About XBRL and XBRL Implementation at IDX · –More dynamics and complexities of corporate actions...
Transcript of About XBRL and XBRL Implementation at IDX · –More dynamics and complexities of corporate actions...
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30 April 2014
About XBRL and XBRL Implementation at IDX
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Contents
• Introduction to XBRL
• XBRL Implementation at IDX
• Details on IDX Taxonomy
• Additional Information
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Source:
World’s Listed Companies
21,585 21,323 21,357
23,070 24,201
25,052 26,368
27,054 27,574 27,896 29,353
30,679
33,083 32,790
39,314 40,447
45,552 46,883 46,409
45,434 45,508
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Number of World’s Listed Companies
How to Analyze All The Listed Companies?
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Introduction to XBRL
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What is XBRL ?
Allows Customization
of Concepts
Uniquely Defined
Concepts
Computer Understandable
Language
An Information Standard
XBRL – The “Bar Code” for Business Reporting World
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How XBRL Works?
• The main purpose of XBRL is how business and financial data can be easily exchanged, compared and utilized without any constraints of Accounting Standard or language barrier.
• XBRL works by creating a sign (called “tag”) which can be identified specifically for each data. This Tag can be easily read by a computer software so that the data could be identified in any language.
• This method will simplify other parties in gathering and processing data electronically without the need to translate and re-keying of data. It will be easier in comparing data because of the similar tags used in reporting.
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XBRL Tagging
• How to make computer understand the message?
Tagging the information
Asset 1,000 <Asset>1000</Assets>
XBRL tags all the information, functioning like barcodes
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XBRL Usage
source: http://www.xbrl.org/knowledge_centre/projects/map Currently XBRL has been adopted as standard reporting over the globe
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Reporting Before XBRL
Source Formats Receivers
Financial System
Explanatory
Disclosure
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Reporting after XBRL
Source Formats Receivers
Financial System
Explanatory
Disclosure
XBRL generalizes all reporting languages into 1 standard report
• Improves access to financial
information
• Facilitates comparison & analysis
• Improves accuracy of financial
data & reduces costs
• Allows for open financial
reporting frameworks
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The Advantages of XBRL
• Improve analysis of reports
• Cost savings
• Faster, more accurate and reliable
• Decrease manual comparison among reports
• Decrease Data Re-Entry
• Improve dissemination of information on the Internet
• Standardized reporting format
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Who will benefit from using XBRL?
• Companies who prepare financial statements: More efficient preparation of financial statements because the reports will be created one time and rendered as printed reports, on Web sites or as other regulatory filings.
• Analysts, Investors, and Regulators: Enhanced distribution and usability of existing financial statement information. Automated analysis, significantly reduces re-keying of financial information from one form into another form, receiving information in the format that is more preferable for specific style of analysis.
• Financial publishers and data aggregators: More efficient data collection lowers operating costs associated with custom, idiosyncratic data feeds and reducing errors while concentrating on adding value to the data and increasing transaction capacity
• Independent Software Vendors: Virtually any software product that manages financial information can use XBRL for its data export and import formats, thereby increasing its potential for full-interoperability with other financial and analytical applications.
Source: www.accountingweb.com
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XBRL Components
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Illustration (1)
Case: Simple taxonomy contains primary Balance Sheet Item
Regulators (IDX) • Taxonomy
Preparer (Listed
Company) • Instance Document
Investor or User • Extract XBRL Data
1
2
3
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Illustration (2)
The Taxonomy
# Regulator prepares the taxonomy – ex: IDX
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Illustration (3)
Instances
context
value
unit
XBRL Instance Document
# Listed Company Prepares Report as Instance Document – ex: SMGR
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Illustration (4)
User
# All users can directly extract the value from instance document – ex: Investor, IDX
Direct Extract
Direct Extract and Process
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XBRL Implementation
at IDX
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Background
Monitoring Perspective • Responsive monitoring requires better, faster, & reliable
information management because : – More companies listed on IDX – More dynamics and complexities of corporate actions – More types of reporting and disclosure – More types of securities and type of issuer
• Enhancing monitoring ability by creating Business intelegence. Quality of Disclosure Perspective • More reliable and informative disclosure of listed company needed
by market and investor • Differences of languages and financial standards between global
investors
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Electronic Reporting System IDXnet
• IDXNet are electronic reporting system for listed companies, and
monitoring of listed companies as well
• IDXNet accessible through public internet
• IDXNet 1st generation based on XML Form launch at January 2009, used only
for equity issuer.
