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