More Details About IDX Taxonomy

Report
Februari 2014
Today’s Discussion
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Introduction to XBRL
XBRL Implementation at IDX
More Details about IDX Taxonomy
Feedback
Q&A
2
Introduction to XBRL
3
What is XBRL ?
XBRL – The “Bar Code” for Business Reporting World
Allows
Customisation
of Concepts
Uniquely
Defined
Concepts
Computer
Understandable
Language
An Information Standard
4
How XBRL Works?
• The main purpose of XBRL is how business and financial data
can be easily exchanged, compared and utilized without any
constraints of Accounting Standard or language barrier.
• XBRL works by creating a sign (called “tag”) which can be
identified specifically for each data. This Tag can be easily read
by a computer software so that the data could be identified in
any language.
• This method will simplify other parties in gathering and
processing data electronically without the need to translate
and re-keying of data. It will be easier in comparing data
because of the similar tags used in reporting.
XBRL Tagging
•
How to make computer understand the message?
Tagging the information
Asset
1,000
<Asset>1000</Assets>
XBRL tags all the information, functioning like barcodes
6
Reporting Before XBRL
Source
Formats
Receivers
Financial System
Explanatory
Disclosure
7
Reporting after XBRL
XBRL generalizes all reporting languages into 1 standard report
Formats
Source
Receivers
Financial System
•
Explanatory
Disclosure
•
•
•
Improves access to financial
information
Facilitates comparison & analysis
Improves accuracy of financial
data & reduces costs
Allows for open financial
reporting frameworks
8
The Advantages of XBRL
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•
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•
•
•
•
Improve analysis of reports
Cost savings
Faster, more accurate and reliable
Decrease manual comparison among reports
Decrease Data Re-Entry
Improve dissemination of information on the Internet
Standardized reporting format
Who will benefit from using XBRL?
• Companies who prepare financial statements: More efficient preparation
of financial statements because the reports will be created one time and
rendered as printed reports, on Web sites or as other regulatory filings.
• Analysts, Investors, and Regulators: Enhanced distribution and usability of
existing financial statement information. Automated analysis, significantly
reduces re-keying of financial information from one form into another
form, receiving information in the format that is more preferable for
specific style of analysis.
• Financial publishers and data aggregators: More efficient data collection
lowers operating costs associated with custom, idiosyncratic data feeds
and reducing errors while concentrating on adding value to the data and
increasing transaction capacity
• Independent Software Vendors: Virtually any software product that
manages financial information can use XBRL for its data export and import
formats, thereby increasing its potential for full-interoperability with other
financial and analytical applications.
Source: www.accountingweb.com
10
XBRL Usage
Currently XBRL has been adopted as standard reporting over the globe
source: http://www.xbrl.org/knowledge_centre/projects/map
11
XBRL Components
12
XBRL IMPLEMENTATION
at IDX
13
Background
Monitoring Perspective
• Responsive monitoring requires better, faster, & reliable
information management because :
–
–
–
–
More companies listed on IDX
More dynamics and complexities of corporate actions
More types of reporting and disclosure
More types of securities and type of issuer
• Enhancing monitoring ability by creating Business intelegence.
Quality of Disclosure Perspective
• More reliable and informative disclosure of listed company needed
by market and investor
• Differences of languages and financial standards between global
investors
Listed Companies at IDX
538
485
2009
595
600
2013
2014*
561
508
2010
2011
2012
*) Number of Listed Companies until Feb 7, 2014
15
Number of Listed Shares by
Industry
Property, Real Estate
& Construction
54
11%
Infrastructure, Utilities
& Transportation
48
10%
Finance
81
17%
Trade, Services &
Investment
110
22%
Consumer Goods
Industry
38
8%
Miscellaneous
Industry
41
8%
Basic Industry &
Chemicals
61
12%
Mining
39
8%
Agriculture
20
4%
16
Electronic Reporting System
IDXnet
• IDXNet are electronic reporting system for listed companies, and
monitoring of listed companies as well
• IDXNet accessible through public internet
• IDXNet 1st generation based on XML Form launch at January 2009, used only
for equity issuer.
