Streamlining Corporate IFRS Reporting with XBRL

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Streamlining Corporate IFRS Reporting with XBRL. Lindsey Domingo and Jason Daniels PricewaterhouseCoopers. Objective. To impart to you the methodology received and lessons got from a pilot contextual analysis on utilizing XBRL to create IFRS budgetary articulations. What we will cover. Foundation

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Streamlining Corporate IFRS Reporting with XBRL Lindsey Domingo & Jason Daniels PricewaterhouseCoopers

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Objective To impart to you the approach embraced and lessons got from a pilot contextual investigation on utilizing XBRL to deliver IFRS budgetary articulations

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What we will cover Background Business revealing: what associations go for What is frequently the truth (in the wake of receiving IFRS) Approach we guided utilizing XBRL Lessons learnt What are we doing to fuse these? Openings, difficulties and path forward Q&A/for more data

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Background The approach for this contextual investigation was driven by our experience both as preparer and counselor : Preparing a few hundred money related proclamations under various GAAP's, progressively IFRS Assisting organizations with their IFRS move Working with associations to improve the quality and auspiciousness of their inner/outside announcing Implementing XBRL at customers to streamline detailing for APRA and tax collection revealing

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Business revealing: What associations go for "Straight through" process - insignificant manual mediation Smooth information exchange from basic frameworks Timely, exact and important data Controls implanted inside announcing frameworks and procedures Compliance with administrative necessities Mechanisms for quick determination of questions and issues Finance groups can concentrate on breaking down outcomes instead of creating the numbers

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Operating Company Division Group Actual outcomes stack submit approve affirm ERP/GL Publish reports survey favor change combine audit support alter solidify intercompany cash Monthly figure endorse input submit approve submit dismiss Industry controller Tax Legal Treasury Management support Annual spending reject input submit approve Business announcing: What associations go for (cont'd)

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Business detailing: What is frequently the truth ( in the wake of embracing IFRS) Operating Company Division Group Actual outcomes ERP/GL Monthly conjecture Annual spending plan

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Business detailing: What is regularly the truth ( proceeded with ) Poorly fit announcing forms: diverse revealing prerequisites conflicting definitions issues coordinating information from various sources. Long, excruciating shutting and revealing cycle Spreadsheet-based detailing & m anual workarounds Multiple, costly to keep up, exclusive frameworks Many "renditions of reality" to accommodate Limited penetrate down and examination capacities Too much time spent on delivering the numbers Lack of opportune data for basic leadership

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Approach we guided utilizing XBRL Developed announcing formats in view of PwC illustrative IFRS money related explanations Created augmentations to IFRS GP scientific classification 15/6/04 Mapped XBRL labels to announcing components Imported information from an assortment of sources to produce XBRL case archives Rendered XBRL IFRS budgetary articulations and different sorts of detailing

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Approach we steered utilizing XBRL (proceeded)

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Mapping structure with imported bookkeeping information – center financials To outline account, locate its right point in the chain of command and after that "intuitive" To permit organizations to plan monetary proclamations where XBRL has not been inserted all the while, the left half of the screen contains the foreign made records for your bookkeeping framework. Mapping these records to the right point in the progression is just an instance of "simplified". This procedure just should be attempted the first run through information is transported in. For each consequent year, just new records included the previous year should be mapped into the progressive system. Where XBRL is as of now installed simultaneously, this mapping of trial adjust information is not required. Different records can be mapped to a similar point in the progressive system. The aggregate of the records mapped will show up in money related explanations.

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Sample Balance Sheet for a Consolidated Company Cells which contain monetary information imported from the bookkeeping framework can not be written over, guaranteeing the honesty of the budgetary proclamations. Note numbers are consequently connected to the relating note in the money related articulations. Inside a permissible resistance, the monetary explanations will consequently distribute an adjusting add up to a chose account, guaranteeing that this record shows up effectively in the notes and streams accurately through the money related articulations.

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Drill Down From any mapped adjust in the monetary articulations, it is conceivable to penetrate down to the hidden trial adjust data that makes up that adjust. The bore down report gives a compromise of imported data and resulting modifying diaries to give the last adjust that shows up in the money related proclamations.

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Sample Summary of Significant Account Policies Note Presentation of both content divulgences and budgetary revelations in a solitary archive

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Integrity of the monetary articulations Throughout the money related proclamations we have included tables that cross-reference related equalizations to guarantee that blunders are highlighted amid arrangement. These can be imprinted in the draft monetary explanations for audit purposes and after that evacuated preceding marking.

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XBRL Tagging A straightforward system for labeling and looking into the labeling of money related articulations is given. Organizations can utilize pre-labeled monetary explanations and adjust the labeling to suit their own motivation. They can likewise setup their own scientific classification and tag the monetary explanations. Money related articulations can be labeled with various scientific categorizations.

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Print Preview of the organization and appearance of the money related articulations before printing

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Adjusting,Reclassifying and Eliminating Journals A scope of diary passages can be prepared inside the application which will influence the equalizations appeared in the budgetary proclamations. Ordinary conforming diaries are handled where a similar change is required to be made in the bookkeeping framework. Renaming diaries are handled where the change is required for divulgence purposes. No change is required in the bookkeeping framework. Killing diaries are handled for solidification purposes. A report for each of these diaries can be made for review and organization handling purposes

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Lessons learnt Financial v/s Non-money related information Tagging the financials Time-devouring procedure - there are 2.000+ things in the illustrative budgetary articulations to be labeled Version control of scientific classifications Working with augmentation scientific classifications Software Still contrasts in execution, however fundamentally superior to anything past pilots Need to separate amongst XBRL, and the usefulness and restrictions of the application/s Need to give input to sellers to get changes in usefulness.

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Lessons learnt (proceeded with) Some old issues don't leave Rounding – still requires application particular arrangement Not all information is caught in adequate detail in source frameworks Still requires some manual mediation Requires controls around the change procedure Mixed group XBRL mastery IFRS specialized

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What are we doing to fuse these? Giving a high controls condition to permit acclimations to administration data for statutory revealing IFRS activities are rebuilding information to give adequate detail Pre-labeling announcing formats to limit client mediation Regular updates to announcing layouts

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Opportunities, challenges and the route forward Obtain efficiencies by making pre-labeled ace forma formats over a corporate gathering Using XBRL for IFRS Content administration Ensure predictable utilization of bookkeeping measures crosswise over organizations and wards inside a corporate gathering Version control over future arrivals of scientific categorizations How will applications manage future changes? We plan to do a similar expansion and labeling process for Financial Services once the scientific classification is accessible.

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Q&A/for more data Feel allowed to visit our BOOTH and to get in touch with us: lindsey.domingo@pwc.be , +32 2 710 7207 j ason.daniels@au.pwcglobal.com , +61 7 3257 8536

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