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XBRL Riding The Next wave

IRIS Business Services Limited
IRIS Business Services Limited

This document discusses how XBRL can be used for more than just financial reporting and regulatory filings. It argues that XBRL structured data can enable business decision making when the data is made available to business users on demand. The document introduces a new product called Accountants Integrated Engine (iAXE) that allows companies to integrate data from multiple sources, perform financial consolidation and reporting across different GAAPs, and generate business intelligence reports and dashboards to help managers make better decisions. iAXE aims to address current issues where many managers lack confidence in or use wrong information for decisions by providing a single source of normalized, consistent XBRL structured data.

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XBRL Riding the next wave From Financial Reporting to Business Decision Making Gautam Mahanti IRIS Business Services Limited XBRL XXV Yokohama
XBRL Evolution: Past Present and Future XBRL XXV Yokohama
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
Organizations are Operating with Blind Spots!! 52% of users dont 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
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
Making this work Analysis REAL TIME XBRLise Financial Reports GL Business Intelligence AUTOMATED and Analytics Dashboards External files Layer External SCHEDULED Internal SOURCE DATA NORMALISED DATA CONSUMPTION XBRL XXV Yokohama
How does GL help XBRL GL, the Global Ledger Framework can represent all ERP detailed data; its 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
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 companys 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
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
Configure: Mimic the organization's legal structure XBRL XXV Yokohama
Workflow: Role wise authorization XBRL XXV Yokohama
Connect: Source data upload XBRL XXV Yokohama
Normalize: Map user elements to std GL XBRL XXV Yokohama
Connecting GLs and Extend GL XBRL XXV Yokohama
Connecting GL to FR XBRL XXV Yokohama
Decision Making: Reports and Dashboards XBRL XXV Yokohama

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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 dont 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 XBRLise 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; its 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 companys 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