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MINISTRY OF ECONOMIC DEVELOPMENT REPORTING TO THE NEW ZEALAND COMPANIES OFFICE USING XBRL. Presenter: Nick Dalton Manager, e-Business Services. Contents. Filing statistics and the status of the NZ Companies Register Filing obligations under the Financial Reporting Act

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MINISTRY OF ECONOMIC DEVELOPMENTREPORTING TO THE NEW ZEALAND COMPANIES OFFICE USING XBRL

Presenter: Nick Dalton

Manager, e-Business Services


Contents
Contents

  • Filing statistics and the status of the NZ Companies Register

  • Filing obligations under the Financial Reporting Act

  • The new way to communicate with the NZ Companies Office

  • Our first XBRL initiative – the Annual Return

  • Where to from here with XBRL


The nz companies office and xbrl

76% of name changes in March 03 were online. There has been a continued uptake of this service as clients have become more aware.

97% online in March 2003, proportions have remained stable over the past year.

March 2003 proportions were 85:15. There has been a 5% increase in online filing.

The online filing percentage in March 2003 was 78%. These are relatively low volume, therefore the percentage is very sensitive.

In March 2003 80% of director changes were filed online.

This proportion is the same as March.

1

The NZ Companies Office and XBRL

Statistics - Internet versus Paper Filings – March 2004


The nz companies office and xbrl1

2 a continued uptake of this service as clients have become more aware.

The NZ Companies Office and XBRL

www.companies.govt.nz

Statistics - the electronic register


The nz companies office and xbrl2

3 a continued uptake of this service as clients have become more aware.

The NZ Companies Office and XBRL

Other Registers maintained by the Companies Office that require financial information to be registered

  • Securities Act Register

  • Co-operative Companies Register

  • Building Societies Register

  • Contributory Mortgage Brokers Register

  • Friendly Societies Register

  • Credit Union Register

  • Unit Trusts Register

  • Superannuation Schemes Register


The nz companies office and xbrl3

4 a continued uptake of this service as clients have become more aware.

The NZ Companies Office and XBRL

Filing Obligations under the Financial Reporting Act 1993

  • The following companies must register their financial statements with the Companies Office:

    • Issuers of securities to the public;

    • Overseas companies;

    • Subsidiaries of a company or body corporate incorporated outside New Zealand; and

    • Companies with more than 25% overseas shareholding.

  • Financial Statements, an auditors report and the prescribed fee of $100 are required to be filed

  • Must complete financial statements within 5 months of balance date and register within a further 20 days

  • These filing obligations assist with making financial information transparent to the general public

  • This legislation is currently under review by MED


The nz companies office and xbrl4

5 a continued uptake of this service as clients have become more aware.

The NZ Companies Office and XBRL

The new way to communicate electronically with the Companies Office

  • Government to Business (G2B) connections with MED

  • Current HTTP searching system being replaced with a G2B XML Web Service based solution

  • Four phase project:

    • Company Searching

    • Logging Company Changes

    • Annual Return Service

    • Advanced Searching

  • All products to be developed to be platform,

    technology and partner independent


The nz companies office and xbrl5

6 a continued uptake of this service as clients have become more aware.

The NZ Companies Office and XBRL

Our first XBRL initiative – The Annual Return

  • Development of an Annual Return taxonomy

  • A tool for accounting software providers

  • Reduces compliance costs for accounting software clients to complete filing obligations with the Companies Office

  • A framework will then be established to develop further XBRL initiatives easily as required


The nz companies office and xbrl6

7 a continued uptake of this service as clients have become more aware.

Accounting Specialists

COMPANIES

The NZ Companies Office and XBRL

Current system for accounting software users to file Annual Return

Step 1: Enter Annual Return data into accounting software and print AR

LAN / WAN

Accounting Firms System

Accounting Software

2

1

Step 2: Using printed AR complete Annual Return registration at

www.companies.govt.nz

http

Companies Office Webserver

www.companies.govt.nz

  • Issues to consider:

  • Duplicate data entry (inefficient)

  • Is the data identical (data integrity)


The nz companies office and xbrl7

8 a continued uptake of this service as clients have become more aware.

Accounting specialist

COMPANIES

The NZ Companies Office and XBRL

The proposed new alternative to file Annual Return

LAN / WAN

4

Accounting Firms System

3

1

Accounting Software

2

4

Steps:

1: Request Company Annual Return Web Service

2: Respond with current company details via XML using XBRL taxonomy

3: Update information so accurate representation of company

4: Submit Annual Return to Companies Office and in-house database

simultaneously

Companies Office Webserver

  • Issues considered:

  • Single point for data entry (efficient)

  • Data in both databases is identical


The nz companies office and xbrl8

9 a continued uptake of this service as clients have become more aware.

The NZ Companies Office and XBRL

Where to from here with XBRL:

  • Liaise closely with industry to ensure they are provided with electronic services that serve their needs

  • Liaise closely with XBRL-NZ

  • The decision to introduce other XBRL initiatives will depend upon demand from industry and other Government departments

  • Automate compliance reminder system for all reporting entities and then provide for a purely electronic service


Nick Dalton a continued uptake of this service as clients have become more aware.

Manager e-Business Services

[email protected]

(09)916-4546

021-513-496

www.med.govt.nz

MED is the Business

www.companies.govt.nz

www.govt.nz

www.iponz.govt.nz

www.ppsr.govt.nz

www.ewr.govt.nz

www.insolvency.govt.nz

www.motortraders.med.govt.nz

www.rsm.govt.nz


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