Use of xbrl in registries and news on applicable technological developments bernice quek

BizFinx : Business Financials in XBRL

BERNICE QUEK

Accounting and Corporate Regulatory Authority, Singapore

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XBRL

Overall direction is to enable:

A pro-enterprise financial reporting environment for businesses in Singapore

A value-enhancing financial information flow to the local and international business community

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XBRL Revamp

Built on XBRL experience

Consortium consists of Deloitte, IRIS and CrimsonLogic

Launched on 3 March 2014(www.bizfinx.gov.sg)

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XBRL Revamp

Consumers Preparers

Increasing the breadth and depth of XBRL data

Facilitating preparation and filing of XBRL data

Balancing the needs of consumers and preparers

Collect what consumers

of financial statements want for analysis

Burden and effort required by preparers to provide the data in XBRL

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Training and help

resources

Experience the value of

XBRL

More time for filing

BizFinx

Preparation Tool

Free preparation tool Offline Auto-tagging Drag and Drop

More time for filing – 1st year of implementation

Free Data Analysis

Free seminars + subsidised courses

Dedicated hotline Dictionary of

suggested synonyms of taxonomy elements

Guides FAQ

Support for Companies

BizFinx Portal

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Preparation Tool

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BizFinx Portal

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Validation Engine

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BizFinx Portal

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Value Of XBRL Data Dynamic financial analysis for business decisions Financial indicators available for free data analysis

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Value Of XBRL Data

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Value Of XBRL Data

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Value Of XBRL Data

Corporate Compliance & Financial Profile (CCFP)

Business Profile Information

Compliance Rating

Key Financial Information (over 3 years)

Balance Sheet

Profit and Loss CCFP Sample.pdf

or

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Surveillance of companies’ financial statements Financial statements with qualified audit opinion Non-compliance with Companies’ Act Trend analysis of company’s performance over years

and comparison against industry benchmarks

Monitoring of delinquent public accountants E.g. non-compliance with accounting standards not

flagged out by the auditor

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Examples of XBRL Usage in ACRA

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Technology Trends

Analytics Promote consumption of XBRL data 2014 XBRL International Conference :

“Better Data For Better Decision”

Mobile Enterprise

Cloud Computing

Big Data XBRL and non-XBRL data

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Business Analytics - Singapore Financials Direct

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Business Analytics – Financial Strategic Intelligence Reports

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Mobile AppsPotential Market Tools to Present Collated Data Mobile applications available in US

From primary statements to specific data elements in the notes for closer examination

Source: XBRL: Putting Intelligence Into Financial Reporting in CPA Singapore Magazine – BRIX a free iphone app (xbrl.us/research/pages/iphone.aspx)

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TRADITIONAL IT

Business Processes BPaaS

Corporate Data DaaS

Applications with Business Logic SaaS

Applications without Business Logic(e.g. database, development tool)

PaaS

Servers and Storage IaaS

CLOUD IT

5 Layers of Cloud Infrastructure-as-a-Service (PaaS)

Virtual machines service accessed over the network providing compute and/or storage capabilities

Platform-as-a-Service (PaaS) Platform software services (e.g. middleware) on which web service based applications can be

built Software-as-a-Service (SaaS)

Application provided as a service with

end user licence Data-as-a-Service (DaaS)

Data or information delivered from the

Cloud as raw data sets or consumed

through an analytics interface Business Process-as-a-Service (BPaaS)

Business services that are aligned to

Business process and associated

measurable business outcomes

Source: XBRL 26 International Conference : Technology and Market Trends

Cloud Computing

BIG Data

Massive volume

Structured and unstructured data

Different sources

Difficult to process using traditional database and software techniques

Realising the Technology Solution

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Data collected by various organizations for various purposes and requirements

Data from different sources brought together in a meaningful way – BIG DATA.

Cloud computing technology and its advantages are being leveraged to bring this all together in a big data mash up to facilitate “Better Data for Better Decision”

Source data from different sources and formats

Integrate and compile

Provide platform to analyse the data

CLOUD BASED SOLUTION

BIG DATA

Thank you

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