1 / 12

Presenter: Nick Dalton Manager, e-Business Services

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

ziya
Download Presentation

Presenter: Nick Dalton Manager, e-Business Services

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. MINISTRY OF ECONOMIC DEVELOPMENTREPORTING TO THE NEW ZEALAND COMPANIES OFFICE USING XBRL Presenter: Nick Dalton Manager, e-Business Services

  2. 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

  3. 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

  4. 2 The NZ Companies Office and XBRL www.companies.govt.nz Statistics - the electronic register

  5. 3 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

  6. 4 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

  7. 5 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

  8. 6 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

  9. 7 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)

  10. 8 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

  11. 9 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

  12. Nick Dalton Manager e-Business Services nick.dalton@business.govt.nz (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

More Related