International trends in XBRL usage - PwC · International trends in XBRL usage ... XWand...
Transcript of International trends in XBRL usage - PwC · International trends in XBRL usage ... XWand...
International trends in XBRL usageFujitsu approach to Excel-XBRL-Excel conversions
Sławomir Skrzypek
EMEA Center of Excellence for Interstage XWand
Agenda
About Fujitsu
International trends in XBRL usage
XBRL Around the World
Key XBRL Projects and Drivers in UE
Fujitsu XBRL Products Overview
XWand Toolkit/ XWand Reporter – set of desktop tools
XWand Application Developer (API) for .NET and Java
XBRL Integration Components
XBRL Processing Engine
Web Portal
Summary
1 Copyright 2017 FUJITSU LIMITED
Fujitsu at a Glance
Headquarters: Tokyo, Japan
Established: June 1935
Consolidated revenue: US$47 billion
Employees: Over 156,000 worldwide
Sales and support operations in over 100 countries
Fujitsu Limited shares are listed on: the Tokyo Stock Exchange, as well as the Osaka, Nagoya and London exchanges
Leading Japanese information and communication technology (ICT) company offering a full range of technology products, solutions and services.
We use our experience and the power of ICT to shape the future of society with our customers.
2 Copyright 2017 FUJITSU LIMITED
Fujitsu’s Leadership Position
3 Copyright 2017 FUJITSU LIMITED
Leadership in XBRL Consortium
Large member – XBRL International Consortium
Europe, Spain, Finland, Poland, US, Australia, Korea and Japan
Chaired XBRL 2.1 Specification Working Group since 2003
At-Member of Best Practice Board
Participation in European Filing Rules WG and XBRL European Business Register (xEBR)
Leading XBRL Specification Efforts
Specification – XBRL 2.1/2.0
Best practices – FRTA, FRIS
Conformance Suite
Dimensions, LRR
Latest activities – Formula, Versioning, Rendering
XBRL International Sustaining Partner
Leading XBRL tools provider
200+ downloads / month
Extensive experience with designing and implementing XBRL based solutions (ECB, EIOPA, SBR
Australia, SBR Finland, SBR Netherlands, NCA’s, Tokyo Stock Exchange)
4
Fujitsu’s EMEA Center of Excelence for XWand
R&D
SoftwareProduct
Development
SalesSupportConsu-
lting
Copyright 2017 FUJITSU LIMITED
Consulting related to XBRL technology and implementation of
XBRL platforms,
Building taxonomy extensions for reporting frameworks
(e.g. IFRS, GAAP, CRDIV, Solvency II),
Workshops about XBRL standard, Data Point Methodology (DPM),
taxonomy development,
Architecture design for enterprise submission platforms,
Definition of functional and technical requirements for XBRL
platforms,
System integration services,
Development of “tailor made” XBRL solutions on top of XWand API,
XBRL processing optimization in production environment,
Hands-on trainings for market-recognized XBRL tools,
XBRL engine delivery and deployment,
Interstage XWand – product related trainings
First line support for Interstage XWand products
XBRL services delivered by us
5 Copyright 2017 FUJITSU LIMITED
Quality Review
Taxonomy
Development
Taxonomy
Extension
Development
Training and
Advisory
Custom
Development
Who is using XBRL? (World view)
Notable projects: US SEC, UK HMRC, SGX, TSE, KLSE, SSE, KRX, DCCA, Australian SBR,Netherlands SBR
7 Copyright 2017 FUJITSU LIMITED
Who is using XBRL? (Europe view)Banking sector
8
Source: EBA – February 2017
Copyright 2017 FUJITSU LIMITED
The European Banking Authority (EBA) started to collect (at the beginingof 2014) XBRL reports created against COREP/FINREP taxonomies
Who is using XBRL? (Europe view)Insurance sector
9 Copyright 2017 FUJITSU LIMITED
From 1 January 2016, insurers across Europe have been subject to the same set of regulations defined by the European Insurance and Occupational Pensions Authority (EIOPA) - reporting in XBRL accordingto Solvency II taxonomy
All EU countries with greaterand lesser success except for:
Slovenia
Croatia
EEA countries that has not implemented XBRL yet:
Liechtenstein
Norway
Switzerland
Who use XBRL? (Europe view)Standard Business Reporting Programmes
10
We are very proud of being part of all SBR project developments known to date:
SBR NetherlandsLogius, Belastingdienst
SBR FinlandFinnish Tax Service
SBR SwedenSwedish Companies Registration Office
Copyright 2017 FUJITSU LIMITED
Who is using XBRL? (Europe view)Capital markets and sustainability reporting
currently only Spain and Germany implementedXBRL as required format
filers in Estonia and Italysubmit XBRL reports on voluntary basis
sustainability reporting in XBRL does not exist yet(…though GRI, CDP taxonomies have beendeveloped)
11 Copyright 2017 FUJITSU LIMITED
Who will use XBRL? (Europe view)Capital Markets – ESMA requirements
12
Source: The European Securities and Markets Authority (ESMA) - Timelines
Starting January 1, 2020, public companies that prepare consolidated IFRS financial statements will provide them in the structured format XBRL.
