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STANDARD BUSINESS REPORTING: A UK VIEW
Standard Business Reporting, XBRL Canada, Ottawa24 November 2015
Roy WardenHead of HMRC Corporation Tax processes
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The legal requirement
“… to deliver a return…”
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Paper Filing Portal
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Paper Warehouse
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Paper Warehouse
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International state of play
• Denmark: mandatory SBR with XBRL across agencies but excluding tax;
• Netherlands: voluntary SBR with XBRL with particular links to banking;
• Finland: developed SBR concept and planning to adopt XBRL and build a government filing gateway;
• UK: mandatory XBRL for corporation tax, including accounts, and joining up with company registrar;
• Sweden: adopted voluntary XBRL for company registrar, but abandoned because of poor take up;
• Norway: data standards prescribed for each agency, but does not feel need for XBRL.
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What HMRC has done:
• 1990’s – introduction of IT for mass data transactions
• 2005 – online filing for Corporation Tax becomes possible
• 2009 – online filing in iXBRL format becomes possible
• 2009 – joint filing to HMRC and Companies House becomes possible
• 2011 – online Corporation Tax filing in iXBRL format becomes mandatory
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What went well:
• political consensus
• engagement with external stakeholders – agents
• engagement with external stakeholders – software industry
• standards
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A warning!
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Why do we need standards?
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Using taxonomies
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Various Levels of Granularity
Analytical processes require the acquisition, validation, analysis and reporting on information from a broad range of sources and granularity levels.
Standardization of data from lower levels of transactional data also enables linkages (e.g. audit trails) from lower to higher levels within the abstraction.
Transactions
Ledgers (A/R, Inv, PPE, A/P, etc.)
General Ledgers
Trial Balance / Journal Entries
Reports / Statements
Incr
easi
ng
ly m
ore
su
mm
ari
zed
in
form
ati
on
Info
rmatio
n S
tan
dard
izatio
n d
irectio
n
AICPA ADS
ISO ADC
XBRL / XML
FpML, FiX,
ACORD,
MISMO
etc.
AICPA ADS
ISO ADC
AICPA ADS
ISO ADC
Standards
Examples