• IDXNet 2nd generation based on both PDF Form and XML database launched
on March 2013, also used for Bonds, Sukuk, ABS, ETF and SPEI Issuer. OJK is
also targeting to implement an equivalent system as IDXnet in 2013.
Jan 2009
1st generation IDXnet
Mar 2013
New generation IDXnet
Future Development
XBRL Form Support
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Growth of Regulatory Filings at IDX
9,717 8,419 8,695
4,257
13,457 15,590 15,853
20,757
23,174 24,009 24,548 25,014
-
5,000
10,000
15,000
20,000
25,000
30,000
2010 2011 2012 2013
Manual Announcements Direct Announcements
58.1% 64.9% 64.6%
73.0%
41.9% 35.1% 35.4%
17.0%
Number of Filings
Manual filings announcement reduced significantly following the implementation of IDXnet enhancements in 2013.
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IDX Current Reporting and Issues (IDX Perspectives)
No standardize comparable format
Manual validation
Simple format not comprehensive
Re-keying information
No readily available in multiple language
More complex business environment
Increasing number of listed companies and disclosure
The Issues
Current Reporting
IDX Net
Copy
(Optional)
IDX Data
warehouse
IDX Website
IDX
Internal User
Public
Listed
Companies
Financial
Service
Regulator
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Current Reporting and Issues (Industry Perspectives)
Multiple filings
No standardize comparable format
Less data sharing within regulator
Listed Companies
Other Capital Market Fillings
Industry Regulatory Fillings
Self Disclosure
The Issues
Current Reporting
Tax Authority Fillings
OJK
IDX XLS
DOC
Paper format
Proprietary
method
Other formats
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The Future Reporting Expectation
Potential for full-interoperability with other financial and analytical applications
Reduces inaccuracies
more interactive reporting
Enhanced usability of information
Automated data analysis
Reduces re-keying of data
Reduces processing time associated with data validation and extraction
Improves timely dissemination of reported information to the public
Deeper transparency
Future Reporting
Benefit
Other Capital Market Fillings
Industry Regulatory Fillings
Self Disclosure
Tax Authority Fillings
OJK
IDX
Companies
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IDXnet 3rd Generation – XBRL Adoption (Plan)
BEI
taxonomy
Company information
for general information
Input Application & validation
Server
Manual input
Generate Excel
form
Upload
Excel form
Upload user created
extension taxonomy and
instance document
IDXnet Web interface
Submit to
IDXnet
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Planning of XBRL Implementation at IDX
Build Taxonomy
Expand Scope of XBRL Adoption
Provide Solution
Publication and Recognition
Implementation
2013 2014 2015
Financial Statement
without Disclosure
Notes
To be defined
Financial Statement
without Disclosure
Financial Statement
without Disclosure
Financial Statement
without Disclosure
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IDX Taxonomy Public Review
• Period – Public Review: 14 Feb 2014 – 14 Mar 2014 – Socializations :
• Jakarta: 20, 21, 24 Feb 2014 (Listed Companies, Data Vendor, Other Regulators) • Surabaya: 27, 28 Feb 2014 (Listed Companies)
• Purposes – Introducing IDX Taxonomy and its development planning – To obtain public reviews and feedback for IDX Taxonomy from Listed
Companies
• Stakeholders – Listed Companies, Other Regulators, Public Accountant, Data Vendor, and
Public
• Comments – Total Institutions: 269 institutions (266 from Listed Companies) – Total Comments: 961 comments (949 from Listed Companies) – Element update: 101 elements
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Details on IDX Taxonomy
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XBRL Reporting Scheme at IDX
Regulator
• Reporting and Accounting Standards
IDX Taxonomy
• IDX creates Taxonomy based on Reporting and Accounting Standards
Issuer
• Issuer input reporting information into the Instance Document
Instance Document
create output
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IDX Taxonomy Folder Structure
{Release date}
dic
rep
FIN
DEI
NOFIN
forms
insurance
DEI
Corporate Disclosure
ep ep
ep
dic: schema,
label,
reference,
custom
datatypes, ELR
are located
belong to “dic”
folder.
