Transcript XBRL IN ACTION LEAP + and the substantial benefits of deploying XBRL Mark

XBRL IN ACTION
LEAP + and the substantial benefits of deploying
XBRL
Mark
Hucklesby
Dr David Hay
Why did we consider XBRL?
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Actively demonstrate thought leadership
Better – wanted a “one stop shop”
Faster - to reflect a changing environment
Cheaper - to distribute and maintain
To gain “hands on” experience with the
technology so that this could be shared with
clients and students
LEAP+: XBRL in action
LEAP+: XBRL in action
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The site is the first of its kind in the
world that utilises the power of the
eXtensible Business Reporting
Language (XBRL), the future of webbased financial reporting, to present
model financial statements prepared in
accordance with New Zealand generally
accepted accounting practice (GAAP).
Material is presented in distinct
volumes, including model financial
statements prepared under Australian
and IFRS GAAP.
Choose one of the menu items on the
right of the screen to select the version
and edition of the model financial
statements or guidance that you wish to
view.
Overview of
LEAP+
LEAP+: XBRL in action
LEAP+: XBRL in action
- <group
type="ci:cashCashEquivalentsAndShortTermInvestments.sh
ortTermInvestments"> <label href="xpointer(..)"
xml:lang="en">Investments</label> <item id="BS-03"
period="1999-05-31">96700</item> <item id="BS-04"
period="1998-05-31">48721</item> </group>- <group
type="ci:currentAssets.receivablesNet"> <label
href="xpointer(..)" xml:lang="en">Accounts receivable,
net</label> <item id="BS-05" period="1999-0531">12593</item> <item id="BS-06" period="1998-0531">8790</item> </group>- <group
Ledger
System
XBRL
taxonomy
XBRL
instance
document
LEAP+: Our story
• The lessons learnt from 3 years of practical
application of XBRL
• What we have achieved with XBRL
• Where the benefits have emerged
• Our current thoughts on this “mediation
language” and when it’s going
Evolution of LEAP+
Lessons Learned
• “Always keep the objective in sight”
– Beware of scope creep
– End user considerations are paramount
• “Time in reconnaisance is seldom wasted”
– Upload from the general ledger aborted
– Need to really understand taxonomy architecture
– Financial/Non-financial reporting elements were
challenging
Our Users?
• University of Auckland is New Zealand’s
leading research university, has 32,000
students with 3,000+ students currently in
the Business School
• Ernst & Young, 600 partners and staff in
NZ, and more than 100,000 professionals
around the world
What business need did we
have?
• Wanted answers to essentially the same
questions (in this case … the questions
centered around what needs to be
considered before one can assert that a
company Annual Report is fully compliant
with NZ legislation)
• Our solution was link questions to answers
using XBRL (via the “infamous” tags)
So what questions are being
answered with the help of XBRL?
(1)
• Can I offset the bank overdrafts against
positive cash balances in other group
companies?
• What is the FRS-9 requirement about audit
fees?
• What do we need to show about deferred
tax?
• What does FRS-31 require?
So what questions are being
answered with the help of XBRL?
(2)
• What is an audit report required to show?
• What effect will adoption of IFRS have on
my results?
• What changes have there been to the
definition of a finance lease since I last
researched this issue?
• How do I report an amalgamation?
What have we achieved?
LEAP+ as a
reference tool
LEAP+ reference
for tax, audit or
other information
“GAAP Switch”
(Links existing
NZ GAAP to
IFRS)
What benefits have emerged?
• Relatively easy to update … but task will be
made easier with newer technology
• The “dice, slice and compare” is proving
particularly useful as we look back to what
was done in previous periods
• Greater understanding of relationships that
exist within annual reports through the
“tagging process”
Where to from here?
• Need to replatform to the 2.1 Specification
• Need to use “official” NZ taxonomy tags
• Introduce more tools to facilitate analysis of
the data stored in XBRL
• Introduce more XBRL “connectivity”
• Further extension of existing functionality
in relation to comparing GAAP
Closing remarks
“Unleashing the power of XBRL will
still take some time!”