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
The new way to communicate with the NZ Companies Office
Our first XBRL initiative – the Annual Return
Where to from here with XBRL
1
The NZ Companies Office and XBRL
Statistics - Internet versus Paper Filings – March 2004
New Companies - Mar 04
Annual Returns - Mar 04
Manual
2%
Manual
10%
Online
90%
Online
98%
Director Changes - Mar 04
Online
89%
Manual
11%
Change of Name - Mar 04
Online
85%
Manual
15%
Appointment of Receivers &
Liquidators - Mar 04
Manual
31%
Online
69%
Financial Accounts - Mar 04
Manual
100%
2
The NZ Companies Office and XBRL
www.companies.govt.nz
Statistics - the electronic register
Entity Type
Total
@ 20 April 2004
Required to file Financial
Accounts with Companies
Office
NZ Companies
344,549
(approx 9869 under FRA)
Incorporated Societies
22,967
YES
Charitable Trusts
15,189
NO
I & P’s
288
YES
Overseas Companies
1,188
YES
Total Entities on Register
384,181
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
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
Database
LAN / WAN
Bank System
Accounting Firms
System
Accounting Software
2
1
Accounting
Specialists
Step 2: Using printed AR complete Annual Return registration at
www.companies.govt.nz
COMPANIES
http
Companies
Office
Webserver
Issues to consider: www.companies.govt.nz
1.
Duplicate data entry (inefficient)
2.
Is the data identical (data integrity)
8
The NZ Companies Office and XBRL
The proposed new alternative to file Annual Return
Database
LAN / WAN
Bank System
Accounting
Firms
System
4
Accounting
specialist
3
Accounting Software
1
2
COMPANIES
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
Issues considered:
1.
Single point for data entry (efficient)
2.
Data in both databases is identical
Companies
Office
Webserver
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