Financial Data Standard

Transcription

1 Dairy Industry Network Data Standards Financial Data Standard Version 1.0 Jenna Thornborough, Andrew Cooke, Don Wilson 29 August 2014

2 Contents 1 Document Management Referenced Documents Related Documents Latest Revisions Review of Standards Introduction Outcome Statement Scope and Application Interpretation Definitions and Abbreviations Data Dictionary Actual Transactions Transaction Elements Transaction Line Elements Data Dictionary Aggregated and Budget Transactions Data Dictionary Balance Sheet Items Data Dictionary Key Performance Indicators Appendix A Lists of Enumerated Values A.1 Industry Standard Account Codes A.2 Tax Types A.3 Pricing or Valuation Basis A.4 Common Units Appendix B Key Performance Indicator Lists B.1 Key Performance Indicators Informative B.2 Common Denominators - Informative Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

3 Acknowledgements This project was funded by New Zealand dairy farmers through DairyNZ and the Ministry for Primary Industries through the Primary Growth Partnership. Additional funding was provided by FarmIQ Systems Limited, along with in-kind contribution from Limited. Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

4 1 Document Management 1.1 Referenced Documents Wolfert, S and Allen, J. Farming for the future: Towards better information-based decision-making and communication A Report for the Centre of Excellence in Farm Business Management 1.2 Related Documents Related standards documents to be published in 2014 on the Farm Data Standards website include: Stock Reconciliation Data Standard Animal Data Standard Land Application Data Standard Irrigation & Effluent Data Standard. 1.1 Latest Revisions The users of this Standard should ensure that their copies of the above-mentioned documents are the latest revisions. The latest version of this Standard will always be published at Review of Standards Suggestions for improvement of this document will be welcomed. Submit your comments using the feedback mechanisms at Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

5 2 Introduction Pastoral farming is becoming a data rich activity. Most biophysical processes from soil nutrient management to animal performance have both paper based and more organised data bases recording status, productivity and intentions. There are a significant number of tools covering livestock, nutrition and financial management 1. Most of these require the user to re-enter data from other sources and they overlap in functionality. It is probable that if data had been more accessible their design would have better focussed on the service they undertook to provide. Farmers will benefit from a highly innovative technology sector that delivers applications that are simple to use and access, which source the information they need without impedance and deliver value. This document is part of a work stream focusing on Data Standards for interchanging information for agriculture. Work on this project area commenced in late 2013, funded by DairyNZ and with contributions from FarmIQ Systems and. 2.1 Outcome Statement Broad adoption of a common vocabulary and data dictionary for exchange of farm information will result in farmers and other industry parties entering data only once and having that data readily accessible for populating multiple decision-making systems. As a result, industry and individual farm businesses will be better placed to undertake systems analysis to inform management practice. More accurate and structured interchange of farm data will also support industry performance targets and benchmarking. 2.2 Scope and Application This standard addresses the following areas of data interchange: Representing transactional financial information, either in budget or actual transactions; Representing balance sheet information; and Representing key performance indicators typically used in benchmarking or comparison of farm systems, or in concert with financial reporting of a farming enterprise. 1 Wolfert, S and Allen, J. Farming for the future: Towards better information-based decision-making and communication A Report for the Centre of Excellence in Farm Business Management pp Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

6 The data dictionaries defined in this standard are intended to support standardised interchange of financial data for benchmarking, tools, and analysis, and are not intended as a mechanism for E- Commerce (other standards such as EDIFACT, UBL and EANCOM/GS1 XML support this). 2.3 Interpretation For the purposes of this standard, the word SHALL refers to requirements that are essential for compliance with the standard, while the word SHOULD refers to practices that are advised or recommended. The term MAY is used to distinguish a permissible or optional practice. The terms Normative and Informative have been used in this standard to define the application of the Appendix to which they apply. A Normative Appendix is an integral part of a standard while an Informative Appendix is only for information and guidance. 2.4 Definitions and Abbreviations For the purposes of this standard, the following definitions shall apply: Term Definition EANCOM/GS1 XML GS1 standards for business messaging 2 EDIFACT KPI United Nations rules for Electronic Data Interchange for Administration, Commerce and Transport 3 Key Performance Indicator UBL OASIS Universal Business Language 4 GST RSU FTE Goods and Services Tax Revised Stock Unit Full Time Equivalents (usually in reference to staff) 2 See 3 See 4 See Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

