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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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MINISTRY OF ECONOMIC DEVELOPMENTREPORTING 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 • The new way to communicate with the NZ Companies Office • Our first XBRL initiative – the Annual Return • Where to from here with 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
2 The NZ Companies Office and XBRL www.companies.govt.nz Statistics - the electronic register
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
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
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
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
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)
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
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
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