Finance Assingment On

8/8/2019 Finance Assingment On

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Finance Assingment on

Extensive Business ReportingLanguage

Submitted by-

Abhinav Gupta V2002

Amlesh Kumar Tiwari V2007

Arshad Haroon V 2011

Kshitij Mathur V2021

Rohit Kumar V2033

Rohit Shandilya V2034

Sumit Shrivasrav V2042

Varun Kumar Singh V2044


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What is XBRL?

An international market driven corporate reporting information

format standard

A platform for corporate reporting standards already adopted by

the IASB for IFRS

A market reality with broad and accelerating regulatory adoption

around the world

A tool that can enhance the quality and efficiency of business

reporting

A way to enhance the analysis of information contained within

business reports


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History and structure of XBRL

Acronym components

X stands for extensible. XBRL can be extended as the need arises

BR is for business reporting. XBRL is designed to report business

informationmainly financial information

L is for language. XBRL has specific rules about syntax and

punctuation, just like any language

XBRL provides a context for financial information

It cuts across software and hardware platforms

It crosses international boundaries

It is open source. No-one owns XBRL


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History and structure of XBRL

Taxonomies

Acknowledged

Conforms to a specific version of XBRL

ApprovedConforms to a specific version of XBRL and guidelines for

taxonomy type

Approved US taxonomies include: Accountants Report SEC Certification


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Why use XBRL?

Provides a database-like structure, using textfiles

Defines a collection of financial facts for aspecific report, industry, and jurisdiction(taxonomy)

Facilitates the data exchange between

proprietary systems Promotes the re-use of data with far less

effort


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XBRL Concepts

XBRL is an extension of XML For Call Report use it will be defined as a set of files

referred to as an XBRL frameworkFor Example:

Validation Criteria Report Instructions Business Rules FFIEC 031 and 041 Presentation FRB Micro Data Reference Manual

Consists of XML files and XSD files Utilizes the concept of linkbases which provides the

ability to link XML files together


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XBRL terminology

Extensible

The quality of XBRL (Extensible Business Reporting Language)

that allows users to create new tags as the need arises

SpecificationThe relationship between XBRL and XML. XBRL is one

specific item in the family of languages called XML

(Extensible Markup Language)

TaxonomyA way to organize knowledge. XBRL contains several

taxonomies, most of which are organized around industry

groups


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XBRL terminology

Namespace

The Internet address that explains the meaning of

XBRL tags

Instance document

A specific example of a properly coded XBRL

document. The coding comes from a taxonomy;

its meaning is explained in a namespace on theInternet


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Key XBRL Components

XBRL/XML Specification (XBRL.org)

Global architecture/technology

XBRL hierarchicalvocabulary(jurisdiction/industry) Dictionary of terms by

jurisdiction/industry sector

Style Sheets (preparer)

XBRL enabled tools (market)


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XBRL adds to XML

Multi dimensional financial data representations

Financial reporting vocabularies (taxonomies)

Aliases and other definition relationships Mathematical relationships between concepts

Flexibility about how to present items to users

Structure for authoritative policies and guidance


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XBRL Benefit

Company Data Files No data conversions

Easy loading of data into ACL

Decrease cost of examinations

Financial Statements and NAIC Reports Automatic input intoWorkpapers

Allows drill down to company general ledger

Allows streaming data

Easy to read

Data manipulations

Significant decrease in Lost Production


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The Growing XBRL family


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Open Source role in XBRL reporting

data flow

XBRL offers major benefits at all stages of the

information supply chain where XBRL-tagged

data can be reused and shared.

The benefits are seen in automation; cost savings;

faster, more reliable and more accurate handling ofdata; improved analysis; and better quality of

information for decision-making.


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Roadblocks to use of XBRL

Communication Barriers

Education of Benefits

Getting All Participants to Join Up

Regulators Companies

NAIC

Financial Publishers

Software Vendors Auditors

Agreement on Taxonomies (dictionaries)


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XBRL Regulatory Adoption Publicly

Announced Australian Tax Office

Banco de Espaa

New Zealand Exchange

Chinese Securities Regulation {funding work

Commission (CSRC) at Shenzen and Shanghaiexchanges}

Danish Commerce & Companies Agency

Toronto Stock Exchange

EU Commission XBRL in Europe

The Irish Revenue

KOSDAQ Korea

Luxembourg Stock Exchange

UK Financial Services Authority


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Benefits of XBRL for Consumers

Lower cost of consuming information

Faster access to information

More timely, accurate, data for decisions

Enhanced analytical capabilities

Enhanced functionality

More useful access to information

Ease of access to definitions enhancecomparability

Facilitates language translation


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Overcoming future challenges

Enhance supervisory co- operation.

Promote information exchange betweensupervisory authorities (all sectors).

Provide financial information to all supplychain member in an open and transparentmanner.

Set up a common framework and standard forthe collect and publication of the financialinformation


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What Is a Taxonomy?

Definition: a division into ordered groups orcategories

An XBRL taxonomy is a description and

classification system for the contents offinancial statements and other businessreporting documents

Taxonomies represent up to hundreds ofindividual business reporting concepts,mathematical and definitional relationships


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Quality Assurance

Technical ~ format

Accuracy ~ mathematical

Business ~ comparisons & relationships

Consumes meta data

Provides standard

Error messages

Exceptions, classifications, and remarks

Begin and End dates ~ version control


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Market for XBRL solutions

US

More than 100 companies participate involuntary XBRL reporting today

Securities and Exchange Commission (SEC)announced that the 500 largest companies with aworldwide public float greater than $5 billionhave to report their financial statements in XBRLin 2009.

Other large filers will have to provide theirfinancial statements in XBRL format 12 monthslater


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Europe

UK government proposed to make the use ofXBRL mandatory for company tax filings from

March 2010

XBRL reporting is already required in TheNetherlands

Mandatory use of XBRL filing was alreadyannounced by the National Bank of Belgium in2008


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East, Africa and Latin America

Japan and China already require require XBRLreporting

Many Latin American countries moving fromalready implemented mandatory IFRSreporting to XBRL reporting

South Africa consider XBRL standard tobecome mandatory as announced by the vicepresident of SAICA


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Documents

Finance Assingment On