xbrl riding the next wave
Post on 19-Oct-2014
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XBRL25 held in Yokohama, Japan covered all of the latest developments and trends in using XBRL. Highlights of the conference were to improve the efficiency and quality of business reporting. Here’s what we had to offer.TRANSCRIPT
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XBRL Riding the next waveFrom Financial Reporting to Business Decision Making
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Gautam MahantiIRIS Business Services Limited
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XBRL Evolution: Past Present and Future
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But now its time to bite the bullet…
• XBRL is regulatory reporting– If tomorrow the regulator stops demanding reports in XBRL format,
how many Enterprises would continue to adopt the standard?
• XBRL is too complex and technical– How many Business users actually understand XBRL
• XBRL is actually an overhead to my existing data– How many Business users actually feel that XBRL is adding value to
their business operations
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• XBRL is regulatory reporting– If tomorrow the regulator stops demanding reports in XBRL format,
how many Enterprises would continue to adopt the standard?
• XBRL is too complex and technical– How many Business users actually understand XBRL
• XBRL is actually an overhead to my existing data– How many Business users actually feel that XBRL is adding value to
their business operations
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Organizations are Operating with Blind Spots!!
52% of usersdon’t have confidence in their information
59% of managersmiss information they should have used
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miss information they should have used
Sources: Accenture 2009 Managers Survey and AIIM 2010 Survey
42% of managersuse wrong information at least once in a week
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So is there is a business case when…
• XBRL goes beyond financial reporting– Data is made available to business users on demand for business
decision making
• The myth around ‘XBRL’ being complex is dropped– XBRL is just another way of structuring my data and there is nothing
technical about it
• XBRL ensures a greater trust in the data– XBRL makes the data clean, consistent and contextual
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• XBRL goes beyond financial reporting– Data is made available to business users on demand for business
decision making
• The myth around ‘XBRL’ being complex is dropped– XBRL is just another way of structuring my data and there is nothing
technical about it
• XBRL ensures a greater trust in the data– XBRL makes the data clean, consistent and contextual
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Making this work…
XBRL’ise
GL
Layer
XBRL’ise
GL
Layer
Business Intelligenceand Analytics
REAL TIME
AUTOMATED
Analysis
Financial Reports
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XBRL’ise
GL
Layer
XBRL’ise
GL
LayerExternal files
Business Intelligenceand Analytics
SOURCE DATA NORMALISED DATA CONSUMPTION
AUTOMATED
SCHEDULED
Dashboards
External
Internal
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How does GL help…
• Ability to track data at a granular level– Receivables
• By Party• By Location• By Value• By Maturity Date
• Normalize data from multiple sources to a standard Chart ofAccounts
• Build traceability until the source• Making data available for any BI tool to consume
XBRL GL, the Global Ledger Framework can represent all ERPdetailed data; it’s much more than General ledger
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• Ability to track data at a granular level– Receivables
• By Party• By Location• By Value• By Maturity Date
• Normalize data from multiple sources to a standard Chart ofAccounts
• Build traceability until the source• Making data available for any BI tool to consume
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• Server based, Enterprise class edition• Multi source data integration, ERP integration• Configurable to company’s legal and organizational
structure• Works with financial and non financial data, leverages
XBRL GL• Add on modules for Financial consolidation and Multi
GAAP reporting• BI integration for reporting and analytics
Accountants Integrated Engine (Beta Release)
End to end Financial Reporting Consolidation Multi GAAP Reporting
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• Server based, Enterprise class edition• Multi source data integration, ERP integration• Configurable to company’s legal and organizational
structure• Works with financial and non financial data, leverages
XBRL GL• Add on modules for Financial consolidation and Multi
GAAP reporting• BI integration for reporting and analytics
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iAXE : An overview…
ERP
Balancesheet,P&L
TrialBalance
CostAccountant
Extraction
XBRL GLDataMappingEngine
XBRL GLDataMappingEngine
Global ledger taxonomy
XBRL FRReportingMapper
XBRL FRInstanceGenerator
XBRL FRInstanceGenerator
XBRLinstance
Country specific FR taxonomies
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TrailBalanceeditor
XBRL FRReportingMapper
XBRL FRInstanceGenerator
XBRLinstance
Consolidation EngineCountry specific
Templates, Annotations formulas, comments
IFRS Transforming Engine
XBRL FRReportingMapper
XBRL FRInstanceGenerator
XBRLinstance
ConsolidationEngine(IFRS)
Extensionsenabler
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Configure: Mimic the organization's legal structure
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Workflow: Role wise authorization
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Connect: Source data upload
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Normalize: Map user elements to std GL
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Connecting GLs and Extend GL
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Connecting GL to FR
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Decision Making: Reports and Dashboards
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