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PARADISE POSTPONED LESSONS AND OPPORTUNITIES FROM XBRL ADOPTION IN AUSTRALIA Paul Phenix Senior...
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Transcript of PARADISE POSTPONED LESSONS AND OPPORTUNITIES FROM XBRL ADOPTION IN AUSTRALIA Paul Phenix Senior...
![Page 1: PARADISE POSTPONED LESSONS AND OPPORTUNITIES FROM XBRL ADOPTION IN AUSTRALIA Paul Phenix Senior Adviser.](https://reader030.fdocuments.us/reader030/viewer/2022032707/56649e395503460f94b2ae8c/html5/thumbnails/1.jpg)
PARADISE POSTPONED
LESSONS AND OPPORTUNITIES FROM LESSONS AND OPPORTUNITIES FROM
XBRL ADOPTION IN AUSTRALIAXBRL ADOPTION IN AUSTRALIA
Paul Phenix
Senior Adviser
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OverviewOverview1. The Regulatory Framework
- Who does what
2. Financial Reporting in Au
- Continuous vs. Periodic
3. Stepping Stones
4. Adoption Progress
5. Lessons
6. New Dawn?
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THE REGULATORY FRAMEWORKTHE REGULATORY FRAMEWORK [[XBRL-Au focus has been on regulatory adoption]
Organizational EquivalentsUSA AuSEC ASICFIDC APRAFASB AASBNYSE/NASD et al ASXDTC (securities clearing) ASXEDGAR ASX (“CAP”)AICPA ICAA;CPAA;NIA
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THE REGULATORY FRAMEWORK THE REGULATORY FRAMEWORK 22
1. Enforcement: Corps Act and Accounting Standards- Australian Securities & Investments Commission [ASIC][Stds are issued by Au. Accounting Stds. Board; part of Fin. Rep. Council. “AASBs” is generic name for all Au standards]
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THE REGULATORY FRAMEWORK THE REGULATORY FRAMEWORK 33
2. Prudential Regulation- Financial Institutions : APRA- Other Corps : ASIC
3. Market Provider : ASX - ASX Supervises its Rules: Listing; Market; Clearing
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THE REGULATORY FRAMEWORK THE REGULATORY FRAMEWORK 44
1. Stock brokers; traders etc- licensed and regulated by ASIC
2. Prudential Regulation“participants” in ASX marketsupervised by ASX re. Capital
Adequacy (risk to market); internal controls; fair dealing
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CONTINUOUS CONTINUOUS DISCLOSUREDISCLOSURE
ASX Supervision:
Primary Driver
- Supplemented by Periodic
Reports
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CONTINUOUS CONTINUOUS DISCLOSUREDISCLOSURE
Provides what the market
wants: i.e.
- the full story;
- immediately.
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Financial Reporting in Financial Reporting in AuAu
1. Informed Market :Give all announcements to ASX as Proxy for the Market;
2. Informed When?- ImmediatelyImmediately : Continuous Disclosure
“Becomes Aware”:Listing Rules 3.1 & 19.2
- PeriodicallyPeriodically : Chap.4: But LR 3.1 principles still apply: “immediately...becomes available”
3. Inform What?- LR 3.1 & 19.2 again
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CD: Listing Rule 3.1CD: Listing Rule 3.1 Once an entity is or becomes +aware
of any information concerning it that a reasonable person would expect to have a material effect on the price or value of the entity’s +securities, the entity must immediately tell ASX that information.
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CD: Listing Rule 19.2CD: Listing Rule 19.2 Entity must comply with spirit, intention and
purpose etc of rules19.2 An entity must comply with the listing rules as
interpreted:
• in accordance with their spirit, intention and purpose;• by looking beyond form to substance; and• in a way that best promotes the principles on which the
listing rules are based
Introduced 1/7/96. Origin: Foreword. Note: The principles on which the listing rules are based embody their intention and purpose. See the Introduction.
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Financial Reporting in Financial Reporting in AuAu
ASX ELECTRONICALLY PROCESSES AND PUBLISHES OVER 100,000 COMPANY ANNOUNCEMENTS EACH YEAR
GROWING AT>12% pa
PEAK DAYS RUN AT >1000 ANNOUNCEMENTS
SEE WHY WE LIKE XBRL?
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PERIODIC REPORTS TO ASXPERIODIC REPORTS TO ASX
1.Half Year :Appendix 4D
- Highlights- Embedded S.320
Statutory Accounts (auditor reviewed)
- Supplementary ASX Info.- 2 months deadline
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PERIODIC REPORTS TO ASXPERIODIC REPORTS TO ASX
2.Full Year :Appendix 4E: - Preliminary Final
Report- Highlights- Condensed Accounts- Commentary on Results- Supplementary ASX Info.- Un-audited but normally reviewed- 2 months deadline
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PERIODIC REPORTS TO ASXPERIODIC REPORTS TO ASX
Full year: continued: 1.
- Section 319 : 3 months deadline- Full set of accounts- Full compliance with Corps Act &
AASBs- Audited
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PERIODIC REPORTS TO ASXPERIODIC REPORTS TO ASX
Full Year: continued: 2.
