About XBRL and XBRL Implementation at IDX. 30 April 2014

Transcription

1 About XBRL and XBRL Implementation at IDX 30 April 2014

2 Contents Introduction to XBRL XBRL Implementation at IDX Details on IDX Taxonomy Additional Information

3 World s Listed Companies Number of World s Listed Companies 45,552 46,883 46,409 45,434 45,508 39,314 40,447 33,083 32,790 21,585 21,323 21,357 23,070 24,201 25,052 26,368 27,054 27,574 27,896 29,353 30, How to Analyze All The Listed Companies? Source:

4 Introduction to XBRL

5 What is XBRL? XBRL The Bar Code for Business Reporting World Allows Customization of Concepts Uniquely Defined Concepts Computer Understandable Language An Information Standard

6 How XBRL Works? The main purpose of XBRL is how business and financial data can be easily exchanged, compared and utilized without any constraints of Accounting Standard or language barrier. XBRL works by creating a sign (called tag ) which can be identified specifically for each data. This Tag can be easily read by a computer software so that the data could be identified in any language. This method will simplify other parties in gathering and processing data electronically without the need to translate and re-keying of data. It will be easier in comparing data because of the similar tags used in reporting.

7 XBRL Tagging How to make computer understand the message? Tagging the information Asset 1,000 <Asset>1000</Assets> XBRL tags all the information, functioning like barcodes

8 XBRL Usage Currently XBRL has been adopted as standard reporting over the globe source:

9 Reporting Before XBRL Source Formats Receivers Financial System Explanatory Disclosure

10 Reporting after XBRL XBRL generalizes all reporting languages into 1 standard report Source Formats Receivers Financial System Explanatory Disclosure Improves access to financial information Facilitates comparison & analysis Improves accuracy of financial data & reduces costs Allows for open financial reporting frameworks

11 The Advantages of XBRL Improve analysis of reports Cost savings Faster, more accurate and reliable Decrease manual comparison among reports Decrease Data Re-Entry Improve dissemination of information on the Internet Standardized reporting format

12 Who will benefit from using XBRL? Companies who prepare financial statements: More efficient preparation of financial statements because the reports will be created one time and rendered as printed reports, on Web sites or as other regulatory filings. Analysts, Investors, and Regulators: Enhanced distribution and usability of existing financial statement information. Automated analysis, significantly reduces re-keying of financial information from one form into another form, receiving information in the format that is more preferable for specific style of analysis. Financial publishers and data aggregators: More efficient data collection lowers operating costs associated with custom, idiosyncratic data feeds and reducing errors while concentrating on adding value to the data and increasing transaction capacity Independent Software Vendors: Virtually any software product that manages financial information can use XBRL for its data export and import formats, thereby increasing its potential for full-interoperability with other financial and analytical applications. Source:

13 XBRL Components

14 Illustration (1) Case: Simple taxonomy contains primary Balance Sheet Item 1 Regulators (IDX) Taxonomy 2 Preparer (Listed Company) Instance Document 3 Investor or User Extract XBRL Data

15 Illustration (2) The Taxonomy # Regulator prepares the taxonomy ex: IDX

16 Illustration (3) Instances XBRL Instance Document value context unit # Listed Company Prepares Report as Instance Document ex: SMGR

17 Illustration (4) Direct Extract User Direct Extract and Process # All users can directly extract the value from instance document ex: Investor, IDX

18 XBRL Implementation at IDX

19 Background Monitoring Perspective Responsive monitoring requires better, faster, & reliable information management because : More companies listed on IDX More dynamics and complexities of corporate actions More types of reporting and disclosure More types of securities and type of issuer Enhancing monitoring ability by creating Business intelegence. Quality of Disclosure Perspective More reliable and informative disclosure of listed company needed by market and investor Differences of languages and financial standards between global investors

20 Electronic Reporting System IDXnet IDXNet are electronic reporting system for listed companies, and monitoring of listed companies as well IDXNet accessible through public internet IDXNet 1 st generation based on XML Form launch at January 2009, used only for equity issuer. IDXNet 2 nd generation based on both PDF Form and XML database launched on March 2013, also used for Bonds, Sukuk, ABS, ETF and SPEI Issuer. OJK is also targeting to implement an equivalent system as IDXnet in Jan st generation IDXnet Future Development XBRL Form Support Mar 2013 New generation IDXnet

21 Growth of Regulatory Filings at IDX Number of Filings 30,000 25,000 23,174 24,009 24,548 25,014 20,000 15,000 13,457 15, % 64.9% 15, % 20, % 10,000 5,000-9, % 35.1% 35.4% 8,419 8, Manual Announcements Direct Announcements 4, % Manual filings announcement reduced significantly following the implementation of IDXnet enhancements in 2013.