• IDXNet 2nd generation based on both PDF Form and XML database launched
on March 2013, also used for Bonds, Sukuk, ABS, ETF and SPEI Issuer. OJK is
also targeting to implement an equivalent system as IDXnet in 2013.
Jan 2009
Future Development
1st generation IDXnet
XBRL Form Support
Mar 2013
New generation
IDXnet
IDXnet 3rd Generation – XBRL Adoption
(Plan)
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Planning of XBRL Implementation in IDX
2013
2014
2015
Notes
Build Taxonomy
Financial Statement
without Disclosure
Expand Scope of
XBRL Adoption
Financial Statement
Disclosure
Provide Solution
Financial Statement
without Disclosure
Publication and
Recognition
Financial Statement
without Disclosure
Implementation
Financial Statement
without Disclosure
More Details About IDX
Taxonomy
20
XBRL Based Reporting
create
Regulator
•Reporting and
Accounting
Standards
Output
IDX Taxonomy
•IDX creates
Taxonomy
based on
Reporting and
Accounting
Standards
Issuer
Instance
Document
•Issuer input
reporting
information
into the
Instance
Document
21
BEI Taxonomy Folder Structure
xbrl
taxonomy
{Release
date}
dic
DEI
dic: schema,
FIN
label,
reference,
custom
NOFIN
datatypes, ELR
DEI: for document
are located
belong to “dic” and entity
information; FIN: for
folder.
financial information;
NOFIN: for nonfinancial information
rep
Corporate
Disclosure
rep: all report components such as
PRE, CAL, DEF, sector / subsector
specific labels and formula are
stored under “rep” folder.
forms
DEI
general
property
infrastructure
financing
financingsharia
insurance
securities
ep
ep
ep
Fund
Disclosure
Collective
common
dimensionDefaults
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Explanations on IDX Taxonomy
DEI
IDX Taxonomy
DEI
1. General
2. Property
3. Infrastructure
4. Finance & Sharia
5. Securities
6. Insurance
7. Collective
1.
Statement of
Financial
Position
2. Statement of
Comprehensive
Income
3. Statement of
Changes in
Equity
4. Statement of
Cash Flow
8. Financing
23
References in IDX Taxonomy
The overall format of the financial statements which have been prepared, has been through a
review process by taking samples on 188 listed company’s financial statement in IDX, or
representing 35% of all listed companies.
Proposed IDX Taxonomy 2014 built by using several references and rules as follow:
• Statement of Financial Accounting Standards (PSAK);
• Statement of Sharia Accounting Standards;
• Provision on Capital Market rule:
 BAPEPAM-LK Rule No. VIII.G.7 about The Guidelines of Financial Report Presentation;
 BAPEPAM-LK Rule No. VIII.G.17 about The Accounting Guidelines of Securities
Companies;
 BAPEPAM-LK Circular Letter No. SE-17/BL/2012 about checklist of Financial Statement
Disclosure for All Industries in Indonesia Capital Market.
The references are the provision that applied in December 31, 2013 and will be applied in January
1, 2015.
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Mapping Sector & SubSector in IDX
Taxonomy Entry Point
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Mapping Sector & SubSector in IDX
Taxonomy Entry Point - Continued
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Presentation Link Table in IDX Taxonomy
Statement of Comprehensive Income
No
1
2
3
4
5
6
7
8
Entry Point
General
Property
Infrastructure
Finance & Sharia
Securities
Insurance
Collective
Financing
DEI
1000000
1000000
1000000
1000000
1000000
1000000
1000000
1000000
Statement of
Financial Position
Current
By Function
& Non Liquidity
Before
After Tax
Current
Tax
1210000
2210000
3210000
N/A
N/A
N/A
N/A
N/A
1220000
2220000
3220000
4220000
5220000
6220000
7220000
8220000
1311000
2311000
3311000
4311000
5311000
6311000
7311000
8311000
1321000
2321000
3321000
4321000
5321000
6321000
7321000
8321000
By Nature
After Tax
1312000
2312000
3312000
4312000
5312000
6312000
7312000
8312000
Before
Tax
1322000
2322000
3322000
4322000
5322000
6322000
7322000
8322000
Statement of Cash
Flow
Statement
of Changes
in Equity
Direct Indirect
Method Method
1410000
2410000
3410000
4410000
5410000
6410000
7410000
8410000
1510000
2510000
3510000
4510000
5510000
6510000
7510000
8510000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
27
Sample Chart of Accounts (COA)
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Creating Instance Document – Sample (1)
PT Test Tbk, a company that operates in the basic and chemicals sector and in the pulp & paper subsector, needs to submit financial report for the year 2012. PT Test Tbk will need to follow the steps
of creating the required instance document for XBRL reporting. These steps are explained below.