Copyright 2017 FUJITSU LIMITED
The biggest implementation of
XBRL Technology and Solution
Common Reporting Platforms based on our XBRL Technology
Disclosure Solutions based on our XBRL Technology
Tokyo Stock ExchangeTDnet
Japan Financial Service AgencyEDINET
U.S. Securities and Exchange CommissionEDGAR
13 Copyright 2017 FUJITSU LIMITED
Indonesia Stock Exchange
Interstage XWand - The Proven Competence
Copyright 2017 FUJITSU LIMITED
Adopted by 300 + customersin over 50 countries
Tax Offices
Company Registers
Bureau of Statistics
Financial
Supervisory
Authorities
Software
Vendors
Ministry National BanksFilers/SubmittersStock
Exchanges
SBR
Projects
14
Selected reference XBRL projects
• European Central Bank (ECB) - COREP/FINREP and Solvency II
projects
• European Insurance and Occupational Pensions Authority
(EIOPA) – Solvency II project
• European Banking Authority (EBA) - COREP/FINREP project
• Central Bank of Russia - equivalent of Solvency II project
• Deutsche Bundesbank - COREP/FINREP project
• FSA Sweden - Solvency II and COREP/FINREP projects
• FSA Finland - Solvency II and COREP/FINREP projects
• Valtori for Finnish Tax Office – SBR project
• CSSF Luxembourg - COREP/FINREP project
• Autoridade de Supervisão de Seguros e Fundos de Pensões
(ASF) Portugal - Solvency II project
• Banque de France - Solvency II and COREP/FINREP projects
• Bank of Greece - Solvency II and COREP/FINREP projects
• Central Bank of Ireland - Solvency II and COREP/FINREP projects
• De Nederlandsche Bank - Solvency II and COREP/FINREP projects
• Bank of Finland - Solvency II and COREP/FINREP projects
• If Skadeförsäkring AB - Solvency II project
• National Bank of Belgium - Solvency II and COREP/FINREP
projects
• FME Iceland - Solvency II and COREP/FINREP projects
• Bank of Portugal - COREP/FINREP project
• Bank of Spain - COREP/FINREP project
• FSA Norway - COREP/FINREP project
• National Bank of Denmark - COREP/FINREP
project
• FSA Denmark - COREP/FINREP project
• Bank of Slovenia - COREP/FINREP project
• Central Bank of Cyprus - COREP/FINREP project
• National Bank of Moldova - COREP/FINREP
project
• National Bank of Hungary - COREP/FINREP
project
• Bulgarian National Bank - COREP/FINREP project
• Czech National Bank - COREP/FINREP project
• FSA Estonia - COREP/FINREP project
• Bank of Israel – project similar to COREP/FINREP
• Israel Securities Authority – IFRS reporting project
• Finanfarma Portugal - COREP/FINREP project
• Financial And Capital Market Commission Latvia
- Solvency II and COREP/FINREP projects
• National Bank of Poland - COREP/FINREP project
• Polish FSA - COREP/FINREP project
• Estonian Central Bank - Solvency II and
COREP/FINREP projects
Copyright 2017 FUJITSU LIMITED15
Fujitsu XBRL Products - General FeaturesOverview
Taxonomy agnostic
100% compatibility with XBRL specification
High performance validation engine
Flexibility regarding deployment environments
Easy and rapid integration with 3rd party solutions
No proprietary formats, databases etc. used
Low Cost of Ownership
17 Copyright 2017 FUJITSU LIMITED
Fujitsu Excel-XBRL – related productsOverview
(1) XWand Reporter – desktop application(part of Toolkit)
(2) CMDValidator & CMDExcelMapper–command-line tools
(3) ValidatorTL & ExcelMapperTL –API, libraries ready-to-use for implementingyour own XBRL-Excel rendering, validationscenarios
(4) WebPortal –integrated API components
18 Copyright 2017 FUJITSU LIMITED
XWand
APIRuntime
Execution Env.
