nz
http
LAN / WAN
Step 1: Enter Annual Return data into accounting software and print AR
Issues to consider:1. Duplicate data entry (inefficient)2. Is the data identical (data integrity)
Step 2: Using printed AR complete Annual Return registration atwww.companies.govt.nz
1 2
Current system for accounting software users to file Annual Return
The NZ Companies Office and XBRL
8
Issues considered:1. Single point for data entry (efficient)2. Data in both databases is identical
The proposed new alternative to file Annual Return
COMPANIES
Accounting specialist
Bank System
Database
Companies Office
Webserver
Accounting Software
LAN / WAN
1
4
2
4
Accounting Firms System
Steps:1: Request Company Annual Return Web Service2: Respond with current company details via XML using XBRL taxonomy3: Update information so accurate representation of company4: Submit Annual Return to Companies Office and in-house database simultaneously
3
The NZ Companies Office and XBRL
Where to from here with XBRL:
Liaise closely with industry to ensure they are provided with electronic services that serve their needs Liaise closely with XBRL-NZ The decision to introduce other XBRL initiatives will depend upon demand from industry and other Government departments Automate compliance reminder system for all reporting entities and then provide for a purely electronic service
9
www.med.govt.nz
Nick DaltonManager e-Business Servicesnick.dalton@business.govt.nz(09)916-4546021-513-496
MED is the Businesswww.companies.govt.nzwww.govt.nzwww.iponz.govt.nzwww.ppsr.govt.nz
www.ewr.govt.nzwww.insolvency.govt.nz
www.motortraders.med.govt.nzwww.rsm.govt.nz
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