1 / 14

Setting Up XBRL projects in Tax Administrations

Learn about the business case, key stakeholders, and implementation strategy for XBRL in tax administrations. Explore project risks, communication programs, taxonomy development, and more from expert Alex Fiteni.

levic
Download Presentation

Setting Up XBRL projects in Tax Administrations

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. Setting Up XBRL projects in Tax Administrations Alex Fiteni CMA Fiteni International LLC 13th XBRL International Conference

  2. Agenda • Introductions • XBRL in Tax Administrations • The Business Case • Key Stakeholders & benefits • The Framework Components • Planning the Project • Establishing a Communications Program • Developing the Taxonomy • Project Risks and Mitigations • Q&A 13th XBRL International Conference

  3. XBRL Taxonomies – integrating reporting supply chains 13th XBRL International Conference

  4. XBRL In Tax Administrations • Goals of a Standardized Business Reporting Project • Reduce the overall administrative burden of the entire compliance cycle • Improve the collection, accuracy and utility of the compliance reporting system • The Business Case • Improved accuracy and data quality • Reduced duplicate information gathering • Reduced interpretive nature of data (with a taxonomy) • Increased compliance rate 13th XBRL International Conference

  5. Key Stakeholders 13th XBRL International Conference

  6. Framework Components 13th XBRL International Conference

  7. The Implementation Strategy • Project methodology • Define a Project Charter • Assure funding is in place • Get Senior management and political commitments early • Best Practices • Complete an environmental scan • Obtain stakeholder buy in • Determine Tax Agency or cross-agency scope • Ensure software houses are involved in development • Business representation is key to success • Use an iterative approach rather than ‘Big Bang’ 13th XBRL International Conference

  8. Establishing a Communications Program • A critical success factor is to keep all stakeholders informed of the status of the project: • Craft consistent and clear messages • Communicate with each stakeholder community regularly • Provide a feedback process to validate messages • Best Practices • Communications program integral to project organization • Consider a media professional • Stay on message • Make the benefits story often 13th XBRL International Conference

  9. Developing a Taxonomy • Goals and objectives • Scoping • Development • Documentation • Taxonomy management tools • Taxonomy maintenance • Best Practices • Keep it simple • Make it iterative • Use a collaborative approach 13th XBRL International Conference

  10. Direct Stakeholders Tax Agency Intermediaries Software Houses Taxpayers Indirect Beneficiaries Agencies participating in project (and their ‘customers’) Third party data analysts and distributors (where allowed) Funding Sources Government agencies’ budgets Processing Fees Reduction in taxes Indirect Benefits Reduced data entry costs Increased accuracy More timely receipt of information Better funds management Project Funding – Direct and Indirect 13th XBRL International Conference

  11. Project Risks and Mitigations (sample) 13th XBRL International Conference

  12. Contributors • Jeff Smith, UK H.M. Revenue & Customs • Adrian Lejins, Australian tax Office • Max Cummock, New Zealand Inland Revenue • Christine Beasley, Australian tax Office • Terry Lutes, The M Group • Eric Cohen, PricewaterhouseCoopers, LLP • Marc vanHilvoorde, KPMG • Alex Fiteni CMA, Fiteni International LLC 13th XBRL International Conference

  13. Contacts • Alex Fiteni CMA • President • Fiteni International LLC • Mobile: +1-650-799-5949 • eFax: +1-603-590-2598 • Office: +1-702-990-3869 • Mailto:alex@fiteni.com • http://www.fiteni.com 13th XBRL International Conference

  14. Alex Fiteni CMA • Alex Fiteni is a professional accountant, accounting information systems designer, lecturer and author. Until 1985, Alex was an accountant in various industry, education and government sectors, completing his first career as CFO for a major non-governmental organization. He has been active in a number of compliance software development and ERP implementation projects since 1985, completing a career in business applications software product development as a Director of Development for Oracle Corporation in 2005. He has recently started a private practice in business and financial information management consulting. • Alex has domain expertise in accounting and statutory compliance in ERP systems from gap analysis to implementation, integration, upgrade and migration. In recent projects in private practice, he has performed business and marketing plan reviews; sales and use tax compliance analysis; ERP COTS applications fit and gap analysis and configuration; business intelligence systems design; and advised on financial and business operational change management. • Fiteni International LLC provides full service management consulting, specializing in business process re-engineering, change management, project management, corporate knowledge and business intelligence management, and software applications design and implementation. 13th XBRL International Conference

More Related