Application
Developer
WebPortal
Command LineAPI
XWand
Toolkit
Converters Renderer
Validator
DBXBRL
Taxonomy
Editor
Formula
Editor
Instance
Creator
Sheet Mapping Designer
Instance
Dashboard
Word
Tagger
Typical XBRL Processing ScenariosThese business processes can be assembled using ready-to-use Custom components developed on top of XWand API
Copyright 2017 FUJITSU LIMITED
Reg
ula
tor/
Su
perv
iso
rF
ilers
distributes
mapping
templ. spreadsheets
templ. instance
Portal Gate
error
messages
2
4
4
generates
3
6
5
5
BI software
DWHConsulting/
Training services
Integration and Advisory services
Custom Development services
generates
based on1
Data Model
Taxonomy
fills out
generates
converts to XBRL
Validates
feedback
ETL
Excels for ad-hoc
analysis
renders4
shreds /
converts
19
[1] Creating XBRL filingSemiautomatic process (with XWand Toolkit usage)
File
rs/S
ub
mitte
rs
mapping
templ. spreadsheets
templ. instance
generate mapping and
excel template files(XWand Reporter)
based on
Data Model
fill out data
spreadsheet(Excel)
convert Excel-to-XBRL(XWand Reporter)
validate(XWand Reporter)
4 56
8
correct | edit(Excel / XWand Reporter)
submit
error
messages
NCAconfigure (Interstage XWand Toolkit)load Taxonomy
(XWand Taxonomy Editor)
21
3
error
messages
review(Excel)
7
20 Copyright 2017 FUJITSU LIMITED
[1] XWand Reporter (part of Xwand Toolkit)
Semiautomatic proces of XBRL creation
Creation and modification of an instance in GUI, new! EFR
compatibility
New! Excel templates and mapping files
New! Import from Excel
Validation: XBRL, formula, new! FRIS
New! Plugin: Filing rules validation
New! Plugin: export to Excel - just data or data with validation
results
21 Copyright 2017 FUJITSU LIMITED
[1] XWand Reporter Overview - ver. 13.4
22 Copyright 2017 FUJITSU LIMITED
Excel with data and validation results exported
incorrect cells are highlighted in
Excel
additional tabs with validation
summary are generated in Excel
reporting templates
summary tabs contain clickable
links to facilitate tracking of errors by
business users
Excel-to-XBRL conversion
output in HTML can be further used
in implementation of more integrated
web service environment
[2] Creating XBRL filingAutomation of the process (with XBRL Components&XWand Processing Engine usage)
File
rs/S
ub
mitte
rs
mapping
templ. spreadsheets
templ. instance
generate mapping and
excel template files(XWand Reporter)
based on
Data Model
fill out data
spreadsheet(Excel)
convert Excel-to-XBRL(CMDExcelMapper)
validate(ValitatorTL)
4 56
8
correct | edit(Excel)
submit
error
messages
NCAconfigure (Interstage XWand API)load/call Taxonomy
(Interstage XWand API/XWand Processing
Engine)
21
3
error
messages
review(Excel)
7
Copyright 2017 FUJITSU LIMITED23
Copyright 2017 FUJITSU LIMITED
[2] XBRL Integration Components
Automation of the process of XBRL creation
24
100% valid
report in XBRL
FilingRules
Business Rules
XBRL Syntax
ValidatorTL
Filing Rules (FR)
Processor
CMD
ExcelMapper
Validator
Converter
XBRL-DWH-JapStagingDB
Table2XBRL
XBRL2TLDB
XBRL
DWH2XBRL
WebService
XBRL2DB
3600 seamless Excel-XBRL conversion cycle
25 Copyright 2017 FUJITSU LIMITED
Generate Convert
Validate
Edit
Render
XLSXXLSX
XLSX
CMDExcelMapper