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Creating Instance Document – Sample (2)
A
Select entry point
Sample of entry point PT Test Tbk
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Creating Instance Document – Sample (3)
B
Select linkbase (including form)
Statement of Comprehensive Income
No
Entry Point
DEI
1
1
2
3
4
5
6
7
8
General
Property
Infrastructure
Finance & Sharia
Securities
Insurance
Collective
Financing
2
1000000
1000000
1000000
1000000
1000000
1000000
1000000
1000000
Statement of
Financial Position
Current
By Function
& Non Liquidity
Before
After Tax
Current
Tax
3
1210000
2210000
3210000
N/A
N/A
N/A
N/A
N/A
1220000
2220000
3220000
4220000
5220000
6220000
7220000
8220000
1311000
2311000
3311000
4311000
5311000
6311000
7311000
8311000
1321000
2321000
3321000
4321000
5321000
6321000
7321000
8321000
By Nature
After Tax
1312000
2312000
3312000
4312000
5312000
6312000
7312000
8312000
Before
Tax
1322000
2322000
3322000
4322000
5322000
6322000
7322000
8322000
Statement of Cash
Flow
Statement
of Changes
in Equity
Direct Indirect
Method Method
5
4
1410000
2410000
3410000
4410000
5410000
6410000
7410000
8410000
1510000
2510000
3510000
4510000
5510000
6510000
7510000
8510000
N/A
N/A
N/A
N/A
N/A
N/A
N/A
N/A
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Creating Instance Document – Sample (4)
C
Create Taxonomy Schema Based on Linkbase
TestFY2012.xsd
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Creating Instance Document – Sample (5)
D
Create Instance Document
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Creating Instance Document – Sample (6)
E
Validate Data
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Creating Instance Document – Sample (7)
Formula Validation
• Existence Validation
Obligation to fill selected account in the financial statement.
Example: Current Asset, Non Current Asset, Total Asset,
Total Equity, etc.
• Assertion Validation
Interconnection validation of certain account in financial
statement.
Example: Cash balance in the Statement of Financial
position must be equal with Ending Cash balance in the Cash
Flow Statement.
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Creating Instance Document – Sample (7)
After data validation, the instance document can be saved and
ready to be submitted to IDX together with the schema file.
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Feedback
37
Purpose of Socialization
• Introducing IDX Taxonomy and its
development planning
• To obtain public reviews and feedback for IDX
Taxonomy from Listed Companies
38
Planning After Feedback
Taxonomy
Recognition Process
Mar 14, 2014: Due date
of feedback from public
May 5, 2014
Jul 4, 2014: Receive
Taxonomy
recognition from
XBRL International
Incorporation
Public Review
Taxonomy
Finalization
Feb 14, 2014: Send
feedback form and
upload feedback
form to IDX website
39
XBRL Information - Website
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File for Public Review
Review
based
on
related Listed industry
41
Guidance Public Review
1.
2.
3.
4.
5.
6.
Go to website : www.idx.co.id
Download file from “XBRL taxonomy”  “Files and supporting
materials”  “Proposed IDX Taxonomy 2014 full set”
Review Chart of Account
Review Formula
Fill the public review form
Submit public review form via email to [email protected] no later
than March 14, 2014
*) IDX will recap all feedback by the cut off date as part of the IDX
Taxonomy refinement process. The updated taxonomy after the
review process will become the standard reporting format for
financial statements which will be submitted by Listed
Companies to IDX through electronic reporting.
42
Requested for review
1. Chart of Account (Sample)
2. Formula (Sample)
43
Form Feedback
Link
44
Thank You
45

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