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Aayush ShresthaComputer Engineer
Chief of Design @ nLocate Pvt. Ltd.
XBRL Implementation for
Financial Reporting
• Introduction• Background
• Problem Statement and Motivation
• Introduction to XBRL
• Looking at an XBRL Document
• Benefits of adopting XBRL
• System developed for assisting adoption
• System Overview
• Demo of web based XBRL Generator
• Demo of Excel based XBRL Generator
• Information gained from XBRL documents
• What the future looks like
Overview
2
Introduction
3
• XBRL Implementation Financial Reporting to Office Of Company Registrar (OCR)
• Built a prototype of a system that covered Generation, Storageand Analysis of XBRL documents
• Awarded Best Implemented Project Award by Institute of Engineering, Tribhuwan University
Background
Introduction
4
• Everything of stacks of paper
• Digital but not computable
• Lack of a defined common standard
• Not readily available
• Redundancy and Inconsistency
• Valuable Data, Major concern for stakeholders
Motivation
Introduction
5
• eXtensible Business Reporting Language
• Dialect of XML for business and financial data
• Taxonomy & Instance documents
• Internationally accepted
• IFRS and GAAP
XBRL : A Global Standard
Introduction
6
7
8
9
10
WHY?
11
12
`
• Manageable and always available.
• Machine Readable and Computable Information
• A common standard across the country
• No more redundant works.
• Prevent Frauds
• Valuable Information for stakeholders
Benefits
Introduction
13
HOW?
14
Overall System
System Description
Instance CreatorRepository
Financial Statements
XBRL Submit
Analytics XBRL open data access
Companies
15
Creating XBRL Document of Financial Reports using our instance creators
16
Web Based Instance Creator
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Excel Based XBRL Generator
18
Macro Program on ExcelTo generate XBRL
Creating Financial DocumentsIn Excel as usual
Manual mapping of IFRStaxonomy
What can we do from those XBRL files?
19
Repository Mgmt for XBRL documents
20
Public Access to public financial documents
Analysis from XBRL Documents
21
Listing top companies by different parameters
Analysis from XBRL Documents
22
Analyzing a company’s performance over the years according to some parameter
Analysis from XBRL Documents
23
Comparison between companies according to some parameter
Analysis from XBRL Documents
24
Use xQuery to make complex queries according to need
XBRL Implementation Process in Nepal
25
• Change policies and culture.
• Adapt to new technology.
• Impose new laws and requirements.
• A couple years at least.
What’s Needed?
Conclusion
26
• Lawmakers, Engineers, Chartered Accountants and stakeholders working hand in hand.
• Localization of Taxonomy in accordance with NAS
• Imposing policies for requirement and maintenance of reports in XBRL format by government
• Getting our taxonomy accepted by XBRL International
How we get there?
Conclusion
27