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Track 3 - Interactive Data Sharing,

22 nd XBRL International Conference “Sharing Economic Information in a Global World: the XBRL Contribution” 17-19 May 2011 Brussels, Belgium. Track 3 - Interactive Data Sharing, IFRS, XBRL and iXBRL in Denmark Chief Special Adviser, Niels-Peter Rønmos

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Track 3 - Interactive Data Sharing,

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  1. 22nd XBRL International Conference“Sharing Economic Information in a Global World: the XBRL Contribution”17-19 May 2011Brussels, Belgium Track 3 - Interactive Data Sharing, IFRS, XBRL and iXBRL in DenmarkChief Special Adviser, Niels-Peter Rønmos Danish Commerce and Companies Agency (DCCA)

  2. Agenda The Danish situation iXBRL i DCCA GFM The Danish IFRS taxonomy What’s next

  3. The Danish situation…. • Danish Commerce and Companies Agency (DCCA) • the official place of registration for Danish Businesses. • administers legislations regulating Businesses, amongst others the Companies Act and the Company Accounts Act. • Centralized administration • One unique number for persons, companies, building, adresses etc. • One digital signature: covering ex. banks, public sector • 220.000 companies • Obligated to file their annual report to the DCCA and their Tax returns to the Danish Tax and Customs Administration. • From mid-2012 it becomes mandatory for all small companies to file annual reports digitally to DCCA according to the Danish GAAP • Annual reports are public

  4. XBRL in the DCCA • Ongoing since 1996 (in varies formats). • 2010 was the busy year • Total remake of the entire platform • New Taxonomy • Online-service for creating and filing the annual report • Online-service filing locally created annual reports • Government bill in January 2011 (passed in April): Small Companies: Mandatory XBRL filling from June 2012 Middle-sized Companies: Mandatory XBRL filling from 2013 Filing of PDF + XBRL. • Status: 3% of the filing are digital iXBRL has been a key tool in this process

  5. Why we succeeded in a year? • ”Best of breed” and recycling! • Built on a well proven Linux operation (Facility mgnt.) • JBoss SOA/Portal platforms and Oracle • Agil development approach (Application mgnt.) • DK-GAAP: Taxonomy build on the IFRS 2009 by BRAG • Components from Corefiling and Fujitsu

  6. Just do it! Gradually implementation The chicken and the egg Main principles

  7. Why iXBRL? • iXBRL is flexibel • PDF and XBRL comes from the same source • Easy to test • Easy to control information flow • Much easier that stylesheet • The programmers were up and running in a few days • Easy to make reverse engineering

  8. iXBRL in the DCCA • As a tool Back office creation of iXBRL, to insure the PDF and XBRL are aligned • As an add-on for the filer Uploading of only one fil, reduces the number of errors • Presentation of XBRL to non-technical personnel

  9. Mainflow: SSO on the goverment business internet portal Online creation the Annual Report Print and accept at the General Assembly Generate iXBRL (Back Office) Forming the PDF from the iXBRL Online filing of the Report Generate iXBRL (Back Office) Forming the PDF from the iXBRL Forming the XBRL from the iXBRL iXBRL as a tool: Online-service for creating and filing the annual report

  10. Main flow: SSO on the goverment business internet portal Uploading the iXBRL Online Forming the PDF from the iXBRL Forming the XBRL from the iXBRL Filing the iXBRL, PDF and XBRL iXBRL as a tool: Online-service filing locally created annual report

  11. iXBRL and GFM • 29 rules regarding iXBRL: • DCCA agree with the rules • Considering if they in the future should be mandatory for Danish iXBRL • Implementation into tools? • Online-service for creating and filing the annual report: • 27 of 29 rules are met • 2 are almost met

  12. Danish IFRS taxonomy (short) • Recycling the DK-GAAP and the platform • Expandable taxonomy • Empiricism rather than theory • Close dialog with the NGO and the end users • Approach: • Translation • Expanding the IFRS 2011 taxonomy with element that are used in Danish reports • BLOK-tagging of notes • iXBRL as a tool when contacting external partners

  13. What’s Next • IFRS taxonomy • Implementing locally • Filing to the Danish Tax and Customs Administration and to the Statistics Denmark – from one platform and one taxonomy • Distribution to others authorities and others, who are not owner of the taxonomy

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