CQS XBRL presentation
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CQS readiness for XBRL
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CQS XBRL presentation
- 1. Business integrity, insight and beyond
- 2. Business integrity, insight and beyond
- 3. Business integrity, insight and beyond CaseWare background • Developed in Canada • Global leaders in financial reporting • Audit, Corporate and Government Markets • Used in 130 countries worldwide • CaseWare International was a founding member of XBRL globally and a member of the XBRL consortium • Involved Globally – United Kingdom, USA, Australia, Belgium, The Netherlands
- 4. Business integrity, insight and beyond Private Customers
- 5. Business integrity, insight and beyond Public Customers
- 6. Business integrity, insight and beyond What is CaseWare? • Integrated Solution • IFRS and GRAP Financial statements – various templates • Consolidation • Management Reporting • ITR14 Tax Computation • XBRL and iXBRL Reporting • Fully compliant with disclosure requirements - updates • Intelligently applies IFRS • Built in validation • Drill down functionality
- 7. Business integrity, insight and beyond Business integrity, insight and beyond How CaseWare works 1. Import 2. Mapping 3. Output *IFRS Financials *Consolidation *Management Reports *ITR14 Tax Computation *XBRL and iXBRL Reports
- 8. Business integrity, insight and beyond What is XBRL? • XBRL stands for eXtensible Business Reporting Language • XBRL is a standardised language for the electronic communication of business and financial data. • It provides major benefits in the preparation, analysis and communication of financial and business information. • It offers cost savings, greater efficiency and improved accuracy and reliability. • It is already being put to practical use in over 50 countries around the world. • The change from paper, PDF and HTML based reports to XBRL ones is a little bit like the change from film photography to digital photography, or from paper maps to digital maps
- 9. Business integrity, insight and beyond CaseWare can generate 2 types of XBRL output CaseWare Annual Financial Statements XBRL Instance Document iXBRL / Inline XBRL Not for humans Has no layout Includes layout - HTML Human & machine readable
- 10. Business integrity, insight and beyond Instance Document
- 11. Business integrity, insight and beyond I-XBRL (In-line XBRL)
- 12. Business integrity, insight and beyond Benefits of XBRL with CaseWare • Efficiency Full set and time saving • Consistency & Control Data Accuracy and automation • Compliance IFRS Disclosure • Consolidation Multiple entities & Robust • Electronic Audit File Paperless and cross referencing
- 13. Business integrity, insight and beyond • Process of assigning an agreed-upon XBRL definition from the taxonomy (dictionary) to an item/element within a financial report. • Our templates are pre-tagged, giving users time to focus on reviewing and not worry about the technical aspects. • Only industry or company specific changes need to be retagged – a few minutes • Sophisticated tagging engine allowing for single or multiple taxonomies • Any CaseWare financial statement content can be tagged Tagging
- 14. Business integrity, insight and beyond Validating or Auditing the output • A wide array of built-in diagnostic tools – Powerful tests to ensure your data's accuracy and integrity • Inline XBRL providing browser-friendly readable formats – Compare to actual financial statements • Reimport XBRL instance document – Compare through lead sheets and Financials
- 15. Business integrity, insight and beyond Cases of Major XBRL Implementation • The Netherlands - considered one of the earliest major XBRL implementations to facilitate standardized business reporting for companies in all industries including government. • Australia - aimed to reduce the business reporting burden. Its scope extended across multiple government agencies and promised to reduce the reporting burden for more than 2 million businesses. • United StateslFederal Deposit Insurance Corporation (FDIC) - considered the first large-scale use of XBRL for reporting bank information. • Spain. The Bank of Spain’s XBRL project is considered the first large-scale implementation of international financial data standards. • Singapore. Singapore’s XBRL project is one of the first implementations in Asia that covers all industries. • United StateslSecurities and Exchange Commission (SEC) - covers more than 12,000 businesses in the United States and around the globe. The effort is driven by the objective of providing financial transparency to investors.
- 16. Business integrity, insight and beyond eXtensible Business Reporting Language XBRL It’s Actually Easy !
- 17. Business integrity, insight and beyond v Thank You Contact details info@cqs.co.za www.cqs.co.za
Editor's Notes
- The Software platform is developed in Canada by CaseWare International who are Global leaders in financial reporting. Distributors from across the globe bring the power of CaseWare to over 130 countries where Accountants and auditors in practices large and small, in corporations, and government recognize CaseWare as the premier creator of assurance, reporting and analysis tools. CaseWare International were a founding member of XBRL and are a member of the XBRL consortium Distributors from UK, USA, Belgium and The Netherlands have already used CaseWare in XBRL reporting.
- Examples of successful clients in the Corporate Sector
- Examples of successful clients in the Government and Public Sector
- Import data from various software packages either though a direct import or an ASCII or CSV import Map account to respective financial categories Produce output in a number of different formats
- An instance document is similar to the programming of a bar code reader. It contains the "code" for the tags and the structure that belongs to the tagged data. Instance documents are built from a combination of XML specs and XBRL, structured to produce financial statements. The document provides data plus the structure for machine recognition iXBRL is a hybrid that combines the XBRL data tags with HTML formatting that make it possible to view an accurate reproduction of the accounts in a web browser.
- Tagging or mapping is the process of assigning an agreed-upon XBRL definition from the taxonomy (dictionary) to an item/element within a financial report. The tagged information contains additional data that is then associated to the item/element that has been tagged. Instead of users worrying about how to tag or if they have they tagged correctly, CQS pre-tags our templates, giving users more time to focus on reviewing
- CaseWare as built in validation procedures to ensure that data has been tagged with the correct elements With CaseWare’s iXBRL report, users will be able to easily compare to the actual financial statements CaseWare allows for the import of data from already prepared instance documents – additional validation is accomplished though the built in lead sheets and financials.
- The Netherlands. The Dutch taxonomy project is considered one of the earliest major XBRL implementations in which XBRL was used to facilitate standardized business reporting for companies in all industries including government. Australia. Its standardized business reporting with XBRL implementation aimed to reduce the business reporting burden. Its scope extended across multiple government agencies and promised to reduce the reporting burden for more than 2 million businesses. United StateslFederal Deposit Insurance Corporation (FDIC). The FDIC’s implementation of XBRL in 2005 is considered the first large-scale use of XBRL for reporting bank information. Spain. The Bank of Spain’s XBRL project is considered the first large-scale implementation of international financial data standards. Singapore. Singapore’s XBRL project is one of the first implementations in Asia that covers all industries. United StateslSecurities and Exchange Commission (SEC). The SEC’s implementation of XBRL will cover more than 12,000 businesses in the United States and around the globe. The effort is driven by the objective of providing financial transparency to investors.