slide1
Download
Skip this Video
Download Presentation
Presenter: Nick Dalton Manager, e-Business Services

Loading in 2 Seconds...

play fullscreen
1 / 12

Presenter: Nick Dalton Manager, e-Business Services - PowerPoint PPT Presentation


  • 74 Views
  • Uploaded on

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

loader
I am the owner, or an agent authorized to act on behalf of the owner, of the copyrighted work described.
capcha
Download Presentation

PowerPoint Slideshow about ' Presenter: Nick Dalton Manager, e-Business Services ' - ziya


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.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.


- - - - - - - - - - - - - - - - - - - - - - - - - - E N D - - - - - - - - - - - - - - - - - - - - - - - - - -
Presentation Transcript
slide1

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

The NZ Companies Office and XBRL

www.companies.govt.nz

Statistics - the electronic register

the nz companies office and xbrl2

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
the nz companies office and xbrl3

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
the nz companies office and xbrl4

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

the nz companies office and xbrl5

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
the nz companies office and xbrl6

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)
the nz companies office and xbrl7

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
the nz companies office and xbrl8

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
slide12

Nick Dalton

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

ad