MINISTRY OF ECONOMIC DEVELOPMENT
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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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Presenter nick dalton manager e business services

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

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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

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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

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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

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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

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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

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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


Presenter nick dalton manager e business services

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


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