- Section 314 “Glossy”: 17 weeks deadline
- “Annual Report” and “Concise Annual”
- ASX LR 4.10 Info (inc. Corp Gov)- Audited
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PERIODIC REPORTS TO PERIODIC REPORTS TO ASXASX
Quarterly ReportsQuarterly Reports: Cash Flow Statements
- Appendix 4CAppendix 4C: “CTEs”; “start ups”; or if ASX requires
- Appendix 5BAppendix 5B: mining explorers
Monthly reportsMonthly reports- Mining explorers- Investment entities
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ACCOUNTING STANDARDSACCOUNTING STANDARDS1. ASX Listing Rules:Presumption:
All Financial Info. and reports:- comply with Accounting Standards; and - show TTrue and FFair VView
2. Aussie Companies- Must use AASB (CA Ss. 296 &304)
- No TFV over-rideNo TFV over-ride- Can now use other $$ (AASB 121)
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ACCOUNTING ACCOUNTING STANDARDSSTANDARDS
3.Foreign Companies (GN4)- Can use AASB or one of 7 Acceptable Stds.
- IAS : UK : NZ : CAN : SG : HK : USA
- If use other Stds. must provide: -reconciliation to AASB or IAS.
- can use any currency.
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PERIODIC REPORTS AND PERIODIC REPORTS AND ASXASX
• Review all Offer Docs
• Review all Fin Reports under LRs• ASX Appendices 4C;4D;4E;4F;5B• Stat Accounts: S319; 314 (full and concise)
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PERIODIC REPORTS AND ASXPERIODIC REPORTS AND ASX
What do we do with Reviews?• Looking for compliance with LRs; esp. 3.1• Report AASB/Corps Act issues to ASIC• Report all “non-std” Audit Reports to ASIC
(diced and sliced by auditor and office)• Report all odd Auditor Independence
Declarations to ASIC; generic report to FRC.
See why we like XBRL?
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THE 13 STEPSTHE 13 STEPSOrganize• Form Jurisdiction• Join XBRL-International3. Get fundsInvolve; get buy-in; membership from/by:4. Professional Bodies5. Stock Exchanges6. Securities Regulator7. Banks (promise of credit control)8. Banking Regulator9. Tax Authority10. Govt. IT Agency/authority11 Other Listeds (if you can)
12. Get more Funds13. Use IASB Extension approach (if possible)
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AU ADOPTION PROGRESS 1AU ADOPTION PROGRESS 1
- First meetings 2000- Jurisdiction formed 2001- 3rd XBRL International Meeting: Sydney 2001- Promoted IASB based approach- First draft Au taxonomy 2003
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Au ADOPTION PROGRESS 2Au ADOPTION PROGRESS 2
Early Supporters and Members-Prof Accounting Bodies;- ¾ Big Four- ASX- APRA -- BANKS- Few LISTED COMPANIES
Government: indirectly with funds only
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Au ADOPTION PROGRESS 2Au ADOPTION PROGRESS 2
Later Supporters and Members
- ATO (tax)- ASIC- AASB- Main Local SOFTWARE (Listed) COMPANIES (>75% write-up mkt.)
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TICK THE BOXESTICK THE BOXES
We hit all the Stepping Stones and roughly in the right order.
So we should not have got our feet wet.
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S0, WHAT WENT WRONG?S0, WHAT WENT WRONG?
Nothing really.
Conclusion:Milestones are;
-- NECESSARY:-- NOT SUFFICIENT.
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S0, WHAT DID NOT GO RIGHT?S0, WHAT DID NOT GO RIGHT?
ALSO NEED:
-- LUCK
-- TIMING
-- A GUN TO THE HEAD
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S0, WHAT DID NOT GO RIGHT? S0, WHAT DID NOT GO RIGHT? LUCKLUCK
-- SHD BE A NON-ENGLISH SPEAKING JURISDICTION; SO THAT
--NO OTHER JURSIDICTION WILL POACH EXPERTS.
--NOT RUN OUT OF RESIDENT EXPERTS(XBRL-Au experts too busy on XBRL projects
to spare time for XBRL-Au)
-- THAT TIMING IS RIGHT
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S0, WHAT DID NOT GO RIGHT? S0, WHAT DID NOT GO RIGHT? TIMINGTIMING
-- IFRS 2005ADOPTION - (swamping accounting and IT
resources for 2-3 years )
-- ASX CAP RE-ENGINEERING: URGENT
-- Consolidation of domestic Software Vendors
-- BASEL II - (major distraction for banks: which are
the natural XBRL champions)
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S0, WHAT DID NOT GO RIGHT? S0, WHAT DID NOT GO RIGHT? GUNGUN
Late active involvement of:
-- Tax Authority;
-- Securities/Companies Regulator
-- Accounting Standards Board.
Early but passive involvement is not sufficient.
Compulsion from one or more is necessary.
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A NEW DAWN?A NEW DAWN?
-- More funds soon?:-- so 2nd Au-Extension TAXONOMY and
training
-- Active support from Regulators [esp. ATO]
-- Task Force formed inc. users
-- Software vendors active