rep: all report components such as
PRE, CAL, DEF, sector / subsector
specific labels and formula are
stored under “rep” folder.
DEI: for document
and entity
information; FIN:
for financial
information;
NOFIN: for non-
financial
information
securities
property
financing
general
infrastructure
taxonomy xbrl
Fund Disclosure
Collective
financingsharia
common dimensionDefaults
Formula
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Explanations on IDX Taxonomy
DEI
1. General
2. Property
3. Infrastructure
4. Finance & Sharia
5. Securities
6. Insurance
7. Collective
8. Financing
IDX Taxonomy
DEI
1. Statement of Financial Position
2. Statement of Comprehensive Income
3. Statement of Changes in Equity
4. Statement of Cash Flow
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Presentation Link Table in IDX Taxonomy
After Tax Before Tax After Tax Before Tax
1 General 1000000 1210000 1220000 1311000 1321000 1312000 1322000 1410000 1510000 N/A
2 Property 1000000 2210000 2220000 2311000 2321000 2312000 2322000 2410000 2510000 N/A
3 Infrastructure 1000000 3210000 3210000 3311000 3321000 3312000 3322000 3410000 3510000 N/A
4
Financial and
Sharia 1000000 N/A 4220000 N/A N/A 4312000 4322000 4410000 4510000 N/A
5 Securities 1000000 N/A 5220000 5311000 5321000 N/A N/A 5410000 5510000 N/A
6 Insurance 1000000 N/A 6220000 N/A N/A 6312000 6322000 6410000 6510000 N/A
7
Collective
Investment
Contract 1000000 N/A 7220000 N/A N/A 7312000 7322000 7410000 7510000 7520000
8 Financing 1000000 N/A 8220000 N/A N/A 8312000 8322000 8410000 8510000 N/A
By Function By Nature
Statement of Comprehensive IncomeStatement
of Changes
in Equity
Statement of Cash
Flow
Direct
Method
Indirect
Method
Entry PointNo DEI
Statement of Financial
Position
Current
and Non-
current
Liquidity
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References in IDX Taxonomy
The overall format of the financial statements which have been prepared, has been through a review process by taking samples on 188 listed company’s financial statement in IDX, or representing 35% of all listed companies.
IDX Taxonomy 2014 was developed using several references and rules as follow:
• Statement of Financial Accounting Standards (PSAK);
• Statement of Sharia Accounting Standards;
• Provision on Capital Market rule:
BAPEPAM-LK Rule No. VIII.G.7 about The Guidelines of Financial Report Presentation;
BAPEPAM-LK Rule No. VIII.G.17 about The Accounting Guidelines of Securities Companies;
BAPEPAM-LK Circular Letter No. SE-17/BL/2012 about checklist of Financial Statement Disclosure for All Industries in Indonesia Capital Market.
The references are the provision that applied in December 31, 2013 and will be applied in January 1, 2015.
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XBRL Validation
Formula Validation
• Existence Validation
Obligation to fill selected account in the financial statement.
Example: Current Asset, Non Current Asset, Total Asset, Total Equity, etc.
• Assertion Validation
Interconnection validation of certain account in financial statement.
Example: Cash balance in the Statement of Financial position must be equal with Ending Cash balance in the Cash Flow Statement.
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Additional Information
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XBRL Information - Website
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International References
Sumber Website
XBRL International http://xbrl.org
XBRL US http://xbrl.us
SEC http://www.sec.gov/spotlight/xbrl.shtml
IASB http://www.iasb.org/xbrl
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Thank You