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ENHANCING IFRS EXTERNAL REPORTING USING XBRL
Presented by:Denis DUPRIEZ & Stéphanie ROBERT-LEMARRE
Capgemini Group Information SystemsDeclan JONES
Fujitsu Software Corporation, Ireland
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Session Overview
Why implement XBRL and Why now? Compliance and regulatory reporting pressures on companies Why is XBRL important for IFRS ?
What was the XBRL project undertaken? Proof of Concept project IFRS/XBRL Project Objectives and phases
How the project was implemented XBRL Implementation and tools Issues encountered
Conclusions and next steps
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Clients of external reporting
Markets
Competitors
Regulators
Governments
Auditors
StakeholdersBanks
Customers
SuppliersInvestors
InformationExchange
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Why XBRL ?
“It is exciting to be involved with a truly global web-based solution for capturing and transferring business reporting information, particularly at a time when financial reporting is subject to such a high degree of public scrutiny and change. I am particularly encouraged by the levels of comparability IFRS and XBRL offer.”
IASCF Commercial Director & Chair of XBRL International, Kurt Ramin
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Why XBRL is important for IFRS
XBRL and IFRS objectives are mutually compatible in that: XBRL facilitates the transfer and exchange of financial
information XBRL makes comparability, transparency and
benchmarking far more achievable Using XBRL companies can make their IFRS reports in
a more timely fashion
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A key tool : the IFRS-GP Taxonomy
XBRL tags for IFRS financial data Typically reported in annual, semi-annual or quarterly financial
disclosures Balance Sheet Income statement Statement of Cash Flows Statement of Changes in Equity Accounting Policies and Explanatory Disclosures
IASCF initiative with representatives from the “Big 4” accounting firms and XBRL tool vendors But IFRS taxonomy is not endorsed in any way by the IASB
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IFRS Taxonomy presents key benefits
Major IFRS needs covered Automatic benchmark between IFRS companies Identify the relationships between IFRS elements
Specific “customization” for company needs “X” (Extensible) BRL taxonomy allows company
extension XBRL reinforces data consistency through validation
links for internal business rules, cross-checks…
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The proof of concept project
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Objectives of the Project
Experience Gain real world practical XBRL implementation experience Build the knowledge to exploit XBRL within the company
Assess Viability and future value Demonstrate viability of XBRL Investigate an approach for future implementation Investigate future uses and opportunities for XBRL
Be at the leading edge Be ready and able to publish XBRL data to stakeholders
Limited to: External reporting only
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How this XBRL experience was achieved
XBRL Implementation Phases Phase 1 – Buy-in Phase 2 – Preparation & Tool Selection Phase 3 – Taxonomy extension
Mapping from CoA to XBRL Taxonomy Extension
Phase 4 – Create XBRL output
Buy-in Preparation Taxonomy Extension XBRL Outputs
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Phase 1- Buy-in Key players
CFO and Board
Communication Department
Auditors
Others
Buy-in
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Phase 2 - Preparation & Tool Selection Consolidation tools Taxonomy tools XBRL Report (Instance) tools End user analysis tools
Preparation
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Phase 3- Taxonomy extension
The IFRS Taxonomy “Space”
Company Specific Extensions
Jurisdiction Specific Extensions
Industry Extensions
Bound Volume
Taxonomy Extension
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Phase 3- Taxonomy extension
Different Approaches to publish in XBRL Standard: Use the “official” Taxonomy
Extended: Create a company customized referential and map it with official IFRS taxonomy
Specific: Build a new XBRL taxonomy for company accounts and reports to be published “from scratch”
Taxonomy Extension
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Phase 3 – Taxonomy extension
Focus on “Extended” Approach
Selection of published consolidated data
Collection of consolidated data
Mapping with official IFRS-GP Taxonomy
Creation of the extended taxonomy using a taxonomy editor tool
Taxonomy Extension
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Phase 4 : Create instance documentsXBRL Output
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Instance document XBRL Output
Taxonomy view according to presentation linkbase
Period not appropriate to context
Instance creator; view of values according to contexts
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FOCUS ON FUJITSU TOOLS Right tools for the right person
Different roles have differing requirements Fujitsu provide XBRL products (Interstage family) and
tools aimed at End Users in the “Taxonomy business” (Defining
and Modifying) End Users of XBRL reports (Reading and Writing) Software Developers System Integrators and Solution builders
Interstage XWand comes in Developer, Server and Personal editions
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Roles and Tools for XBRL
Report Designer
e.g. Standards body
or report owner
Taxonomy Editor with full link base support
Define reporting “concepts” and key inter-relationship. Ensure report meets the needs of users and the business
ROLE ACTIVITY TOOL
Report Creator
(Human)Instance CreatorPeople enter facts based on the
previously defined report definition / design
Report Creator
(Computer)APIComputers generate facts that adhere
to previously defined report definition (taxonomy)
Report Usage
(Human)Instance ViewerPeople read / view report
Report Usage
(Computer)API (Java or C#)Computers process reports
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Taxonomy Editor & Instance Creator Suitable for end users in the “Taxonomy
business” (Defining and Extending) Suitable for users to do “data entry” i.e. create
Report Instances and also for viewing reports. Intuitive GUI tool Drag and drop support WebDav support Import and Export from Excel/CSV
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The Fujitsu taxonomy tool
Schema Elements
Element attributes
Linkbase views
Link information
Status/errors
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Conclusions
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Assessment of Project Objectives Experience
Project successful within limits set Knowledge and confidence to go further achieved.
Viability proven Full life cycle from tools selection, taxonomy extension, mapping
and report creation achieved. Efficiency of XBRL for IFRS disclosure
Map to XBRL once but exploit many times for different reports Allow automatic processing of financial data
Future value possibilities Ready and able to publish XBRL data to external parties. Data collection process from subsidiaries i.e. “internal financial
supply chain”
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Summary XBRL and IFRS objectives are mutually compatible
During (or soon after) the IFRS project is a good time to implement XBRL
Use of XBRL leads to efficiencies of reporting throughout the organization
The tools available in the market are mature enough to allow you to start your projects today.
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Thank you.
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