7 3 Data Dictionary Actual Transactions This data dictionary SHALL be used in developing messages for interchange of actual financial transactions for benchmarking and analysis. 3.1 Transaction Elements Attributes or Fields Data Type Notes Transaction ID Identifier Unique identifier for the transaction in the source system Transaction Number Number A visual number or identifier for the transaction (typically bounded to farm/enterprise) Transaction Date ISO 8601 Date The date of the transaction Posting Date ISO 8601 Date The date of financial posting (for instance invoice date may be later than the actual sale event) Reference String A reference code such as an invoice number or purchase order number Other Party ID Identifier An identifier of another party within the source system Other Party Contact String Name, short form contact details of supplier/receiver. Only intended for reference, not e-commerce. Created Date ISO 8601 Date The date in which the transaction was created, with time-zone information if required. May be used for Updated Date ISO 8601 Date The date in which the transaction was updated, with time-zone information if required. May be used for URL URL Link to a source document Sub Total Float Sub-total of the item line amounts in the transaction Sub Total Tax Float Sub-total of the tax item line amounts in the transaction 3.2 Transaction Line Elements Attributes or Fields Data Type Notes Line ID Identifier Identifies the transaction line in the source system Line Number Number Provides a line number within the transaction Account ID Identifier Unique identifier of the account in the source system Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

8 Attributes or Fields Data Type Notes Account Code String Numeric or string account ledge code as defined in the source system for that farm or enterprise Industry Account Code Enumeration Industry standard account code (used for benchmarking/reporting). See Appendix A.1 Category String Optional additional categorisation (source system or agreed between exchanging parties) Net Amount Float The net amount for the transaction; positive for a debit and negative for a credit Tax Amount Float The amount of tax in the transaction Tax Type Enumeration The tax type (see Appendix A.2) Gross Amount Float The tax inclusive amount (Net Amount + Tax Amount) Price Basis Enumeration Describes the pricing basis of the transaction see Appendix A.3 Description String Description of the transaction Quantity Float Describes the number of units involved in the transaction Unit Enumeration Describes the unit of measure for the item in the transaction; see Appendix A.4 Net Unit Amount Float Describes the value of one unit (Net Amount / Quantity) Currency Enumeration ISO 4217 International currency code URL URL Link to a source document Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

9 4 Data Dictionary Aggregated and Budget Transactions This data dictionary SHALL be used in developing messages for interchange of budget or aggregated financial transactions for benchmarking and analysis. Attributes or Fields Data Type Notes Opening Date ISO 8601 Date The opening date/time of the reporting period. Transaction Period ISO 8601 Duration The duration of a reporting period. For instance, P1M is the ISO 8601 short form for one month. Closing Date ISO 8601 Date Opening Date and Closing Date may be specified in place of Opening Date and Transaction Period. Created Date ISO 8601 Date The date in which the transaction was created, with time-zone information if required. May be used for Updated Date ISO 8601 Date The date in which the transaction was updated, with time-zone information if required. May be used for Transaction Type Enumeration Budget or Aggregate Account ID Identifier Unique identifier of the account in the source system Account Code String Numeric or string account ledge code as defined in the source system for that farm or enterprise Industry Account Code Enumeration Industry standard account code (used for benchmarking/reporting). See Appendix A.1 Category String Optional additional categorisation (source system or agreed between exchanging parties) Net Amount Float The net amount for the transaction; positive for a debit and negative for a credit Tax Amount Float The amount of tax in the transaction Tax Type Enumeration The tax type (see Appendix A.3) Gross Amount Float The tax inclusive amount (Net Amount + Tax Amount) Price Basis Enumeration Describes the pricing basis of the transaction see Appendix A.3 Description String Description of aggregated or budget transaction Quantity Float Describes the number of units involved in the transaction Unit Enumeration Describes the unit of measure for the item in the transaction; see Appendix A.4 Net Unit Amount Float Describes the value of one unit (Net Amount / Quantity) Currency Enumeration ISO 4217 International currency code Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