22 IDX Current Reporting and Issues (IDX Perspectives) Current Reporting The Issues Financial Service Regulator Copy (Optional) IDX Internal User No standardize comparable format Manual validation Simple format not comprehensive Listed Companies IDX Net IDX Data warehouse IDX Website Re-keying information No readily available in multiple language More complex business environment Increasing number of listed companies and disclosure Public

23 Current Reporting and Issues (Industry Perspectives) Current Reporting The Issues OJK Multiple filings Listed Companies XLS PDF DOC IDX Tax Authority Fillings No standardize comparable format Less data sharing within regulator Paper format Proprietary method Other Capital Market Fillings Other formats Industry Regulatory Fillings Self Disclosure

24 The Future Reporting Expectation Future Reporting Companies OJK IDX Tax Authority Fillings Other Capital Market Fillings Industry Regulatory Fillings Self Disclosure Benefit Potential for full-interoperability with other financial and analytical applications Reduces inaccuracies more interactive reporting Enhanced usability of information Automated data analysis Reduces re-keying of data Reduces processing time associated with data validation and extraction Improves timely dissemination of reported information to the public Deeper transparency

25 IDXnet 3 rd Generation XBRL Adoption (Plan) Manual input Generate Excel form Upload user created extension taxonomy and instance document IDXnet Web interface Input Application & validation Server Submit to IDXnet Upload Excel form BEI taxonomy Company information for general information

26 Planning of XBRL Implementation at IDX Notes Build Taxonomy Expand Scope of XBRL Adoption Financial Statement without Disclosure To be defined Provide Solution Publication and Recognition Implementation Financial Statement without Disclosure Financial Statement without Disclosure Financial Statement without Disclosure

27 IDX Taxonomy Public Review Period Public Review: 14 Feb Mar 2014 Socializations : Jakarta: 20, 21, 24 Feb 2014 (Listed Companies, Data Vendor, Other Regulators) Surabaya: 27, 28 Feb 2014 (Listed Companies) Purposes Introducing IDX Taxonomy and its development planning To obtain public reviews and feedback for IDX Taxonomy from Listed Companies Stakeholders Listed Companies, Other Regulators, Public Accountant, Data Vendor, and Public Comments Total Institutions: 269 institutions (266 from Listed Companies) Total Comments: 961 comments (949 from Listed Companies) Element update: 101 elements

28 Details on IDX Taxonomy

29 XBRL Reporting Scheme at IDX Regulator create IDX Taxonomy Issuer output Instance Document Reporting and Accounting Standards IDX creates Taxonomy based on Reporting and Accounting Standards Issuer input reporting information into the Instance Document

30 IDX Taxonomy Folder Structure xbrl taxonomy {Release date} dic DEI dic: schema, FIN label, reference, custom NOFIN datatypes, ELR are located DEI: for document belong to dic and entity folder. information; FIN: for financial information; NOFIN: for nonfinancial information Corporate rep Disclosure rep: all report components such as PRE, CAL, DEF, sector / subsector specific labels and formula are stored under rep folder. forms DEI general property infrastructure financing financingsharia insurance securities ep ep ep Fund Disclosure common Collective dimensiondefaults Formula

31 Explanations on IDX Taxonomy DEI IDX Taxonomy DEI 1. General 2. Property 3. Infrastructure 4. Finance & Sharia 5. Securities 6. Insurance 7. Collective 8. Financing 1. Statement of Financial Position 2. Statement of Comprehensive Income 3. Statement of Changes in Equity 4. Statement of Cash Flow

32 Presentation Link Table in IDX Taxonomy No Entry Point DEI Statement of Financial Position Current and Noncurrent Liquidity Statement of Comprehensive Income By Function By Nature After Tax Before Tax After Tax Before Tax Statement of Changes in Equity Statement of Cash Flow Direct Indirect Method Method 1 General N/A 2 Property N/A 3 Infrastructure N/A 4 Financial and Sharia N/A N/A N/A N/A 5 Securities N/A N/A N/A N/A 6 Insurance N/A N/A N/A N/A 7 Collective Investment Contract N/A N/A N/A Financing N/A N/A N/A N/A

33 References in IDX Taxonomy The overall format of the financial statements which have been prepared, has been through a review process by taking samples on 188 listed company s financial statement in IDX, or representing 35% of all listed companies. IDX Taxonomy 2014 was developed using several references and rules as follow: Statement of Financial Accounting Standards (PSAK); Statement of Sharia Accounting Standards; Provision on Capital Market rule: BAPEPAM-LK Rule No. VIII.G.7 about The Guidelines of Financial Report Presentation; BAPEPAM-LK Rule No. VIII.G.17 about The Accounting Guidelines of Securities Companies; BAPEPAM-LK Circular Letter No. SE-17/BL/2012 about checklist of Financial Statement Disclosure for All Industries in Indonesia Capital Market. The references are the provision that applied in December 31, 2013 and will be applied in January 1, 2015.

34 XBRL Validation Formula Validation Existence Validation Obligation to fill selected account in the financial statement. Example: Current Asset, Non Current Asset, Total Asset, Total Equity, etc. Assertion Validation Interconnection validation of certain account in financial statement. Example: Cash balance in the Statement of Financial position must be equal with Ending Cash balance in the Cash Flow Statement.

35 Additional Information

36 XBRL Information - Website

37 International References Sumber XBRL International XBRL US SEC IASB Website

38 Thank You