Component
ValidatorTL
and/or
Filing Rules Processor
Component/s
RendererTL
Component
MS Excel
XWand
Toolkit
automaticmapping
[3] Reporting entities and users management
editing, deleting
access rights check based on
user to reporting entity assignment
27 Copyright 2017 FUJITSU LIMITED
adding, editing, deleting, disabling
password setting
assigning to reporting entities
assigning to roles:
Administrator
Supervisor
Analyst
Filer
[3] Taxonomy packages management
registering by uploading ZIP file
entry points specifying (support for Taxonomy Packages 1.0)
URI mapping defining (support for XML Catalogs 1.1)
28 Copyright 2017 FUJITSU LIMITED
[3] Submission requests registration
ability to register submission requests for selected reporting entity, period and taxonomy entry point
29 Copyright 2017 FUJITSU LIMITED
[3] XBRL instances
registering by:
uploading XBRL file
uploading MS Excel spreadsheet file to be converted to XBRL
creating new and editing existing instances stored in the solution
instances history of submission request
30 Copyright 2017 FUJITSU LIMITED
[3] Instance Viewer / Editor
Copyright 2017 FUJITSU LIMITED
Instance creation and modification
Rendering Formula validation results directly on table layout
Export to XBRL, Excel, CSV/JSON
31
[3] Instance comparer
Copyright 2017 FUJITSU LIMITED
Comparing of selected instances and visualization of the differences by
coloring and comments.
Markup (rectangle) showing that there is a difference
between what is in the visualized instance and another
instance being compared
Cells with comments
differ between the
instances. The current
instance has value 4.00
in the selected cell
whereas there is value
25 in the other instance.
32
Why Fujitsu XBRL Solutions?
Copyright 2017 FUJITSU LIMITED
100% compliance to XBRL
specification
Our products, built with over 14
years of experience in regulatory
reporting
EIOPA and ECB is using our
products (XBRL Processing
engine, custom components
Over 70% of EU regulators and
many Filers are using Fujitsu
Interstage XWand
Competitive price
Low cost of ownership of the
software – free of charge upgrade
according to valid maintenance
service
Taxonomy-agnosticism
34
Key benefits of Interstage XWand
implementation
Shortened time to market of XBRL projects
Lowered cost of XBRL document and application development
Built-in enhanced validation to reduce risk of errors
Continued support for changes in the XBRL specification
Shorter learning curve with automated and easy to use features
Flexibility to use with multiple data applications such as Excel and application layer technologies like Java and .NET
Copyright 2017 FUJITSU LIMITED35
Market tested solution – implemented in over 50
countries around the world
Extensive customer base – this means we can constantly
develop and improve based on feedback from a wide
range of users, who can also learn from each other
Key Differentiators
Copyright 2017 FUJITSU LIMITED36
For more information please contact
Sławomir Skrzypek
Business Development Director - BI
Parkowa 11 Street
30-538 Krakow, Poland
Tel.: (+48 12) 429 43 45
Mobile: (+48) 606 298 596
E-Mail: [email protected]
Copyright 2017 FUJITSU LIMITED38