XBRL Riding The Next wave
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From Financial Reporting to Business Decision Making, find out how your organization can use XBRL
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XBRL Riding The Next wave
- 1. XBRL Riding the next wave From Financial Reporting to Business Decision Making Gautam Mahanti IRIS Business Services Limited XBRL XXV Yokohama
- 2. XBRL Evolution: Past Present and Future XBRL XXV Yokohama
- 3. But now its time to bite the bullet… • XBRL is regulatory reporting – If tomorrow the regulator stops demanding reports in XBRL format, how many Enterprises would continue to adopt the standard? • XBRL is too complex and technical – How many Business users actually understand XBRL • XBRL is actually an overhead to my existing data – How many Business users actually feel that XBRL is adding value to their business operations XBRL XXV Yokohama
- 4. Organizations are Operating with Blind Spots!! 52% of users don’t have confidence in their information 59% of managers miss information they should have used 42% of managers use wrong information at least once in a week Sources: Accenture 2009 Managers Survey and AIIM 2010 Survey XBRL XXV Yokohama
- 5. So is there is a business case when… • XBRL goes beyond financial reporting – Data is made available to business users on demand for business decision making • The myth around ‘XBRL’ being complex is dropped – XBRL is just another way of structuring my data and there is nothing technical about it • XBRL ensures a greater trust in the data – XBRL makes the data clean, consistent and contextual XBRL XXV Yokohama
- 6. Making this work… Analysis REAL TIME XBRL’ise Financial Reports GL Business Intelligence AUTOMATED and Analytics Dashboards External files Layer External SCHEDULED Internal SOURCE DATA NORMALISED DATA CONSUMPTION XBRL XXV Yokohama
- 7. How does GL help… XBRL GL, the Global Ledger Framework can represent all ERP detailed data; it’s much more than General ledger • Ability to track data at a granular level – Receivables • By Party • By Location • By Value • By Maturity Date • Normalize data from multiple sources to a standard Chart of Accounts • Build traceability until the source • Making data available for any BI tool to consume XBRL XXV Yokohama
- 8. Accountants Integrated Engine (Beta Release) End to end Financial Reporting Consolidation Multi GAAP Reporting • Server based, Enterprise class edition • Multi source data integration, ERP integration • Configurable to company’s legal and organizational structure • Works with financial and non financial data, leverages XBRL GL • Add on modules for Financial consolidation and Multi GAAP reporting • BI integration for reporting and analytics XBRL XXV Yokohama
- 9. iAXE : An overview… Global ledger taxonomy Country specific FR taxonomies Cost Accountant XBRL GL Trial Data XBRL FR XBRL FR ERP Extraction XBRL Balance Mapping Reporting Instance Engine Mapper Generator instance Balance sheet,P&L Consolidation Engine XBRL FR XBRL FR Country specific Instance XBRL Reporting Generator instance Mapper Trail Extensions Templates, Annotations formulas, comments Balance enabler editor IFRS Transforming Engine Consolidation XBRL FR XBRL FR XBRL Engine(IFRS) Reporting Instance instance Mapper Generator XBRL XXV Yokohama
- 10. Configure: Mimic the organization's legal structure XBRL XXV Yokohama
- 11. Workflow: Role wise authorization XBRL XXV Yokohama
- 12. Connect: Source data upload XBRL XXV Yokohama
- 13. Normalize: Map user elements to std GL XBRL XXV Yokohama
- 14. Connecting GLs and Extend GL XBRL XXV Yokohama
- 15. Connecting GL to FR XBRL XXV Yokohama
- 16. Decision Making: Reports and Dashboards XBRL XXV Yokohama