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A full financial supply chain XBRL is Coming to Town

A full financial supply chain XBRL is Coming to Town. Paul Snijders Semansys Technologies. Deliver. Nation wide adoption. Taxonomy development. Implement. XBRL technology. Advance XBRL solutions. A typical XBRL Case. XBRL used for holistic solution

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A full financial supply chain XBRL is Coming to Town

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  1. A full financial supply chainXBRL is Coming to Town Paul Snijders Semansys Technologies

  2. Deliver Nation wide adoption Taxonomy development Implement XBRL technology Advance XBRL solutions A typical XBRL Case • XBRL used for holistic solution • All participants in reporting chain involved • Benefits for preparers and regulators • A show case implementation of XBRL • Standard XBRL software utilized Inventing the XBRL wave

  3. Honored to speak on behalf of: The Customer The Regulator The Supplier Partnering for success • How the ‘sales’ process worked • The reporting organizations takes control • A complete reporting chain realized • XBRL implemented nation wide

  4. The background • Financial situation of local government not transparent with hidden capital and unclear financial position. • Politicians in Europe demand more control over monetary policy. • No clear European wide reporting standard in use.

  5. Rules set by top EU regulator • EMU reporting (European Monetary Union) to: • European Union (‘Federal Government’) • European Central Bank (‘FED’) • New reporting requirement: • More detail • More frequent – quarterly • Faster – within 30 days after quarter end • To be implemented as of Q1 2004

  6. Country Control Information County-States Cities Semi government org´s Territory: All local Government • Rules apply to all local government organizations • Impact on whole government and control chain

  7. External accounting rules (EMU) 30 days to report 6 months to implement GL GL Customer Apply rules Water boards take the initiative • Semi government, Euro 25 Billion Budget • Water management, dyke control, water quality • 50 of 900 local government orgs in Holland

  8. Customer ´Selling´ XBRL Vendor XBRL Introduced Apply rules Composition of solution • Reporting orgs work with Semansys to compose the solution for the complete reporting chain • Complete solution for the reporting entities • ´Sales´ package to regulator

  9. Regulator Agree Customer Finalize model ´Selling´ XBRL Vendor Compose Proposition XBRL Introduced Apply rules Model ‘sold’ to Regulator • Some additional ‘convincing’ required • Regulator accepts complete model • ´Sales´ package to regulators on next levels • Introduction to central government

  10. CPA Participate Build taxonomy Regulator Agree Finalize model Customer Finalize model ´Selling´ Training/ design Advice Compose Proposition XBRL Vendor XBRL Introduced Apply rules Involvement of CPA • XBRL ‘selling’ to CPA Deloitte&Touche (Market share of D&T in local gov. is over 75 % ) • CPA supports Digital Reporting initiative • CPA creates implementation guidelines, check lists and Assurance Method

  11. XBRL SW vendors Assurance method CPA Participate Approve taxonomy Regulator Build taxonomy Agree Prepare implementation Finalize model Customer Finalize model ´Selling´ Execute Project Training/ design Advice XBRL Vendor Compose Proposition XBRL Introduced Apply rules SW vendors buy into model • Local Gov. market has 3 major and 6 small GL vendors • Supplier & Regulator ‘sell’ XBRL to SW vendors • Software vendors integrate Semansys’ ready-to-sell Embedded Solution

  12. Deliver Deliver Solution XBRL Implement Audit Assurance method Participate Prepare receiving Approve taxonomy Build taxonomy Agree Implement Prepare implementation Finalize model Finalize model ´Selling´ Deliver Solution Direct processes Execute Project Training/ design Advice Compose Proposition XBRL Introduced Apply rules Central Government buys in Ministry of Internal affairs All local government organizations MUST report in XBRL as from 2004.

  13. General Ledger Internal financial reporting External financial reporting Receivers Reporting Org’s Federal Control Orgs EU ECB Admin Controllers Auditors Regulators Software Vendors All participants involved General Ledger Internal financial reporting External financial reporting Receivers Processes Reporting Orgs Federal Control Orgs Admin Controllers Auditors Regulators Participants Software Vendors

  14. Auditor ‘XBRL a Must’ XBRL Vendor Central Gov’ XBRL Regulator Customer Taxonomy GL – SW Vendors The supply chain XBRL Expertise XBRL Module

  15. Conclusions • Closed loop solution realized • Proven integral approach • No threshold for direct utilization • Standard software available • Low cost implementation • Direct advantages for preparers and regulator Don't wait ..... ride the wave

  16. Paul Snijders paul.snijders@semansys.com +31 79 3435 735 www.semansys.com

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