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Business Transformation Jo Jones Programme Manager e-Services

Business Transformation Jo Jones Programme Manager e-Services. Companies House in numbers. 2.3m limited companies and growing… 120 new companies formed every working hour >1m companies incorporated electronically We process 40 documents per second 1.6m documents e-filed last year

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Business Transformation Jo Jones Programme Manager e-Services

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  1. Business TransformationJo Jones Programme Managere-Services

  2. Companies House in numbers • 2.3m limited companies and growing… • 120 new companies formed every working hour • >1m companies incorporated electronically • We process 40 documents per second • 1.6m documents e-filed last year • >80% of our filing services and >95% of our search services are available electronically • >300,000 documents downloaded each month • >4m unique users per month on CH website

  3. Our key challenge... • To change the way in which we do business: by transforming the 230 tonnes of paper and 7 million paper documents a year, into electronic transactions Since 1998, we have been taking steps to improve our e-filing capability: 1998 - First e-Filing options 2001 - e-Incorporation & initial WebFiling service 2003 - Annual Return on WebFiling 2005 - first e-Accounts options 2006 - e-Accounts project continues….

  4. Why XBRL ? • It is a world wide accounting standard for reporting financial information • Flexibility in the construction of an electronic set of accounts, suits differing formats of accounts types • It is an open standard, free of licence fees • It is being developed by a consortium which includes many of the leading accountancy firms within the UK

  5. uk-gcd Taxonomy Schema Document Label Linkbase XBRL Instance Document uk-gaap-ae Companies House Taxonomy Schema Document (approx. 300 elements) uk-gaap-pt Taxonomy Schema Document (over 3,000 elements) Label Linkbase Reference Linkbase Linkbases How did Companies House implement XBRL ? ewf.companieshouse.gov.uk/xbrl

  6. CH Electronic Filing CH Database Presenters submit data to CH Record Accounts Transaction on STEM XBRL Validation Stack Successful CH Image System XBRL Taxonomy checks CH Business Rule Validation Render XBRL in Stylesheet XML Schema Convert XBRL to TIFF image XML XBRL Instance Documents Transaction result notified to the Presenter Successful/Unsuccessful Journey of an XBRL transaction….

  7. How has e-Accounts been implemented? Software Filing: • Presenters have access to: • the Taxonomy • a Technical Interface Specification • a Validator (enables them to test their software) WebFiling: • Presenters have access to an Intelligent Forms template: • Free to download and complete off-line, on customer’s PC • Built-in help facilities • Ability to save/print document at any time • Upload template data to CH as XBRL when complete

  8. The role of Software Providers • Crucial to achieving take-up • 18 package providers filing, developing or testing • 27,763 e-accounts filed by end May 2006 • 90% via a software package • 10% via WebFiling

  9. Whatdoes this provide? For Presenters: • Fast notification of acceptance/rejection • email confirmation on receipt of e-accounts • Balance sheets balance! • Manipulable (XBRL) data will enable: • Future pre-population of previous year’s data • Data sharing with Government to eliminate filing same information twice • Consistent examination/rejection rules to all e-filed accounts • Reduced rejection rates • Minimal query handling • Sound basis for joint filing with CH and HMRC For Companies House:

  10. Currently enabled Audited 15% Under development Dormant 20% Audit Exempt Full 20% Audit Exempt Abbreviated 45% UK Accounts - percentages received

  11. Implementation of eAccounts Limited Launch: • Dormant Accounts, Small (Full) Accounts and Abbreviated Accounts: • Software Filing options from Nov 2005 • WebFiling from March 2006 (dormant) & May 2006 (abbrev.) Remaining Dates: • WebFiling Hard Launch • July 2006 • Remaining Account types (i.e.Full/Group) • Requirements by end 2006

  12. The future for e-Accounts and XBRL at Companies House • Joined up Government • Joint filing with HMRC • Data sharing with OGDs • Allowing presenters to define their own stylesheets • Increasing take-up

  13. Any Questions?

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