10 5 Data Dictionary Balance Sheet Items This data dictionary SHALL be used in developing messages that describe opening or closing balances in assets, liabilities, and funding. Attributes or Fields Data Type Notes Opening Date ISO 8601 Date The opening date/time of the reporting period. Balance Period ISO 8601 Duration The duration of a reporting period. For instance, P1M is the ISO 8601 short form for one month. Closing Date ISO 8601 Date Opening Date and Closing Date may be specified in place of Opening Date and Transaction Period. Created Date ISO 8601 Date The date in which the item was created, with time-zone information if required. May be used for Updated Date ISO 8601 Date The date in which the item was updated, with time-zone information if required. May be used for Account ID Identifier Unique identifier of the account in the source system Account Code String Numeric or string account ledge code as defined in the source system for that farm or enterprise Industry Account Code Enumeration Industry standard account code (used for benchmarking/reporting). See Appendix A.1 Category String Optional additional categorisation (source system or agreed between exchanging parties) Net Amount Float The net amount for the transaction; positive for a debit and negative for a credit Gross Amount Float The tax inclusive amount (Net Amount + Tax Amount) Price Basis Enumeration Describes the valuation basis of the item see Appendix A.3 Description String Description of the item Quantity Float Describes the number of units involved in the item Unit Enumeration Describes the unit of measure for the item; see Appendix A.4 Net Unit Amount Float Describes the value of one unit (Net Amount / Quantity) Currency Enumeration ISO 4217 International currency code Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

11 6 Data Dictionary Key Performance Indicators This data dictionary SHALL be used in developing messages that describe key performance indicators that accompany financial reporting or are used in benchmarking. Attributes or Fields Data Type Notes Opening Date ISO 8601 Date The opening date/time of the reporting period. Transaction Period ISO 8601 Duration The duration of a reporting period. For instance, P1M is the ISO 8601 short form for one month. Closing Date ISO 8601 Date Opening Date and Closing Date may be specified in place of Opening Date and Transaction Period. Transaction Period ISO 8601 Duration The financial reporting period (typically a month or year) of the transaction Created Date ISO 8601 Date The date in which the transaction was created, with time-zone information if required. May be used for Updated Date ISO 8601 Date The date in which the transaction was updated, with time-zone information if required. May be used for KPI Measure Enumeration KPI measure being expressed. See Appendix B.1 KPI Denominator Enumeration Denominator of the KPI (if any). Typical denominators include /ha, /FTE, /hd. See Appendix B.2 KPI Amount Float Actual value of the KPI Unit Enumeration The units of the KPI Currency Enumeration ISO 4217 International currency code Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

12 Appendix A Lists of Enumerated Values A.1 Industry Standard Account Codes Industry standard account codes for sheep, beef cattle, deer, and dairy farming are presently being developed by industry working groups. A.2 Tax Types (Normative) Tax Type Input (GST on Income) Output (GST on Expenses) None Zero Rated GST On Imports A.3 Pricing or Valuation Basis (Normative) Pricing Basis Per Annum Per Day Per Head Per Hour Per kg Carcass Weight Per kg Dry Matter Per kg Liveweight Per Month Per Tonne Per Transaction Per Week A.4 Common Units (Normative) Unit Head (hd) Hour Kilogram (kg) Metric tonne (MT) Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

13 Appendix B Key Performance Indicator Lists B.1 Key Performance Indicators (Informative) Key performance indicators are currently being developed by industry working groups. The list below is indicative of the types of KPI, and does not yet form part of this standard. KPI Carcass Weight Cows (number of cows) Daily Liveweight Gain Days to Slaughter Depreciation Economic Farm Surplus Feed Consumed Feed Produced Fleece Weight Full-time Equivalent Staff Gross Farm Income Interest Costs Labour Costs Liveweight Milk Solids Produced Net Liveweight Gained Rams (number of rams) Rent (rental/lease paid) Return on Assets Return on Equity Revised Stock Units (RSU) Total Farm Working Expenses Velvet Weight B.2 Common Denominators (Informative) Key performance indicators are currently being developed by industry working groups. The list below is indicative of the denominators used in KPIs, and does not yet form part of this standard. Denominator Carcass Weight Produced (kg) Economic Farm Surplus Feed Consumed (kg) Full-time Equivalent Staff Gross Farm Income Head Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph

14 Hectare Milk Solids Produced (kg) Net Liveweight Gained (kg) Number of Cows Stock Units Total Assets Total Equity Limited, Waikato Innovation Park, Ruakura Lane, PO Box 9466, Hamilton 3240, New Zealand ph